The Facts on Buying Foreclosures

Foreclosures, good and bad.

The bad news is obvious; the foreclosure trend is having a negative impact on the nation's banks and investors aren't happy. And owners, they are having their credit severely marred.

What's the good news?

A Good Time to Buy

Though nobody wants another person to lose their house, it is happening, and it's happening right here in the Salt Lake City area including Sugar House.

In these cases the banks, not really wanting to take the property back because then they'll just have to auction it off or set it on the market for who knows how long, are willing to look seriously at just about any half way reasonable offer that comes in.

What this means for prospective buyers and real estate purchasing investors is more of a selection at much better prices.

The Causes of Foreclosures

Why all the foreclosures?

The economy took a dip and with it came people unable to keep up with their mortgage payments. Also, typical upsets are a part of life; divorce, a death in the family, a loss of a job. It's never good news to be threatened with a foreclosure as a home owner, but it is a reality of life.

Act Quickly

What can you do about it?

If you are a seller. Talk to Tamra. Don't let it happen if at all possible. It may surprise you what she can do to help you avoid a "foreclosure" on your credit. Not only is that a practical help, it also can give you a great peace of mind knowing that you did your part to sell the property before the bank had to foreclose on it.

If you are thinking of purchasing property in Sugarhouse or anywhere in the Greater Salt Lake City area, search for bank owned properties, short sale offers, and other "distressed" seller situations. You can use the service for searching the Multiple Listing Service that Salt Lake City Realtors use that this site offers, or you can simply contact Tamra and she will be happy to give you a list of foreclosed bank owned properties and short sales.

You Can Help

Yes, you will no doubt be able to purchase the property at a very competitive rate, but don't feel any guilt, remember you're also helping out the sellers that are in a real pinch. They need you more than you need them so don't be shy to make an offer on the property you want at a competitive price.

Save Money

How much can you expect to save buying a foreclosed property or short sale?

Typically, you can usually find distressed properties at anywhere from 10 to 20% lower than the going rates. However, in some cases, the property may need a little TLC. Maybe it was abandoned or perhaps it's been sitting vacant for some time. So if you aren't afraid of pulling out a paint brush or installing new floor covering, you could find real deals out there.

Danger

Is there any danger in buying a foreclosed on property?

There's always some risk in buying any kind of real estate, or any other investment for that matter, so remember to research the property well. Again, use the professionals. The title companies, the inspection companies, and a good Realtor like Tamra Rieper can save you from regret after the purchase.

Get Started

How do you get started finding a foreclosed property?

You can watch the newspaper for bank owned properties for sale, but the quickest easiest way is to use the MLS service. This site gives you free access to the MLS. Try it, you'll see bank owned properties and short sales everywhere because banks are mainly using Realtors to list and and sell their repossessed properties now days. Try it. Get started by clicking here and doing a search.

Let Tamra know if there's anything she can do to help.