Utah County Real Estate Foreclosures and record Bank Owned Listings 2012

It has come to my attention that many Utah County Banks have been holding a large inventory of homes to be released early in 2012. Due to this excessive influx of bank owned homes, I anticipate a drastic decrease in Home selling prices.

What a great opportunity for all of my Utah County Home Buyers. Interest rates are hovering below 4% and this trend should continue throughout the coming months.

Banks are not in the business to hold onto an inventory of homes. They want to get rid of these homes yesterday. This makes for a great opportunity for you, the home buyer or investor, because most of these homes are well below market value. Once the bank owns the property they will handle eviction if any, take care of some repairs, pay past HOA and/or other maintenance dues, and then will negotiate with the IRS, removal of tax liens, if any.

How do Utah County Banks sell REO’s (Real Estate owned by the Bank)

Most banks have an REO department that handles the sale of these properties. They certainly would like to get the best price of course. When you make an offer, the banks will usually make a counter offer. Don’t be surprised to get a higher counter offer than you might expect. Banks want to show their shareholders and investors that they are trying to get the highest possible price for the house. You should counter the counter offer. Your offer will likely be reviewed by an approval panel. Even after they accept your offer they include wordings like “subject to corporate approval”.

Condition of the Property

These homes are almost always sold “as is” with the right to inspect. You incur the inspection expenses (termite, general home inspection, mold, etc.). An inspection contingency period must be included in your offer that will allow you to terminate the sale if any of the inspection reveals damage that the bank will NOT correct.

Make sure you have someone representing you who understand this process, when you are trying to negotiate on a Bank owned property. It is important that you have someone who knows how to handle repairs and all the steps necessary for a smooth closing.

Check out the IDX Websites with Homes for Sale in the following locations:

State of Utah homes for sale – Home Selling Utah

Homes available for Sale in UtahCounty

Alpine Homes for Sale

American Fork Homes for Sale

Cedar Hills Homes for Sale

Eagle Mountain Homes for Sale

Highland Homes for Sale

LehiHomes for Sale

Mapleton Homes for Sale

OremHomes for Sale

Provo Homes for Sale – Provo Home Selling

Payson Homes for Sale

Pleasant Grove Homes for Sale

Saratoga Springs Homes for Sale

Spanish Fork Homes for Sale

SpringvilleHomes for Sale