The Salt Lake City Real Estate Foreclosure Auction

I have been doing some consulting work for a foreclosure company, Vestus, that will be coming to the Salt Lake market soon. This company acts as a MLS for foreclosures by pulling data on homes going to the foreclosure auction and posting it on a centralized site. It is a product that allows more people to bid on properties through data centralization, education, and availability of funds. Here is how the company is described on their website:

Foreclosure Group LLC was founded in 2003 by seasoned foreclosure auction investors who are now licensed Real Estate agents in the State of Washington. The partners of the Foreclosure Group have purchased over 100-properties in less than 2 years at foreclosure auctions in King and Pierce Counties before opening the Foreclosure Group!

The Focus of the Foreclosure Group’s Business is to provide much needed in-depth training, property tracking and background of all properties (title, liens, postponements, values and opening bids, etc…) scheduled for auction each week…

With the Foreclosure Group’s assistance, the investor (our client) has all the tools necessary to purchase properties below fair market value, with confidence, at the auction.

Once a client has signed our contract, they are provided with information and training on "how to buy" Foreclosures with unlimited free follow-up, including one on one session’s, for as long as they need it.

After our training, the client is given access to our website. The website is a very effective way of having ALL the pertinent details of each property scheduled for Auction each week at your fingertips.

The company has been successful in several markets in the Northwest and they are currently branching out to Dallas and Salt Lake City. I am excited about this product because there is nothing like it here now. Last weekend I went up to Spokane and watched the company in action. Real time data was posted online and we drove the properties to give the investors an idea of the condition of the property. A property that had a fixed up value of $180,000 was bought on Friday for somewhere in the $90,000’s.

We have been following the numbers at the Salt Lake foreclosure auction and we are seeing good deals. They are expecting the Salt lake data to be up around the first of the year. If you are interested in this product, email me and I will give you up to date on meetings and info.