Corie Seymour Salt Lake Real Estate

Last weeks post that identified Salt Lake Foreclosures, where they were and what home buyers were actually paying for them, was a big hit.

We got calls about just about every community in the Salt Lake Area.

There was a lot of interest in Salt Lake Foreclosures In South Jordan UT, and we have been asked to do the "how much have the homes sold for in S. Jordan" to determine how much to offer on the foreclosed homes we want to buy. Needless to say, our blog on how much to offer on Salt Lake Foreclosures will become a monthly staple.

A lot of potential home buyers asked if we would comment on individual areas or Zip codes in Salt Lake City.

Yesterday we started our series by checking out Foreclosures in Sandy UT.

Today it will be foreclosed homes in South Jordan UT, and actual sales of houses in Zip code 84095 over the last 30 days.

There is a lot of confusion out there about how much to offer the bank or corporation that has taken back homes thru foreclosure and is now listing these homes on the MLS.

Many potential Home Buyers have heard that you can buy these Homes or Condominiums for pennies on the dollar.

Ads on Radio, TV, and in newspapers support these falsehoods by making unbelievable claims about instant wealth available to investors that invest in Salt Lake Foreclosed Homes.

Heres how we find out the truth.

Rather than disprove these claims, we are going to take a more direct approach, and simply list for you the listed price vs the actual sales price of Salt Lake foreclosure homes that have closed in the last thirty days.

In other words we are going to tell you what actually happened in a time frame that is meaningful to your needs.

In the words of Flip Wilson. We are going to tell you "WHAT'S HAPPENING NOW"

In addition, so that you can make your own analysis of the SLC housing market we will include other information such as days on market, length of time from offer to closing, neighborhood, zip codes, etc:

Overview Of Salt Lake Foreclosures In South Jordan Utah-10/14/09

There are 41 Foreclosed homes/condominiums listed for sale in South Jordan Utah.

6 of those houses/condos were listed in the last 30 days.

11 homes were put under contract since 9/14/02 in South Jordan UT.

In the last 30 days, 3 South Jordan Foreclosures have been sold.

Total listed price of Foreclosed homes sold w/in last 30 days was $849,900.

The homes ranged in price between $219,900 & $330,000.

Average listed price of South Jordan UT Foreclosures sold in the last 30 days was $280,900dollars.

Average sq. ft. of South Jordan Foreclosures was 3513 Square Feet.

That is a foreclosed listed price of $79.97 dollars a ft. in Sth.Jordan Utah.

The average price of the REO homes sold in the last 30 days was $272,848.

Sales Price per Sq. Ft. on foreclosures in South Jordan UT was $77.67

Salt Lake Zip codes for sales was 84095 .

Days on market were less than 45 days.

These numbers do not include any short sales or pre-foreclosures in South Jordan Utah.

Banks discounted Foreclosures in South Jordan Utah, Less than 3% on sales from 9/14/09 to 10/14/09.

Now you have an accurate understanding of what has actually happened with those South Jordan UT homes that banks have taken back into their own ownership through the foreclosure process. (REOs).

For an accurate list of all of the Salt Lake Bank Owned Homes and Foreclosures in Salt Lake you can go directly to SLC FORECLOSURES and see almost all of the REO homes that are listed for sale on the MLS.

If you would like more information on how to buy Utah foreclosures, browse the SLC Blog for articles and tips on buying that home or condominium.

To see reports on other Salt Lake Cities IE: West Jordan, Draper UT, Riverton UT, Murray UT, and Downtown Salt Lake, check back here often as we will cover each city every 30 days so that you will be on top of the Real Estate market in Salt Lake City.

Or you can just call us @ 801-567-0946. We love to talk about Salt Lake Real Estate, and Salt Lake Foreclosures In South Jordan Utah and how much you should offer on that foreclosed home.

Today we will look at Salt Lake Foreclosures In West Jordan, and use the "how much have the homes sold for" to determine how much to offer on the foreclosed home we want to buy. Our blog on how much to offer on Salt Lake Foreclosures received a lot of comments last week.

A lot of potential home buyers asked if we would comment on individual areas or Zip codes in Salt Lake City.

Yesterday we started our series by checking out Foreclosures in Sandy UT.

Today it will be foreclosed homes in West Jordan, and what happened over the last 30 days.

There is a lot of confusion out there about how much to offer the bank or corporation that has taken back homes thru foreclosure and is now listing these homes on the MLS.

Folks have heard that you can buy these Homes or Condominiums for pennies on the dollar. Ads on Radio, TV, and in newspapers make unbelievable claims about instant wealth available to investors that invest in Salt Lake Foreclosed Homes.

Heres the truth.

Rather than disprove these claims, we are going to take a more direct approach, and simply list for you the listed price vs the actual sales price of Salt Lake foreclosure homes that have closed in the last thirty days.

In addition, so that you can make your own analysis of the SLC housing market we will include other information such as days on market, length of time from offer to closing, neighborhood, zip codes, etc:

Overview Of Salt Lake Foreclosures In West Jordan Utah-10/14/09

There are 52 Foreclosed homes/condominiums listed for sale in West Jordan Utah.

10 of those houses/condos were listed in the last 30 days.

16 homes were put under contract since 9/14/02 in West Jordan UT.

In the last 30 days, 4 West Jordan Foreclosures have been sold.

Total listed price of Foreclosed homes sold w/in last 30 days was $790,950.

The homes ranged in price between $166,250 & $239,000.

Average price of West Jordan UT Foreclosures sold in the last 30 days was $196,327 dollars.

Average sq. ft. of West Jordan Foreclosures was 2567 Square Feet.

That is a foreclosed listed price of $77.00 dollars a ft. in West Jordan Utah.

The price of the homes sold in the last 30 days was $785,283.

Sales Price per Sq. Ft. on foreclosures in West Jordan UT was $76.48.

Salt Lake Zip codes for sales were 84084, & 84088 .

Days on market were less than 40 days.

Banks discounted Foreclosures in West Jordan Utah, Less than 1% on sales from 9/14/09 to 10/14/09.

Now you have an accurate understanding of what has actually happened with those West Jordan UT homes that banks have taken back into their own ownership through the foreclosure process. (REOs).

For an accurate list of all of the Salt Lake Bank Owned Homes and Foreclosures in Salt Lake you can go directly to SLC FORECLOSURES and see almost all of the REO homes that are listed for sale on the MLS.

If you would like more information on how to buy Utah foreclosures, browse the SLC Blog for articles and tips on buying that home or condominium.

To see reports on other Salt Lake Cities IE: West Jordan, South Jordan, Draper UT, Riverton UT, Murray UT, and Downtown Salt Lake, check back here often as we will cover each city every 30 days so that you will be on top of the Real Estate market in Salt Lake City.

Or you can just call us @ 801-567-0946. We love to talk about Salt Lake Real Estate, and Salt Lake Foreclosures In West Jordan Utah and how much you should offer on that foreclosed home.

Published Wednesday, October 14, 2009 2:39 PM by Corie Seymour Edit

Salt Lake Foreclosures In Sandy UT-How Much To Offer?

Our blog on how much to offer on Salt Lake Foreclosures received a lot of comments last week.

A lot of potential home buyers asked if we would comment on individual areas or Zip codes in Salt Lake City.

Sandy Utah was most often mentioned, so we will start with Foreclosures in Sandy UT.

There is a lot of confusion out there about how much to offer the bank or corporation that has taken back homes thru foreclosure and is now listing these homes on the MLS.

Folks have heard that you can buy these Homes or Condominiums for pennies on the dollar. Ads on Radio, TV, and in newspapers make unbelievable claims about instant wealth available to investors that invest in Salt Lake Foreclosed Homes.

Heres the truth.

Rather than disprove these claims, we are going to take a more direct approach, and simply list for you the listed price vs the actual sales price of Salt Lake foreclosure homes that have closed in the last thirty days.

In addition, so that you can make your own analysis of the SLC housing market we will include other information such as days on market, length of time from offer to closing, neighborhood, zip codes, etc:

Overview Of Salt Lake Foreclosures In Sandy UT-10/14/09

There are 35 Foreclosed homes/condominiums listed for sale in Sandy Utah.

10 of those houses/condos were listed in the last 30 days.

11 homes were put under contract since 9/14/02 in Sandy UT.

In the last 30 days, 4 Sandy Foreclosures have been sold.

Total listed price of Foreclosed homes sold w/in last 30 days was $766,000.

The homes ranged in price between $168,000 & $239,000.

Average price of Sandy UT Foreclosures sold in the last 30 days was $191,500 dollars.

Average sq. ft. of Sandy Foreclosures was 1841 Square Feet.

That is a foreclosed listed price of $104 dollars a ft. in Sandy Utah.

The price of the homes sold in the last 30 days was $713,000.

Sales Price per Sq. Ft. on foreclosures in Sandy UT was $96.88.

Salt Lake Zip codes for sales were 84070, and 84093.

Days on market were less than 20 days.

Banks discounted Foreclosures in Sandy Utah, 6.9%.on sales from 9/14/09 to 10/14/09.

Now you have an accurate understanding of what has actually happened with those Sandy UT homes that banks have taken back into their own ownership through the foreclosure process. (REOs).

For an accurate list of all of the Salt Lake Bank Owned Homes and Foreclosures in Salt Lake you can go directly to SLC FORECLOSURES and see almost all of the REO homes that are listed for sale on the MLS.

If you would like more information on how to buy Utah foreclosures, browse the SLC Blog for articles and tips on buying that home or condominium.

To see reports on other Salt Lake Cities IE: West Jordan, South Jordan, Draper UT, Riverton UT, Murray UT, and Downtown Salt Lake, check back here often as we will cover each city every 30 days so that you will be on top of the Real Estate market in Salt Lake City.

Or you can just call us @ 801-567-0946. We love to talk about Salt Lake Real Estate, and Salt Lake Foreclosures In Sandy Utah and how much you should offer on that foreclosed home.

Q&A On Salt Lake Foreclosures In Draper UT !

I get a lot of questions about how much to offer banks for their Salt Lake Foreclosures (REOs). That is a tough question to answer, and depends on a lot of different factors. IE: location.

Homes in South Jordan usually sell faster than say homes in Taylorsville.

Price range; generally speaking a more expensive home, with fewer potential buyers would demand a greater discount.

Lending institution; a lender with a lot of properties in foreclosure or pre-foreclosure in an area say like Herriman UT, might elect to discount further than normal, to avoid competing with themselves.

In other words each home requires individual research, and information to arrive at an adequate offer that can be packaged so that the bank will give it consideration.

With that in mind I am submitting to you an e-mail I received from a site visitor last week about the experience they were having with creating a Real Estate portfolio.

And of course our response.

Dear Ms. Seymour

Do you think that the bank will accept an offer that is 80% below market value? If not tell me what they will accept. I have a Proof of Fund letter and would like to make an offer on some properties. I have talked to some Real Estate agents and they are either unwilling to present my offer or there is something going on that I don't know about. Can you tell me?

Thanks

---

Thanks for your post, and your questions about Salt Lake Foreclosures in Draper UT.

I will be as blunt as I can be as I think I can save you a lot of time in your search for distressed property in Salt Lake.

No ! I do not think the Bank will take 80% of market value. Since market value means different things to different people I will assume that you are referring to the last price the home is listed for.

With regards to what They will accept, I don't know, and probably no one else does either.

A good indicator Bill is what kind of discounts are being shown on actual REO homes that have closed in the recent past.

You asked about Draper foreclosures, I pulled up all of the homes sold (closed) in the last 90 days to get an idea of what price buyers were paying versus what Banks were asking.

Of the 29 Draper foreclosed homes that have closed in the last 90 days the average discount was less than 3%. ( $12,500,000 in listings, $12,200,000 in sales). That is factoring in concessions paid by the Banks.

Since the asking prices ranged from between $173,000 and $1,600,000 dollars an investor would be more specific regarding price range.

It is also revealing that among these sales, days on market (DOM)is less than you might think. While homes that have been listed "short" may have been on the market for months, Bank Owned Homes on this list rarely were 45 days on market.

Bill, I think perhaps agents are reluctant to present your offers because based on this exercise they would do a lot of work with no reasonable chance for success. Normal CMAs do not get the job done in today's volatile market. To just develop these numbers took more than one hour. To represent you properly would take research by price, by location, by age, Etc:

If an experienced agent tells you that the property will sell for between $220,000 and $240,000 and you insist on offering 80% of that, or even 50% of that, and want to do a lot of them, then I suggest you offer to pay an agent for their time, and knowledge and experience. They probably wont be compensated for having done a lot of work on your behalf.

As far as "something going on that I'm not aware of", I doubt it.

The fact is, in most areas of Utah the foreclosure market is not anywhere near what newspapers, radio ads, and investment seminars make it out to be, and perhaps what you were told. No way this is a way to replenish your 401K in 6 months as I have heard advertised.

Where are the good deals? Right here. Right now. In most areas around Salt Lake you will find a good inventory of Bank Owned Foreclosures from which to choose. Some of these homes sold for 50% of what they were purchased for and much less than they could be built for today.

I hope this answered your questions Bill.

P.S. My advice would be, if you are serious, find an experienced agent, agree on an investment strategy that is realistic, sign a buyers agency agreement, put them to work, and be patient.

To search for foreclosed homes in Salt Lake & surrounding towns, and information about buying Salt Lake Foreclosed Homes or Pre-foreclosures, stop by Salt Lake Real Estate and you can access thousands of houses listed for sale, and tips on how to buy them.

Or you can call us @ 801-567-0946 and we'll talk about Salt Lake Foreclosures in Draper UT, or any other surrounding Utah Town.

Real Estate In Salt Lake City -Homes For Sale, Sept/09.

Real Estate in Salt Lake City UT, particularly Homes for Sale had an interesting September.

If you are searching the Internet looking for homes for sale in Salt Lake City, you need some of the following information about what happened over the last 30 days in some real important categories along the Wasatch front.

All of this Real Estate related information was pulled from the Wasatch Front Regional Multiple Listing Service (MLS). It includes information about homes and Condominiums listed for sale by Realtors in Utah, and will include activity over the last 30 days.

Many of the Homes for Sale by Owner (FSBOs) will not be included, as not all people selling their own home will have access to the MLS.

Likewise, New Homes For Sale & Condominiums offered by the builder (new construction) probably wont be included in these numbers unless they are Salt Lake Foreclosures or Pre-Foreclosed homes in SLC that the bank or other lien holder is requiring a listing.

Homes For Sale In Salt Lake City Metro Area:

There are 7,402 homes/Condos for sale in SLC.
5,857 are single family homes.
That's 79.2% of available Salt Lake City Homes for Sale.
1545 of these homes are Condominiums or Town Homes.
Condominiums for sale in Salt Lake are 20.8% of available housing.
There are 1,482 short sales (pre foreclosures) in Salt Lake.
Salt Lake Short Sales are a little more than 20% of the housing inventory.
Almost 7% of homes listed for sale in Salt Lake are Foreclosures.(Bank Owned, REOs, HUD Homes).
That represents 507 Foreclosed homes in the Salt Lake City Metro area.

Thirty Day Activity on Salt Lake City Homes For Sale : (Metro Area)

In the last 30 days, 1,739 homes were listed in SLC.
329 of these were Condos or Town Homes in Salt Lake.
Less than 20% of the new September listings for sale were condominiums.
1,094 Salt Lake Homes for sale were put under contract w/in the last 30 days.
198 contracts were written on Condos for Sale in SLC.
132 of the homes under contract last month were Salt Lake Metro Foreclosures.
Of the 795 homes sold last month, 159 were condominiums.

We hope that this information on Homes for Sale in Salt Lake will provide you with insight as it pertains to selling or buying a Salt Lake Home or Condo.

For additional help with Real Estate in Salt Lake, stop by our site @ Salt Lake Real Estate. you will find tips, suggestions and a variety of Real Estate Blogs to answer questions and provide direction.

To search the 7,402 Homes listed for sale in Salt Lake stop by our search site. You can see photos of homes and condos, directions, prices of houses for sale and the specifics of the houses you are looking at.

Or, you can just call us at 801-567-0946, we'd be happy to talk to you about Real Estate In Salt Lake City and homes For Sale.