Utah County Bank Foreclosures
Search Utah County Bank Foreclosures
Are you looking for Utah County Bank
Foreclosures? Here you will find many types of REO's and
repos. All the homes listed by Fannie Mae,
Freddie Mac, HUD Homes and Bank of America Repos. In
fact, you will find all the Utah County Bank
Foreclosures right here. Banks list thier homes with
local Realtors and the Realtors post these listings to
the MLS.
Our database is linked up with the MLS. It sends what
are called "robots or spiders" to crawl the MLS several
times a day. These robots identify the new Utah County
Bank Foreclosures and add them to the this list. This is
the most accurate and complete list of Bank
Foreclosures I have seen online. Remember to bookmark
this page and check it often. You will see the number of
bank foreclosures change daily.
If you choose to register with our site we will send you
the new Utah County Bank Foreclosures. Go ahead! Start
your search below by clicking the Map Search.
How the Utah County Bank Foreclosure
Market Has Changed
Bank Foreclosures in Utah County were very uncommon
prior to 2006. In 2007, bank foreclosures started
picking up steam. The first large wave of Utah County
Bank Foreclosures came from Fannie Mae. These were
previous FHA loans where the buyer stopped making
payment on their loan. Many of these buyers could not
afford the payment or loan from the beginning. In my
opinion, the problem began with the federal government
getting involved by deregulating loan requirements. This
can lead to a long discussion or debate.
The number of REO's reached full
capacity between 2007-2011. Approximately 25% of the
homes for sale in Utah County were bank repos. The Utah
County Repos kept piling up. It looked like
there was no end in sight. The Realtors that had
contracts with the large banks and governement entities
were making some serious money at this point. Our team
mostly worked with local banks, credit unions or small
lenders/banks from around the country. This was a
challenging time in the real estate market for many
people. Many real estate companies, title companies and
lenders closed their business due to the slow activity
in the real estate market. Our team was very blessed and
managed to sell around 50 homes per year during the slow
down.
Utah County Bank Foreclosures Now and
Into the Future
Something changed on 12/31/11. It was like
every buyer that was on the fence jumped into the Utah
County Real Estate market and wanted to buy a home in
2012. Buyer's felt the market had reached a bottom and
that they would not see interest rates this low every
again. Some of my buyers were getting 3.5% on a 30
mortgage. This seemed ridiculous.
The 2012 real estate market took a major
change and homes started selling. In fact, my team is on
target to close over 100 homes in 2012. This is double
our yearly average from 2007-2011. When the market
changed in 2012 the number of Utah County Bank
Foreclosures drastically changed. We went from about 25%
of the homes for sale in Utah County being bank
foreclosures to approximately 3% of the homes being bank
foreclosures.
I think the Utah County Real Estate market
will see less bank foreclosures enter the market in 2013
and 2014. Buyers are once again able to get out of their
homes without having to do a bank foreclosure. Buyers
are now more likely interested in doing a
Short Sale in Utah County. The market has certainly
changed in the last few years and will continue to
change into the future.
Bank Repos Often Get Multiple
Offers
A well priced Utah County Bank Repo
will tyically get multiple offers. If you are looking to
buy a bank foreclosure in Utah County you need to be
very assertive. Be sure to find an assertive Realtor
that will get you the home you find. Watch the list of
bank foreclosures daily and be ready to make a move if a
bargain arrives. It is still possible to find a good buy
on a Utah County Bank Foreclosure it just takes much
more time and effort. Team Teadale Realty will show you
homes and help you make an offer on a bank
foreclosure. The Realtors on Team Teasdale Realty are
HUD approved agents. We can post online bids into the
HUD system if you happen to find a HUD home for sale.
If you are looking to buy a Bank Repo contact me. My
name is Paul Teasdale with Team Teasdale Realty. I has
been selling bank foreclosed homes in Utah County since
1995. I have sold over 1,100 home over the past two
decades and am very familiar with what it takes to get a
bargain on a bank foreclosure. Join Our "Utah
County Bank Foreclosure Club" Today!
The
Utah County Bank Foreclosure Process Explained
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