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The Utah real estate blog. Simply a useful guide for real estate in Utah, featuring the areas of Davis, Salt Lake, and Utah County. Take a look already.
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 Buying bank owned properties
There is a lot of interest in buying bank owned properties these days. A lot of information, some good and some bad, is floating around about the subject. Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know “the secret formula”. The fact is that there are no secrets, and to make money does require effort.
For more homes copy and past www.utah-distressedhomes.com What’s an REO?
REO stands for “Real Estate Owned”. These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. This is not the same as a property up for foreclosure auction. When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. And on top of all that, you’ll receive the property 100% “as is”. That could include existing liens and even current occupants that need to be evicted. A REO, by contrast, is a much “cleaner” and attractive transaction. The REO property did not find a buyer during foreclosure auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that REO’s may be exempt from normal disclosure requirements. In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.  Is it a bargain?
It’s commonly assumed that any REO must be a bargain and an opportunity for easy money. This simply isn’t true. You have to be very careful about buying a REO if your intent is to make money off of it. While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying foreclosures. But there are also many REO’s that are not good buys and not likely to turn a profit.
Ready to make an offer?
Most banks have a REO department that you’ll work with in buying a REO property from them. Typically the REO department will use a listing agent to get their REO properties listed on the local MLS. Before making your offer, you’ll want to contact either the listing agent or REO department at the bank and find out as much as you can about what they know about the condition of the property and what their process is for receiving offers. Since banks almost always sell REO properties “as is”, you’ll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it. As with making any offer on real estate, you’ll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender. After you’ve made your offer, you can expect the bank to make a counter offer. Then it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer. Realize, you’ll be dealing with a process that probably involves multiple people at the bank, and they don’t work evenings or weekends. It’s not unusual for the process of offers and counter offers to take days or even weeks. For a list of Bank Owned Homes in Utah copy and paste www.utah-distressedhomes.com
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With there being so many Utah short sales. Now is a good time to buy. The question is how do you buy these homes. A lot of Buyers would think that they are better off trying to find these Short Sales but let the experts in Utah Real Estate (Realtors) do that for you. It will not cost you anything and it will save you time, money, and protect you from any law suites. Lets go over Short Sales in Utah. Since I specialize in this area of helping Sellers sell their Ut homes. If I were a Buyer, this is what I would do. - Get Pre Qualified from a lender so you know how much you can afford. (Compare Ut lenders for different terms and fees)
- Find an agent that has been in the business for at least 10 years or more that has helped both Sellers or Buyers with these types of Utah Short Sales.
- Meet with the Agent somewhere there is access to the Multiple Listing Service (www.utah-distresshome.com)
- Go over the different neighborhoods in different cities that you like. You want to buy in the worst house in the best ut neighborhood.
- Decide which neighborhoods and Cities you like.
- Make offers, lots of offers before you see the insides.
First, I would recommend making offers on all homes based off of pictures you liked before going to see them. You might be thinking why would I do that. The reason is because there is a high demand for these homes due to the fact you can buy them cheaper then other homes so there are more offers on them. You don't want to waste a lot of time on ut homes that you can't even buy. So find out what they are worth from your Utah Realtor and make an offer that makes since if you were to get it. Make Lots of offers. What you will find is, if you are patient and making offers. 6 months down the road all of the Buyers in Utah who made offers ahead of yours on the same ut distressed home will have found something else and backed out from their offer. Second, this is what NOT to do. Make appointments to see all of the Ut Short Sales. Narrow it down to one home and make an offer and hope it gets accepted. Big mistake. I hope I have shed some light on Utah Short Sales. Please feel free to post, email or call me with any questions or for an appointment. on Short Sales in Ut Blake Rounkles
Northern Realty
801-589-2437 blakesrealty@gmail.com
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Mountainside, Farmington - Announcing a price reduction on 864 S 300 E, a 4,687 sq. ft., 4 bath, 6 bdrm 2 story. Now  MLS® $429,321 - farmington,ut real estate. Property information
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Uintah Junction, Uintah - Announcing a price reduction on 1694 E 6850 S, a 3,896 sq. ft., 4 bath, 5 bdrm single story. Now MLS® $429,321 - utah real estate Uintah. Property information
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Southwest Lehi, Lehi - Announcing a price reduction on 356 S 1850 W, a 1,576 sq. ft., 3 bath, 4 bdrm 2 story. Now MLS® $169,321 - Short Sale. Property information
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Need Terms, Here they are
• 1,256 sq. ft., 2 bath, 2 bdrm 2 story - MLS® $119,900 - Owner Financing Avail Creekside Condo's, Murray - 1256 Sq ft with 2 full baths, stained concrete floors, vaulted ceilings, central air, fireplace and a huge deck that over looks swimming pool and spa. Short sale subject to bank approval
HOA includes GAS,SEWER,GARBAGE,MAINTENANCE,CABLE,ETC
Owner Financing with down at $139,321 Property information
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Mountainside, Farmington - Announcing a price reduction on 864 S 300 E, a 4,687 sq. ft., 4 bath, 6 bdrm 2 story. Now MLS® $429,321 - "Bargain". Property information
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How to stop a foreclosure in Utah. I am still new to all of this technology stuff so if I am doing something wrong with my blog let me know. Since I specialize in Short Sales all over utah, I thought I would address the number one question. How can I stop this foreclosure. As I sit down with home owners who are up to their ears in debt. I try to give them some type of hope. Many families do not know how long they have until they are kicked out on the streets or if there is anything they can do. Well the answer is yes, their is a lot of things you can do to stop the foreclosure process. The main thing I do is sit down and listen to what their situation is. I create a plan that is taylored to their situation. I make it very clear that I am not here for the money. I do everything I can to save their credit and if possible, come up with a solution to keep them in their homes. I then proceed to talk to them about doing a loan modification. Yes a loan modification. I know that as Realtors we are not allowed to do loan modifications but I show them how they can do it themselves. I give them the support and the knowledge on how to do their own loan modification. The number one thing that makes my BLOOD BOIL is hearing how much some company has charged this poor family to do a loan modification and nothing gets done. It is getting late so I am going to narrow it down to these steps: Loan Modification Selling on terms like lease to own or owner financing Selling the home on a Short Sale
Please ask me any question by email or phone. I will get back to you with a solution or an answer. All information will be kept 100% confidential. If you are okay with me answering your question openly please post on my blog. Thanks, Blake Rounkles
Northern Realty
www.utahhomes.biz
801-589-2437
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![PC6[1]](http://media.point2.com/p2a/listing/7a57/2f1d/d396/aa20bb832c6831af315e/w475h356.jpg)
Great Vacation Place
• 648 sq. ft., 1 bath, 1 bdrm single story - MLS® $129,000 - Short Sale, Need Buyer Park City, Summit County - Great investment. You may want to rent it out, use it for a vacation getway or just live in it and enjoy the area. Short Sale subject to third party approval.
HOA is $265 which includes Cable, Sewer, Garbage, Lawn care & Maintenace, Snow removel, Swimming Pool, Hot tub, Club house, Exercise room, and Tennis Court. Property information
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Great one, Uintah - Announcing a price reduction on 1694 E 6850 S, a 3,896 sq. ft., 4 bath, 5 bdrm single story. Now MLS® $429,321 - Great Location. Property information
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Above Weber State University, Ogden - Announcing a price reduction on 4214 College Drive, a 2,620 sq. ft., 2 bath, 5 bdrm single story. Now MLS® $189,321 - Walk to the University. Property information
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Above Weber State University, Ogden - Announcing a price reduction on 4214 College Drive, a 2,620 sq. ft., 2 bath, 5 bdrm single story. Now MLS® $189,321 - Walk to the University. Property information
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BENSON MILL CROSSING, Grantsville - Announcing a price reduction on 6880 Burgess Drive (517 E off of Hwy 138), a 2,016 sq. ft., 3 bath, 3 bdrm single story. Now $189,321 - Lease Opt/Owner Financing. Property information
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