Q: Why does foreclosure happen?
A: Foreclosure happens because the person who owns the home can no longer make payments on the home. Banks give anywhere from one to three months of lapsed payment before it affects the home owners and the bank chooses to foreclose upon the house. It is important to note that laws for staying in your home during lapsed payment will vary from state to state. Some states allow a person to stay in the home for up to a year following paperwork from the bank, while others are able to oust a person from the house within a few months.
Q: How can I find foreclosed homes in my area?
A: Utah Foreclosed Houses are usually listed under MLS, which is multiple listing services. This may be an array of foreclosed upon properties, including commercial buildings, residential homes and even land. You will see that for many of the listings, only the specs and prices are included. There is usually no haggling with foreclosures and the experience of buying a foreclosed space is different than working with a realtor.
Q: How is buying a foreclosed home different?
A: Buying Utah foreclosed houses is different because you are not working directly with a realtor the majority of the time. In fact, you may not even get to view the property before you buy it. This can work in your favor if you know a lot about buying foreclosed homes. You will see that the less you know, oftentimes the better the deal is.
Q: Will a foreclosed home need a lot of work?
A: Sometimes foreclosed houses in Utah can require a lot of work, especially if the home has been abandoned for a long time. Looters and thieves will break into a home and steal the air conditioner and anything that isn’t ‘nailed down’ when they notice a home has been empty for a number of months. Nearly all foreclosed homes have been empty for at least a couple of months when you buy them and some may have sat empty for years. Professional cleaning will be required, but most of the time the home will also need some cosmetic work done since it has not been cared for. Other times, there will be major repairs such as the need of a new HVAC or electrical wiring. All of this varies greatly by property.
