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FORECLOSURESFrequently Asked QuestionsSearch available Foreclosures Here
What is a Foreclosure? A Foreclosure is a bank-owned home that was reclaimed by the lender or bank as a result of the previous owner not making his/her payments. Are all Foreclosures great deals? Many of our clients have found incredible deals when buying a Foreclosure or bank-owned home. However, you are not guaranteed a good deal if you purchase a Foreclosure. As real estate professionals we can analyze each home individually to determine the market value and if it is a good deal for you. What is the difference between a Foreclosure and a HUD home? A home that is purchased with an FHA loan is insured by the department of Housing and Urban Development (HUD). If the owner is unable to make payments they are foreclosed on. However, the HUD insures the bank against loss and takes the responsibility for the home. A foreclosure is a bank-owned home, while a HUD home is not. How do I find or view Foreclosures? Bank-owned homes are listed on the MLS just like regular properties. When searching online they are included with the general homes for sale. You can narrow your search on our website by viewing foreclosures here or we can send you a list of Foreclosures to your e-mail. Just fill out this form and we'll send you a list. How much money must I put down to buy a Foreclosure? The amount you are required to put down is determined by what type of loan you qualify for. Almost all Foreclosures require you to deposit $1000 up front as earnest money when you make an offer. Will banks do any repairs or give warranties? 99% of the time bank owned properties are sold "as-is". As a result many people are unable to buy certain properties that require excessive repairs. FHA and Conventional loans may or may not lend on some bank-owned homes. Be sure to have us help you know which homes you will need to buy with cash and which homes qualify for you to buy with a loan. Inexperienced lenders and Real estate agents could cost you your earnest money by placing bids on these properties.
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Utah Dave Locations:
Salt Lake City Office
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St George Office DAVE ROBISON, Principal Broker, ABR, CDPE, CRB, CRS, e-PRO, GRI |
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