51 Short Sales in Pleasant Grove and 6 Bank Foreclosures
Pleasant Grove Utah has 112 homes for sale. The number of short sales has climbed to a record high as we enter the new year. Pleasant Grove, UT currently has 51 short sales and 6 bank foreclosures for sale. The city has 55 home owners selling their homes. Several years ago short sales and bank foreclosures hardly existed. Unfortunately, short sales and bank foreclosures are abundant in Pleasant Grove.
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Pre-Foreclosure – Short Sale Properties in Pleasant Grove, Utah
It usually takes about 6 months for a bank to complete the legal and administrative steps necessary to finalize a bank foreclosure in Pleasant Grove Utah. A short sale is often referred to a pre foreclosure in Utah County. During the pre-foreclosure period, the seller may be able to negotiate a deal to avoid the potentially negative results of a bank foreclosure. A bank foreclosure can tarnish a seller’s credit report. A seller can also lose equity when losing a home into foreclosure.
Buying a pre-foreclosure property in Pleasant Grove can be beneficial to both the bank and the buyer because it eliminates the often lengthy bank foreclosure process. Since the bank avoids having to maintain and later sell the property, they may allow a new borrower to take over the current mortgage payments. Banks also tend to be more willing to negotiate favorable loan terms and rates for pre-foreclosure properties. A pre-foreclosure is either an approved or an unapproved short sale.
It is important to note that the buyer must obtain permission from the seller if they are interested in a pre-foreclosure or short sale. This is because banks are not allowed to disclose financial information about homeowners to potential buyers. This is handled by the Realtor. Team Teasdale Realty has a short sale agent that handles all their short sales. Our short sale specialist is very knowledgeable in negotiating short sales.
Bank Repossessed or Real Estate Owned (REO) Foreclosure Homes in PG, UT
Perhaps the saddest part of a bank foreclosure occurs when the bank notifies a homeowner that it intends to seize the property and begin eviction proceedings. After all the legal documents are filed, the bank foreclosure process is completed and the homeowner is evicted. The home is then referred to as “bank repossessed” or “Real Estate Owned” property. Many homeowners are long gone by the time the bank comes to repo the home. In fact, all the homes currently for sale in Pleasant Grove are vacant and the tenant and home owner are gone.
Before a house becomes REO property, it must be put up for sale at a foreclosure auction. This auction occurs in Provo, Utah at the sheriff sale. Bank foreclosure auctions are typically conducted by a local sheriff. These days, however, there are few (if any) bids on properties at auctions ― so the home typically reverts back to the bank and is classified as an REO property. This step helps the bank clear any secondary liens. These liens are usually the home equity liens home owners took out in years ago.
A Real Estate Owned property may be in need of repair, since the last homeowner probably stopped spending money on general maintenance ― the landscaping may be overgrown and the home’s interior could be damaged, or even trashed. You can always spot a bank foreclosure in the summer because the grass is dead. Banks generally want to sell these types of foreclosure properties as soon as possible, in order to reduce their inventory of non-performing assets and to stop paying for property maintenance. Because of that, banks are usually willing to accept below-market offers from new homebuyers with good credit.
It is an excellent time to buy a bank foreclosure in Pleasant Grove, Utah. If you are looking for a bank foreclosure or short sale in Pleasant Grove, Utah contact Team Teasdale Realty.
