Buying a Pleasant Grove Bank Foreclosure
You’ve watched the late-night infomercials and you’re ready
to do the bank “a favor” and take a problem off their hands. Have you
been waiting for a bank foreclosure in Pleasant Grove, Utah? Plus,
you expect to make a ton of money or build equity. Sounds great and it
might just happen, but first you should take a look at some facts and
get prepared to buy a PG Bank Foreclosure. Are you looking
to buy a Pleasant Grove Bank Foreclosure?
REO vs. Bank Foreclosure in Pleasant Grove, Utah
An REO (Real Estate Owned) is a home or property that goes
back to the mortgage company after an unsuccessful bank foreclosure
auction. Most PG Bank Foreclosure auctions do not even
result in bids and the lender in first position buys them back. This
often results in clearing the second loan on the property. After all, if
there was enough equity in the property to satisfy the loan, the owner
would have probably sold the property and paid off the bank. That is why
the property ends up at a foreclosure or trustee sale. Between 2007-2011
around 25% of the homes in Pleasant Grove, Utah were bank foreclosures.
If you buy a PG Bank Foreclosure at an auction
the minimum bid includes the loan balance, any accrued interest, plus
attorney’s fees and any costs association with the bank foreclosure
process. In order to bid at a bank foreclosure auction, you must have
delivered a $5,000 cashiers check prior to bidding and pay the balance
in cash within 24 hours. You receive the property in “as is” condition,
which may include someone still living in the property. The buyers at
these auctions are often the middle men that fix the home up and resell
it in the existing market. You can buy a home at auction but you must
have the cash. You must also know what you are doing and have nerves of
steel.
Since what is owed to the bank is almost always more than
what the property is worth, very few foreclosure auctions result in a
successful sale. Then the property “reverts” to the bank. It becomes an
REO, or “real estate owned” property. There may also be other liens
against the property. Buying a home at the auction can be very risky. If
you know what you are doing and have cash it can be profitable.
A bank owned property might not be a great bargain. Do your
homework before making an offer on a home or condo. Make sure that the
price you pay is comparable to other homes or condos in Pleasant Grove.
Keep your comparables in nearby neighborhoods. Consider the costs of
renovation, including time to complete them. Don’t get caught up in a
‘bidding war’ and pay over the real estate market value. It’s an old
myth that “foreclosures” are a bargain. Many buyers overpay for a
Pleasant Grove Bank Foreclosure at an auction and get a bag full of
risk.
Buy a Pleasant Grove Bank Foreclosure with a Realtor
It is better and less risky to buy a PG Bank
Foreclosure in the secondary market on the MLS. Most bank foreclosures
end up listed and sold through Realtors. Some of the best deals we have
ever seen are bank foreclosures. The key to buying a bank foreclosure in
Pleasant Grove is hiring an excellent Realtor. A good Realtor will help
you see the bank foreclosures in Pleasant Grove first. Finding and
making an offer on a bank foreclosure before the crowd is very
important. Team Teasdale Realty sells bank foreclosures and short sales.
Team Teasdale Realty will help you find an excellent deal on Pleasant
Grove Bank Foreclosure.
List of Pleasant Grove Bank Foreclosure
Amanda’s Testimonial About Buying a Foreclosure
Are you looking to buy a Pleasant Grove Bank
Foreclosure? If so, Team Teasdale Realty has help many buyers buy a
Pleasant Grove Bank foreclosure. Here is a testimonial from Amanda
about how we just helped her get a Bank Foreclosure.
Here is a quote from Amanda: “My house hunting experience
was a long one before finding Team Teasdale. Not only were they
extremely professional but 100% confident in what they do. We had walked
through a lot of houses and had offers on several short sales, before
Team Teasdale.”
Hire a Realtor that Sells Pleasant Grove Bank
Foreclosures
Team Teasdale Realty and their Real Estate Agents
specialize in selling REO properties in the Pleasant Grove area. Team
Teasdale Realty has sold many Pleasant Grove Bank Repo over
the years.
A good share of REO houses are decrepit. Many sit empty for
months before they are sold, and they end up in such bad shape that they
are ineligible for mortgages. Investors often buy these REOs with cash,
fix them up and sell them, just like the house flippers of the boom
years. Believe it or not it is still possible to flip a home in Pleasant Grove and make money. This will take patience and skill to get a home
way under value that is worth your time to flip.
Almost all REOs are listed through real-estate agents. The
principal broker of Team Teasdale Realty knows how to buy a bank
foreclosure before the crowd. Paul Teasdale has been selling homes in
Utah County since 1995. Paul carefully follows the short sales and
waits for them to fall into foreclosure. If you catch them they day
their status changes you are the first and often only buyer. This is the
way to buy a Pleasant Grove Bank Foreclosure. If you would like help
finding a Pleasant Grove Bank Repo contact Paul Teasdale with Team Teasdale
Realty. Follow the link below to find a Pleasant Grove bank repo:
Moving to another city requires an intensive planning.
This may start from listing all the things that you have to
do and their time frame. In doing so, you will be
assured that you will carry out things on time and nothing
is missed out. Make a list and cross each item out one at a
time. Basically, get really organized.
Moving to Pleasant Grove, Utah can be a big task and it
would be wise if you seek help on matters that pose problems
as you execute your plan. One of the best ways to do
this is to seek a
Pleasant Grove Utah Realtor who could give you facts
about the different neighborhoods and schools within the
city. There are many Realtors around Pleasant Grove
but you have to look for someone who is trusted in the area.
The bank now owns the property and the mortgage loan no
longer exists. The bank will handle the eviction, if necessary, and
may do some repairs. Fannie Mae and Freddie Mac will often repaint
and recarpet homes in Pleasant Grove prior to selling them. Fannie Mae and
Freddie Mac would just put the homes on the market and sell them
as-is. However, it seems they realize they can get more money by
making the home look cleaner and doing some repairs.
A bank will negotiate with the IRS for removal of tax
liens and pay off any homeowner’s association dues. As a purchaser
of an REO property, the buyer will receive a title insurance policy
and the opportunity to investigate the property. A Pleasant Grove Utah bank
foreclosure will be sold with a clean title.
A bank owned property might not be a great bargain. Do your homework
before making an offer. Have one of the Realtors with Team Teasdale
Realty do a comparative market analysis. They will help you
determine if the Pleasant Grove home is a good deal or not.
Make sure that the price you pay is comparable to other Pleasant Grove homes
in the neighborhood. Consider the costs of renovation, including
time to complete them. Don’t get caught up in a ‘bidding war’ and
pay over market value. It’s an old myth that “foreclosures” are a
bargain. You can get a good deal but it takes knowledge and
experience to make this happen. Be sure to hire Team Teasdale Realty
to represent you when you are ready to buy a Pleasant Grove Utah bank
foreclosure.
PG Bank Foreclosures were difficult to find in 2014
and this trend should continue into 2015. It is still possible to fin a bank
foreclosure but you have to be fast and be working with a good realtor to
get one.
