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Pleasant Grove Bank Foreclosure

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.

pleasant grove real estate

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:

Pleasant Grove Bank Repos

buy a Pleasant Grove utah bank foreclosure

Before Moving To Pleasant Grove Utah

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.

Seek Help from Realtors in Pleasant Grove Utah

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.

What is a Pleasant Grove Bank Repos?

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.

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