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Payson Utah Bank Foreclosure

How to Buy a Payson Utah Bank Foreclosure

Information on how to buy Payson Utah Bank Foreclosure. Before making an offer on a bank repo, have one of the agents at Team Teasdale Realty contact the the listing agent and ask the following:

Are there any inspection reports?

What repairs have the bank agreed to do?

Is there a special "as is" form?

How long does it take the bank to accept an offer?
(Some banks take upto 72 hours to give you an answer and several more offers may arrive)

How does your agent deliver the offer?
(Some offers are submitted online and the listing agent never even talks directly to the REO sales representative of the bank)

Offers are usually emailed to the bank. The listing agent sometimes needs your originals. There is no formal presentation. Keep in mind: nothing happens evenings and weekends (banks are closed). Any real estate relating to a bank owned property happen during business hours.

Since there is no face-to-face presentation to the bank, provide the listing agent with a pre-qualification or better yet, a pre-approval letter. Make your offer easy to accept. Find out how many offers are on the home. Paul Teasdale has sold hundreds of bank foreclosed properties in Utah County. Paulhas many ideas and strategies of how to get the bank to accept his clients offer when multiple offers come on a Payson Utah home.

List of Bank Foreclosures in Payson Utah

buy a Payson utah bank foreclosure

What is a Payson Utah Bank Foreclosure?

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 Payson 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 Payson 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 Payson home is a good deal or not.

Make sure that the price you pay is comparable to other Payson 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 aa Payson Utah bank foreclosure.

Buy a Bank Foreclosure in Payson UT

Have you been waiting for a bank foreclosure in Payson, 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 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. Around 25% of the homes in Payson, Utah are bank foreclosures.

Bank Foreclosure sales begin with a minimum bid that 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.

Payson Utah Bank Foreclosure

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 Payson. Keep your comps 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 bank foreclosure at an auction and get a bag full of risk.

Hire a Realtor that Knows How to Buy a Bank Foreclosure

It is better and less risky to buy a Payson Bank Foreclosure in the secondary market off 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 Payson is hiring an excellent Realtor. A good Realtor will help you see the bank foreclosures in Payson 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 a bank foreclosure in Payson, Utah.


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