A foreclosed home in Utah is a property that has been re-possessed by the bank. The bank now owns the property, and has listed it with an Utah agent to get it sold. If you are buying a foreclosure in Utah, the process is very similar to buying a regular re-sale home in Utah; the bank has already done the leg work, and the property is ready for it’s new owner (although it may need a little TLC.)

A pre-foreclosure in Utah, often known as a short sale, is a home that is in default with the mortgage lender. For whatever reason the owner has stopped making payments on their loan. Homes offered as pre-foreclosures are special situations because the home is not worth what is owed to the mortgage lender. After all, if a borrower was in behind on his payments, but had enough equity in his home to sell it, the owner could typically get out of it before the bank filed the notice of default (NOD) with the county. Short sales can take time because the bank has to justify forgiving a portion of the debt before agreeing to allow the sale to take place. Additionally, short sale properties are often marketed on the MLS at the price agent and owner expects the bank to accept, often resulting in multiple offers for the bank to consider. In short sale situations, the borrower is still the owner of the home, however because they are asking the bank to wipe out some of their debt, the lender ultimately calls the shots in the transaction.

Where to find foreclosures in Utah

As a Utah buyer there is money to be made in buying a foreclosed home or condo.  Many of these homes are priced to sell quickly, and often offer instant equity to the buyer who snatches them up. The question is where do you find them?

My first suggestion for finding a foreclosure in Utah is to call me directly. I have built great relationship with Utah title companies and real estate attorneys and can provide you with detailed information about the foreclosures in a specific city or region of Utah.  You canreach me (Jared) directly by dialing 801.448.6683. you can also email me if you prefer. To view foreclosure home listings in Utah click here

For HUD Homes (FHA Insured foreclosures) click here

To view Pre-foreclosures and Utah Short Sales click here