Foreclosures are the hot Item for Bountiful Utah Real Estate. During the housing boom home prices shot up, and credit and income standards were to low. Many people bought overpriced homes in Bountiful that they couldn't afford. Now that housing prices have come down and we are in a recession, foreclosures in Bountiful Utah are at an all time high. Most foreclosures for sale in Bountiful can be found on the MLS, the central database with real estate listings by all Utah Real Estate brokerages. Banks nearly always hire a realtor to list their foreclosure properties, and so these listings are found on the MLS.

Search for Bountiful Utah Foreclosure Homes on the MLS

 

 

Preforeclosures

If you're looking for more creative ways to get involved with foreclosure investing, preforeclosure investing may be calling you. When you invest in preforeclosures, you purchase properties that are in default, but that have not yet foreclosed. These properties are sometimes listed, but not always. When a person defaults on a loan, this is made as public record. Foreclosure companies like realtytrac and foreclosure.com gather this data to help real estate investors find preforeclosures. With the current market, most preforeclosure homes require "short sales" to be purchased at deals that exceed the risk.

 

Short Sales

Short sales are simply properties where the owner owes more than the home is worth, but need to sell. Properties listed as short sales are usually in default, the current owners are usually behind on their payments. It is in the banks best interest to prevent foreclosure, even if it means taking a loss. For this reason, after a lenghthy approval process, banks will often approve purchase prices less than what the owner owes and often less than market value for the property listed as a short sale. Right now there are nearly a hundred properties listed as short sales in South Davis County; Bountiful, Woods Cross, North Salt Lake, Centerville, West Bountiful, Kaysville and Farmington. You can find these for sale short sales on the MLS.

 

Foreclosure Auction Homes

Foreclosure Auctions actually take place for Homes in Bountiful Utah. If a property never sells prior to the set auction date, or Trustee Sale, it will go for a public auction at the Davis County Court House Steps at the Criminal Justice Complex, at 800 West State Street in Farmington

Notices for these Trustee Sales can be found in the legal section of the Davis County Clipper.

 

Bank Owned Homes - Foreclosed Homes

When nobody buys the homes at the auction, these properties then become bank owned, or Real Estate Owned homes (REO). The banks will then hire a real estate agent to list and market their foreclosed properties.These properties will then be found on the MLS.

 

HUD Homes

Bank owned homes where the loans were backed by FHA are known as HUD homes. These homes have a different set of buying requirements. Initially, HUD homes are only available to people who are buying as a primary residence. If the HUD Home remains unsold for several weeks, then the property is opened up to all potential buyers and real estate investors. HUD Homes also appear on the MLS.