Salt Lake City Homes For sale-Pre-Foreclosures !
Among the thousands of Salt Lake City Homes For Sale, Pre-Foreclosures are becoming a significant number.
According to many in Utah Real Estate, the number of listings that are this type of distressed property will continue to grow.
Some home buyers think that pre-foreclosed homes are the same as a short sales. In fact, some Realtors think that. While many short sales will become Foreclosures, not all Pre- Foreclosures in Salt Lake City start out as Short Sales.
The Pre-Foreclosure stage starts when the homeowner receives a "notice of default" from the lender. Usually it is not a surprise as they will have missed 3 or 4 house payments, and fielded a number of phone calls from the loan servicer asking when payment on the note can be expected.
The notice simply says (in legalese) that the owner of the Salt Lake Home or Condominium must bring the obligation current or the lender will exercise the option of auctioning off the home so that they can get their money back.
In Utah, the owner or prospective home buyer can figure about 120 days before the home will be auctioned off.
For a lot of reasons, few of these homes are picked up by Real Estate Investors, and most go back to the bank to be listed in the local MLS as a Bank Owned Home or REO. (Real Estate Owned by the Bank).
So, to the point of this home buying blog !
Each week we receive lists of homes in Utah that have received a notice of default. In some cases we also get a date and time for the auction.
We would like to share parts of this list with you, so that you can track houses for sale in neighborhoods you'd like to live.
The list features each Utah County and is furnished by our friends at First American Title. They send one to us two or 3 times a week and then we can pass on the ones our clients would be interested in.
Of course we are mostly interested in Pre-Foreclosures in SLC and the suburbs in Salt Lake County but we pick up the notice of defaults in some of the other major markets. IE: Utah County, Davis County, Washington County and Weber County.
Yesterday Salt Lake logged 33 pre-foreclosed homes or condominiums. Tuesday the number was 80.
As kind of a Utah Real Estate market watch, todays notices for Utah County were 148 while Washington County, (St. George) showed 142.
If you would like to have these stats, so that you can track Utah homes that are headed for foreclosure, stay close to our blog @ Salt Lake Real Estate Information.
For an easy way to search for homes for sale in Salt Lake City that are listed as short sales stop by SLC SHORT SALES, and check out those listings.
Foreclosures, Bank Owned and HUD Homes can be found on Utah Foreclosures. It's a FREE service.
Or you can just call us @ 810-567-0946. We would love to talk about Salt Lake City Homes For Sale and Pre Foreclosures in Utah.
Published Thursday, February 18, 2010 9:35 AM by Corie Seymour
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