Foreclosure in Rose Park>Question Details

Maria Figuer…, Home Buyer in Salt Lake City, UT

where do i look for goverment tax foreclosures in salt lake city utah?

Asked by Maria Figueroa, Salt Lake City, UT Thu Nov 29, 2007

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5
Diana Loza’s answer
Your best bet is to look at Notices of Default filed with the county. This will let you know who is behind on their mortgage. It is best for everyone if you buy a foreclosure before it is actually foreclosed.

A "short sale" happens when the buyer purchases the property for less than what is owed on it. The bank may agree to accept a lower offer to save on the expensive legal fees incurred when a foreclosure takes place.

There are additional benefits to you and to the seller. For you, you gain a wider selection of properties and beat the crowds to those that are most desirable. For the seller, they avoid the big red X a foreclosure puts on their credit--not to mention their psyche.

Pouring over Notices of Default isn't all that much fun, so why not make your realtor do that work for you? Your realtor can find the ones that match what your looking for, contact the seller, the lender, help you negotiate, etc and then sell it for you for a profit. I personally love this kind of stuff, so let me know if I can help you out with your bargain hunting!
2 votes Thank Flag Link Tue Mar 11, 2008
Foreclosure reality check.... Seasoned investors who buy foreclosures know the REO manager at the bank and get "off market" deals. They never have to bid or find a place to learn what's available.

FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market.

It's easier to get a deal by going to a realtor, asking them to find the oldest property on the market and start dropping discounted offers. In addition, you won't have to wait 30-60 days to hear an answer.
1 vote Thank Flag Link Thu Nov 29, 2007
Unfortunately you are never going to find government tax sales where you can get properties for "pennies on the dollar, with no money down." Many of the "Real Estate Investment Seminars" are flat out scams. It's true that foreclosures can be good sources for real estate deals, but when something seems to good to be true, it is. Do you really think that the government would sell a property they new was worth $150,000 for $900? Not a chance.
0 votes Thank Flag Link Tue Apr 1, 2008
For HUD homes in Utah goto http://www.MCBREO.com. You will have to find an Agent who works for a HUD certified broker to write any offers.
0 votes Thank Flag Link Wed Mar 5, 2008
Hi Maria,

Trulia has this information at the link below.

Best Wishes,

Emily Gibson
Customer Service Representative
0 votes Thank Flag Link Fri Nov 30, 2007
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