Cedar City Utah Foreclosures
There are foreclosure properties in Cedar City and Iron County. At the beginning of the year there were 2 pre-foreclosure listings, and six foreclosed houses for sale.
To invest in foreclosure properties, you need to understand what happens to borrowers in distress, and how to find these opportunities to buy. There are different stages of the foreclosure process that present different opportunites and challenges for buyers and real estate investors to purchase foreclosured properties.
Here is a brief summary of the different foreclosure stages, and how you as a buyer must go about finding and investing in Cedar City foreclosures during the different stages of the foreclosure process..
Cedar City Pre-Foreclosures
The pre-foreclosure stage begins when home owners receive a "notice of default". In Cedar City, a notice of default is usually received after about four missed mortgage payments. The owners usually have about three months before the foreclosure auction to find a way to make up the missing payments and bring the loan current. However, usually they are monetarily unable to do such. If they had the money, they most likely wouldn't be in default.
Many Cedar City preforeclosures are for sale and are listed on the MLS. However, the majority of them are not for sale. Many real estate investors attempt to contact these distressed owners, and offer to purchase their homes below market value to help them avoid foreclosure and preserve their credit.
Cedar City Short Sales
Quite often the owners of the pre-foreclosure homes or condos are upside down. They owe more than the property is worth. It is still possible to purchase these homes. To help avoid foreclosure, banks will often times approve a "short sale." When a Cedar City house is in short sale status, the bank forgives a portion of the debt and sells the home for less than what is owed. For banks, foreclosing is a very expensive process and they are often better off taking a "short sale" than foreclosing. Many Cedar City short sale houses are listed on the MLS. They are noted with a special "SS" mark by the listing.
The Trustee Sale -- Foreclosure Auction
A foreclosure sale, or Trustee auction takes place a the County courthouse. This is a public auction where anyone may bid on the property if you:
- Provide $5,000 certified funds prior to bidding. An "official check" will not work.
- Must pay off the entire purchase price in full within 24 hours.
- Properties sold at the public auctions are sold without warranties. There still may be judgements tied to the property. The properties might even still have residents needing eviction.
Purchasing a property at a Trustees Sale can be fairly risky as a lot of the time these homes are purchased "site unseen." Sometimes the homes are on the market and investors can walk through them before the foreclosure auction, but often times they are not. When a distressed home has several loans on it the junior liens will usually get shafted. Cedar City Foreclosure Auction homes can often be purchased at a large discount when there isn't a lot of competition.
Cedar City Utah REO - Bank Owned Homes - Post Foreclosure homes
When nobody bids on a home at a public foreclosure auction, the lender bids on it for the amount owed. This becomes a Real Estate Owned (REO) or bank owned property. The large majority of the time Cedar City REO homes end up listed with a Realtor and are found listed on the MLS. In the MLS notes look the owner will usually be listed as "REO" or "Bank Owned." Banks don't like carrying homes and so usually will price it low to try and sell within tree months. Cedar City REO Homes are sold "as is."
Cedar City HUD Homes
One of the most common phrases associated with foreclosure, is HUD Homes. Cedar City HUD Homes are Bank owned homes that were secured by Government back loans. New HUD homes become available every Friday in Utah. HUD homes can usually be purchased below market value, but they can usually only be purchased by people intendinding to use the property as their personal residence. If a HUD home is on the market for several weeks, the bidding is then opened up to Investors. Once its open to real estate investors, its usually not the greatest deal.
Cedar City Utah HUD Homes
HUD Homes and Foreclosure Houses are usually in pretty beat up condition and require some rehabbing. Not all Cedar City foreclosures are fixer uppers. Many distressed properties are newer and in very good physical condition.
Brian Head Condos Questions
ARE PETS ALLOWED? WHAT ARE PET POLICIES OR RESTRICTIONS?
Yes, pets are allowed with size restrictions for dogs. A designated dog park will be
incorporated into the community. Please contact one of our sales representatives
for details about pet restrictions, which are included in the CC&Rs.
ARE THE PRICES NEGOTIABLE?
Our prices have been carefully researched and set to ensure the best possible pricing throughout
the development and are not negotiable.
ARE THERE ANY SIGNING INCENTIVES?
Please contact one of our sales representatives for details about current signing incentives.
WHO IS THE GENERAL CONTRACTOR?
The General Contractor is Carter Enterprises Inc. who began in 1953 when brothers Cal and Jack Carter
formed a partnership and started building small constructiion projects in southeastern Utah. When it was
evident that the economy in southeastern Utah would not grow the Carter Brothers relocated to southwest-
ern Utah in Cedar City. The brothers started out very small with limited growth untill they landed their first
“Big Job” a new elementary school in their hometown of Minersville Utah. This project proved to be a major
stepping stone to bigger and better things.
Now in its second generation of leadership Carter Enterprises Inc. is an industry leader covering the geo-
graphical area of southern Utah and northern Arizona. A diversified builder covering all areas of commer-
cial building including Lower and Higher Education, Industrial, Manufacturing, Religious, Retail/Shopping,
Offices, Civil Bridgework and Custom Homes.
