Centerville Utah Foreclosures
Centerville UT is by no means a hot bead of foreclosure activity, but there are people who miss mortgage payments and houses that foreclose. According to Realty Trac, internets leadiing source of foreclosures, there were 13 preforeclosure properties and 8 foreclosed houses in Centerville.
If you're looking to invest in real estate, 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 Centerville foreclosures during the different stages of the foreclosure process.
The pre-foreclosure stage begins when home owners receive a "notice of default". In Centerville, 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 Centerville 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.
Centerville 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 Centerville 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 Centerville short sale houses are listed on the MLS. They are noted with a special "SS" mark by the listing.
- Learn more about the Short Sale process and investing in Centerville Short Sale Homes.
- View Centerville houses for sale under short sale status.
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. Centerville Foreclosure Auction homes can often be purchased at a large discount when there isn't a lot of competition.
- More Information on Centerville Trustee Sales and Foreclosure Auctions
- View Upcoming Centerville Trustee Sales Now
Centerville 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 Centerville 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. Centerville REO Homes are sold "as is."
Centerville HUD Homes
One of the most common phrases associated with foreclosure, is HUD Homes. Centerville 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.
Centerville Utah HUD Homes
HUD Homes and Foreclosure Houses are usually in pretty beat up condition and require some rehabbing. Not all Centerville foreclosures are fixer uppers. Many distressed properties are newer and in very good physical condition. Foreclosure Houses can be found in areas like Green Fields, Applewood Estates, Silver Oaks, Foxbridge, Chase Lane, Willow Farms, Cosa Loma, Placid Cove, Hillcrest Subdivision, Green Fields PUD 2, Rolling Hills, Lexington Park, Willow Farm Estates, Granite Square, Steeplechase Farm, Shadow Mountain, Rockwood Est, Centerville Commons, Island View, Floentine Villas, Hidden Acres, Florentine 20, Rockwood Farms, Valley View Heights, and the Lake Vista Estates.
HUD and Foreclosure Real Estate News
Blaine & Ginger Briggs 186 S 600 W Logan Oct 29,2007 78400
Richard & Cindy Wells Cornish Oct 30, 2007
Arthur & Ericka Robinson Robinson 321 N 280 W Providence
October 30, 2007 136000 Listed by Bradly Keller Williams
Royal and Debbie Jewkes 208 S 600 E Hyrum Nov 5, 2007
101 E 630 N #36 Smithfield
Nov 5, 2007
210 Thomas Court Logan
Nov 5, 2007
John O russo Russo 54 S 400 W Logan Nov 7, 2007
Listed with Janice Williams
Brad and Angie Mauller PO Box 63 Trenton 84338 Nov 7, 2007
Steve E Jones Jones 265 E 300 S Smith
THe original loan on their house was 59,000 in 1996. It looks like they also took out a Home Equity of $25,000 in 2001. Not sure if she included that in what she told you.
If this is the case and they still owe $70,000 on the house, we may want to see what old our buddy could do. Build up our quick cash now so our company will have some $$ to do stuff like this in the future. He may also be able to offer to buy it for more than just what they owe do give them some cash to help them out.
If it's less than $60,000 to bring it current, and the house is really worth $110,000. We could buy it with cash now for whatever is owed, refinance at $80,000 in six months, the payment would be around $525. Lease to own at atleast $725, and sell it back to them in 2 years for $85,000.