West Jordan Utah Foreclosures for Sale

West Jordan UT Foreclosures

West Jordan Utah Foreclosures

Foreclosures in West Jordan UT have substantially gone up during the recent housing slowdown. In West Jordan, Foreclosures can be found in the preforeclosure, foreclosure auction, or REO stage.

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Below is a summary of the foreclosure stages, and how you as a buyer can act to find yourself a West Jordan foreclosure to purchase. The links on the left can help you better understand the different stages; Preforeclosures, Distressed Home Owners, Short Sales, Foreclosed Homes, REO, Bank Owned, and HUD Properties in the Salt Lake Valley.

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Pre-Foreclosures in West Jordan

The preforeclosure process begins when home owners misses mortgage payments. According to RealtyTrac.com, there are more than 200 homes in West Jordan in preforeclosure status. Once a homeowner misses about 4 payments they receive a "notice of default". The notice of default tells distressed homeowners that they are now responsible to pay the loan balance in full, or else the property will be sold at a public auction. ReatyTrac also tells us that there are an additional 184 homes that have received the default notice.The owners usually have about three months before the foreclosure auction will take place. If you have received a notice of default, and would like a free consultation click this link: Stop West Jordan Foreclosure

Many West Jordan preforeclosures are for sale and are listed on the MLS. They are usually sold as is, and are at or near market value; your Realtor can easily help you find listed distress properties. 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. These homes can be found on sites like Foreclosure.com, Realty Store.com, and Realty Trac.

Learn more about investing in West Jordan pre-foreclosure homes.

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Short Sales in West Jordan

Short sales are a common segment in the West Jordan real estate market. There are currently more than 40 properties listed that require a short sell in order to sell. A short sale occurs when a sellers home is not worth what they owe on it. Owners of these homes are behind on their payments. It is better for banks to release the lien for less than what is owed rather than execute the trustees sale. These properties need to sell quickly, and most lenders will settle for a fraction of the amount owed.

When a property is being sold as a short sale, the list price is normally low to get immediate offers. This asking price doesn't mean that the bank will actually consider the short sale.
Many lenders won't even consider a short sale file untill there is an offer Real estate agents price distressed homes low so they can get the process started. This doesn't necessarily mean that the price will be approved, and it often takes several months before the lender will even review the short sale packet. West Jordan listings can be filtered during a MLS search to specifically include West Jordan short sale properties.

Bank Homes in West Jordan Utah

Many bankowned homes are fixed up before they are relisted. REO is an acronym for RealEstate Owned, lender owned, or bank owned homes. Short Sale homes for sale are properties where the lender must discount the mortgage due. The banks will allow short sales so the property doesn't go to the trustee auction. If you're looking for a fixer-upper, or just a want to purchase a house at a foreclosure auction this page can help you view online West Jordan Foreclosures and learn more about foreclosures in general.

Most West Jordan REO and Bank Owned homes can be found on the MSL. Preforeclosures, and short sales can be found at websites like Foreclosure.com, RealtyTrac, and Bargain Homes Network.

West Jordan HUD Homes

One of the most common phrases associated with foreclosure West Jordan HUD properties are Bank owned homes where the loan was backed by the government. New HUD homes in West Jordan become public knowledge every Friday. HUD properties can usually be purchased below market value. When first listed, they are only available to people intending to use the property as their personal residence. If a HUD home remains unsold for several weeks, it is then made available too all potential buyers. If Once the property is made available too real estate investors, it's probably not the greatest deal. The fact is, HUD homes are the hardest foreclosed homes to buy as an investor. Some HUD homes in deteriorating neighborhoods are offered as part of the Good Neighbor Next Door program. This program provides an opportunity for School Teachers, Police Officers, and other government employees to purchase HUD homes at 50% of their estimated market value.

More information about West Jordan HUD Homes

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I've been involved in a couple short sale transactions. In my cases the banks "shorted" a fairly small amount, less than 10%. An agent who does a lot of short sales told me that banks will settle for a purchase price less than 75% below the amount owed, and pay a realtors commission on top of that. That seems to good to be true to me, the banks might as well foreclose if they're giving that much away..

The question is, How low will they go? What has been your experience, and which banks did it?

This varies bank to bank but in general there is no percentage of the loan amount they will take. Usually minimum allowed pay off amount is based on a certain percentage between (typically between 80 and 90) of the valuation they make at the time of shortsale. You success at getting the person the bank sends out to value the house to value it low will be directly connected to your success at getting these shortsales accepted at what ever value you need.

There are some acceptions. For instance FHA shortsale requests will automatically be turned down if the proposed net pay out to the bank will be less than 70% (i think this is the right figure) of the original loan balance before arrearages (i think).

It's all about the market value, not the amount owed. In my area I think that prices are down about 20% from the peak and some people cash-out refinanced at the peak or purchased with 0% down and now they have to get out. With sales so incredibly slow, the banks are realizing that they need to be realistic with prices or become home owners. I recently saw a short sale with mortgage balances at about $750K sell for $535K. I think the realistic market value for the property was probably somewhat higher than the final price but not by too much.