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Salem Utah Bank Foreclosure

How to Buy a Salem Utah Bank Foreclosure

Information on how to buy Salem Utah Bank Foreclosure. Before making an offer on a bank repo, have one of the agents at Team Teasdale Realty contact the the listing agent and ask the following:

Are there any inspection reports?

What repairs have the bank agreed to do?

Is there a special "as is" form?

How long does it take the bank to accept an offer?
(Some banks take upto 72 hours to give you an answer and several more offers may arrive)

How does your agent deliver the offer?
(Some offers are submitted online and the listing agent never even talks directly to the REO sales representative of the bank)

Offers are usually emailed to the bank. The listing agent sometimes needs your originals. There is no formal presentation. Keep in mind: nothing happens evenings and weekends (banks are closed). Any real estate relating to a bank owned property happen during business hours.

Since there is no face-to-face presentation to the bank, provide the listing agent with a pre-qualification or better yet, a pre-approval letter. Make your offer easy to accept. Find out how many offers are on the home. Paul Teasdale has sold hundreds of bank foreclosed properties in Utah County. Paulhas many ideas and strategies of how to get the bank to accept his clients offer when multiple offers come on a Salem Utah home.

List of Bank Foreclosures in Salem Utah

buy a salem utah bank foreclosure

What is a Salem Utah Bank Foreclosure?

The bank now owns the property and the mortgage loan no longer exists. The bank will handle the eviction, if necessary, and may do some repairs. Fannie Mae and Freddie Mac will often repaint and recarpet homes in Salem prior to selling them. Fannie Mae and Freddie Mac would just put the homes on the market and sell them as-is. However, it seems they realize they can get more money by making the home look cleaner and doing some repairs.

A bank will negotiate with the IRS for removal of tax liens and pay off any homeowner’s association dues. As a purchaser of an REO property, the buyer will receive a title insurance policy and the opportunity to investigate the property. A Salem Utah bank foreclosure will be sold with a clean title.

A bank owned property might not be a great bargain. Do your homework before making an offer. Have one of the Realtors with Team Teasdale Realty do a comparative market analysis. They will help you determine if the Salem home is a good deal or not.

Make sure that the price you pay is comparable to other Salem homes in the neighborhood. Consider the costs of renovation, including time to complete them. Don’t get caught up in a ‘bidding war’ and pay over market value. It’s an old myth that “foreclosures” are a bargain. You can get a good deal but it takes knowledge and experience to make this happen. Be sure to hire Team Teasdale Realty to represent you when you are ready to buy aa Salem Utah bank foreclosure.

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