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2014-02-03 14:18:59
Tooele Utah Foreclosure Information For Buyers

When a Tooele County home owner fails to pay a home loan for a period of time, the mortgagor will complete the process of receiving the ability to sell the home in order to satisfy the debt.

The procedure varies from state to state, but will typically take several months to complete. ( Utah typically takes no less than 120 days)

This article offers some basic Tooele Utah foreclosure information for first time buyers. If you are interested in buying foreclosures, call Chris or Berna to discuss the benefits as well as the drawbacks to buying Tooele property this way.

Here is a list of Foreclosed Homes in Tooele County that have been through the foreclosure process. They are available for sale as Bank owned homes.

Buying at Foreclosure Auction

A mortgagor normally has an auction when foreclosing on a piece of property. Purchasing real estate at an auction has several risks to buyers. Buyers often have no option to access the interior of the home (it normally continues to be occupied occupied by the past homeowners). A substantial cash deposit is required to participate in an auction. Due to this, properties may not always sell at auction. The bank will instead take possession, making it bank-owned property, a term that buyers will often see in real estate listings.

Bank Owned Homes for Sale

If real estate does not sell at auction, the eviction proceedings begin and the residence is marketed for sale. It is rare for any repairs to be performed, so foreclosed homes are normally sold as-is. Furthermore, the mortgage company will have little information on the history of the property to give to prospective buyers. Thus, it remains a risky decision for buyers. Foreclosed real estate almost always sell for less for these reasons.

Tooele Utah Foreclosure Information For First Time Buyers

Buyers hoping to get discounted homes often inquire about bank-owned homes, but it is important to know the downsides of them.

Bidding at auction is not feasible for most buyers. Since the last owners could not make the payments, they often could not afford to perform standard maintenance on the home either. Buyers must therefore expect extensive repairs. Some real estate professionals specialize in helping buyers navigate through the steps of purchasing a foreclosed property and may be an invaluable resource.

This article on Tooele Utah foreclosure information for first time buyers was shared by Berna Sloan at Group1 Real Estate. Contact Berna at 435-840-5029  with questions or for additional assistance.

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