How to Buy a Orem Bank Repo
Few Buyers in Orem Utah buy houses at
foreclosure auctions. More commonly, consumers buy Orem Bank
repos from the banks that seized them. They pick them up with the
help of a Orem Realtor. The term for such houses is REO, for real-estate
owned by a bank.
Amanda’s Testimonial About Buying a Foreclosure
Are you looking to buy a Orem Bank
Foreclosure? If so, Team Teasdale Realty has help many buyers buy a
Orem Bank foreclosure. Here is a testimonial from Amanda
about how we just helped her get a Orem Bank Foreclosure.
Here is a quote from Amanda: “My house hunting experience
was a long one before finding Team Teasdale. Not only were they
extremely professional but 100% confident in what they do. We had walked
through a lot of houses and had offers on several short sales, before
Team Teasdale.”
Hire a Realtor that Sells Orem Bank
Foreclosures
Team Teasdale Realty and their Real Estate Agents
specialize in selling REO properties in the Orem area. Team
Teasdale Realty has sold many Orem Bank Repo over
the years.
A good share of REO houses are decrepit. Many sit empty for
months before they are sold, and they end up in such bad shape that they
are ineligible for mortgages. Investors often buy these REOs with cash,
fix them up and sell them, just like the house flippers of the boom
years. Believe it or not it is still possible to flip a home in Orem and make money. This will take patience and skill to get a home
way under value that is worth your time to flip.
Almost all REOs are listed through real-estate agents. The
principal broker of Team Teasdale Realty knows how to buy a bank
foreclosure before the crowd. Paul Teasdale has been selling homes in
Utah County since 1995. Paul carefully follows the short sales and
waits for them to fall into foreclosure. If you catch them they day
their status changes you are the first and often only buyer. This is the
way to buy a Orem Bank Foreclosure. If you would like help
finding a Orem Bank Repo contact Paul Teasdale with Team Teasdale
Realty. Follow the link below to find a Orem bank repo:
Moving to another city requires an intensive planning.
This may start from listing all the things that you have to
do and their time frame. In doing so, you will be
assured that you will carry out things on time and nothing
is missed out. Make a list and cross each item out one at a
time. Basically, get really organized.
Moving to Orem, Utah can be a big task and it
would be wise if you seek help on matters that pose problems
as you execute your plan. One of the best ways to do
this is to seek a
Orem Utah Realtor who could give you facts
about the different neighborhoods and schools within the
city. There are many Realtors around Orem
but you have to look for someone who is trusted in the area.
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 Orem 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 Orem 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 Orem home is a good deal or not.
Make sure that the price you pay is comparable to other Orem 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 a Orem Utah bank
foreclosure.
Team Teasdale Realty specializes in helping buyers buy a Orem
bank repos. Finding bank foreclosures in Orem is fairly easy in
depressed markets, but it’s also simple to find foreclosures in strong real
estate markets. The difference between the two markets is you will find a
greater number of foreclosures in falling real estate markets. Orem bank
foreclosures are currently available. Be sure to click the Orem Bank
Foreclosures link at the bottom of this page. This link will show you all
the available bank foreclosures in Orem. This list includes HUD Homes,
Fannie Mae Homes, REO’s and all bank properties. This is the best source of
finding Orem Bank Foreclosures.
Search Short Sales Orem Utah Real Estate Market
Many pre-foreclosure homes that were once offered as short sale in Orem, UT
end up as a foreclosure, which are eventually deeded to the bank. The reason
why buyers may refuse to buy a short sale home could be any of the
following:
1) Sellers stripped foreclosure home’s assets and / or vandalized the
property.
2) Bank refused to accept less than its present mortgage balance.
3) Buyers passed by the short sale in favor of a hassle-free purchase.
4) Location of the home and / or neighborhood was undesirable.
5) Listing was overpriced at mortgaged amount.
6) Seller did not qualify for a short sale.
A buyer can typically get a better deal on a Orem bank repo than a
short sale. Would like to read more information about
Short Sales in Orem Utah?
www.BuyOremHomes.com is an excellent resource for information about Orem
Bank Foreclosures and Short Sales. If you have specific questions about
buying a home in Orem contact Paul Teasdale of Team Teasdale Realty.
