Foreclosures, also known as bank-owned homes, are available all over Utah. A foreclosure is held by a bank or financial institution that has acquired the home through foreclosure. Bank owned homes are often listed for less than other homes on the market, mainly because they are sold “as is.” if you are interested in these types of home, plan on repairing and replacing items at your cost.
A foreclosure can be recognized by many names including REO properties, repossessed homes, foreclosure homes, etc. For the most part, all bank owned are similar in the way they are offered for sale. However, the condition of bank-owned listing varies.
Foreclosures in Utah don’t stay on the market for long! Some of the best deals are listed for only a matter of hours before someone puts in a good offer and snags the property. This is due to the low prices that are usually seen when a foreclosure hits the market. Additionally, the banks want to get rid of them as soon as possible and are typically pretty motivated when an offer comes in.
Most bank-owned homes in Utah are listed on the Utah MLS system. If you are interested in buying a foreclosure, you can view a wide selection of them on this site.