The Logan Real Estate Foreclosure Process
Pre Foreclosures in Logan
During the pre-foreclosure stage, home owners have received their notice of default, because they have missed mortgage payments. The owners still have an opportunity to make up the missing payments. If the home owner can not make up the missing payments, and the owners owe more than the homes market value, the home owner can often sell their house under "short sale status."
When a house is in short sale status, the bank forgives a portion of the debt and sells the home for less than what is owed. For banks, foreclosing is a very expensive process and they are often better off taking a "short sale" than foreclosing. They can afford to do this because when buyers purchase homes with nothing down they must pay for "mortgage insurance" which protects against possible foreclosure.
Preforeclosure Short Sale Properties are a great way to get a deal on real estate. However, it is very difficult to work with the banks and the complicated foreclosure process. It makes the real estate transaction much more complicated.
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The Trustee Sale at the Cache County Courthouse
When the notice of default is given, a date is set for the Trustee Sale. Trustee sales in Logan take place at the court house steps located at 135 N 100 W. This is a public auction, and anybody may bid on the house if; 1.You provide $5,000 certified funds prior to bidding. 2. Can pay the entire balance in full within 24 hours. Properties sold at the public auctions are sold without warranties. The properties might even still have residents needing eviction. Trustees sales are very often postponed or cancelled, so don't get your hopes up if you show up and know one is there.
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Logan Bank Owned - REO - HUD Homes
When the lender buys the property at the Trustees auction, and the bank officially becomes the owner, the property will be known as REO (Real Estate Owned). With in a few months the house will come back on the market as a bank owned home. Sometimes these homes will be cleaned up a little, new paint carpet, etc. Other times they will just be sold as is, as fixer uppers. These homes are always listed on the MLS, and are usually priced at near market value. At this point in the foreclosure process it is almost as easy to deal with the bank as purchasing any other home, but you're usually not getting an incredible deal.
Homes that have government backed FHA loans that foreclose become HUD homes. New Hud Homes are listed on Fridays in Logan. When they are listed, initially the bidding is only open to people who want to purchase the property as their primary residence. After a few weeks if the property does not sell, HUD will then open the bidding to real estate investors. HUD homes in Logan are rarely on the market for more than a few weeks.
Being a Logan Real Estate Investor
Foreclosures
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