Cache County Utah Real EstateForeclosures

There are More HUD Homes in Cache County Than I Have Ever Seen

Alan Barker — Wed, 22 Sep 2010 17:44:37 +0000

In Utah, HUD listings are posted on the internet every Friday. In my early days of real estating, I diligently looked every Friday to see if there were any new HUD homes in the Logan area. Most Friday’s there weren’t any HUD Homes in Cache Valley. There were always a few in Ogden, but rarely were there any in Logan. At that time, I’d estimate that there was maybe one new Hud home every two weeks. Because the pickings were so slim, I soon lost my zeal for checking for new HUD homes every week, because there just weren’t enough of them.

Well, as evidence that foreclosures are increasing in Cache Valley, HUD home numbers are way up. There are currently 12 homes for sale in Cache County that are HUD properties. These include townhouses, condos, manufactured homes, ramblers and bungalows. Most of these homes are priced at less than $100,000, and the most expensive of the HUD homes currently for sale has a list price of $145,000. Some of the properties are only available to people who want to owner occupy them, but most of these homes are now open to all bidders.

Click this link if you want to view the currently listed HUD Homes in Cache County Utah. Cornerstone Real Estate is a certified HUD Broker.

If you would like to take a tour of any of the HUD homes in Northern Utah or Southern Idaho, contact a Cornerstone Real Estate agent today at 435 227-5595.

via Number of HUD Homes in Logan Utah Increasing « Logan Real Estate Blog.

Cache County Short Sale Numbers Slightly Up

Alan Barker — Mon, 14 Jun 2010 20:00:26 +0000

While Total Real Estate inventory in Cache County is up, the number of short sales is also up, but still significantly less than a couple months ago. The number of Cache County Short Sale listings rose from 29 to 33, an increase of less than half a percent.

via Logan Utah Real Estate: Short Sale Numbers Slightly Up in Logan.

Hot Home Deal in Hyrum

Alan Barker — Mon, 26 Apr 2010 18:28:56 +0000

There was a new home listed in Hyrum on Saturday that looks to be an incredible deal. It’s not my listing, it’s not even a Cornerstone Real Estate listing, I’ve never actually seen it before, it’s simply a house that looks to have an incredible price. It’s a short sale, and there’s a good chance it won’t actually be able to sell even at the list price, but if it can, and it doesn’t have some serious structural defect, this home could be a bargain for a lucky buyer.

$85,000.00
558 E FERNWOOD DR, Hyrum, UT 84319
Hyrum Rambler/Ranch built in 1974
4 Bedrooms, 1 Baths, 2076 Square Feet
MLS #: 959316

Wow. A very inexpensive home in Hyrum was listed yesterday. It has more than 2,000 square feet, and four bedrooms and is priced at just $85,000. That’s just $41 per square foot, which is an incredible price. The initial indication of listings like this is that the price is too good to be true, which likely means there is something seriously wrong with them. All I can see from this one thus far is that it is a Short Sale, and the listing agent probably wants an immediate offer. From the pictures this certainly doesn’t look like an $85,000 house. It actually has a tax value of almost $140,000. It looks like it could be a great deal for someone. Click the address hyper link for the full MLS details of this property.

via New Hyrum Utah Real Estate Listings: New Hyrum Utah Home Listings for 04/25/2010.

The Tax Credit is About To Expire, What About Under Contract Short Sales?

Alan Barker — Wed, 21 Apr 2010 17:01:30 +0000

We all know that the expiration of the home buyer tax credits expire at the end of the month. To qualify for this tax credit, homes need to be under contract by the end of the month. But what about for short sale homes? About 18% of the homes for sale in Northern Utah right now are Short Sales.

If short sales are under contract, are they still considered “under contract” in terms of being eligible for the home buyer tax credits? A short sale contract is a valid contract, but it isn’t enforceable. In the Utah Short Sale Addendum to the Real Estate Purchase contract there is a clause that essentially says that the contract can be canceled at any time.

During this significant time delay, circumstances may change for both Seller and Buyer. The changes in circumstances may include, but are not limited to: (a) adjustments in available mortgage financing rates and terms; (b) modifications in the financial circumstances of Seller or Buyer; (c) the timing of the transaction may no longer meet Buyer or Seller’s needs; (d) Buyer may find another property that better suits Buyer’s needs; and (e) Seller may receive additional offers for the purchase of the Property that better address Seller’s legal and financial needs. Based on the above, if at any time prior to Third Party Approval, or the Third Party Approval Deadline, whichever occurs first, the Buyer or Seller determines that their circumstances have changed and it is no longer in their best interest to pursue the sale/purchase of the Property, either Buyer or Seller may cancel the REPC by providing written notice to the other party. In such instance, the Earnest Money Deposit, if any, shall be returned to the Buyer without the requirement of further written authorization from Seller. Buyer and Seller acknowledge and agree that this mutual right of cancellation is fair and reasonable to both parties.

And what will the IRS consider “under contract?” Is it when the homeowner signs the short sale contract, or when the third parties actually approves it? I don’t know the answer.

The bigger issue with trying to purchase a short sale, and take advantage of the home buyer tax credit is the probability that it will be able to close by the end of June. I’m sure banks in charge of approving short sales will be busier than ever, and the likelihood of that happen isn’t great.

My recommendation would be to only make an offer on a short sale property if it is absolutely a home you love, and would be willing to buy with our without the $8,000 from Uncle Sam. The probability of it legitimately getting approved, and going under contract in time to qualify for the tax credits isn’t great.

Is it Possible to Buy Cache Valley Homes for Less than $50,000? « Logan Utah Real Estate Blog

Alan Barker — Tue, 30 Mar 2010 18:23:28 +0000

There are a lot of misconceptions out there about Cache Valley foreclosure homes, and how cheap they can be. While they can often be purchased for less than market value, they aren’t a fraction of their worth. Here is a response to a question about properties available in Cache County for less than $50,000.

Is it possible to find any real estate in Cache Valley for around $50,000? Yes, occasionally real estate in Cache Valley is priced around $50,000. But only if it’s a mobile home without land not actually real estate, meth-house, or complete fixer upper. Also, Mt. Aire Garden Condos can sometimes be purchased for close to the $50,000 range, one sold for $64,000 last year.Last Year a 3 bedroom Meth House in Smithfield sold for $69,900, a strange 780 square foot green pre-foreclosure twin house sold “as is” for $49,523, and an 1894 built home in Richmond sold “as is” for just $40,000.So while it is possible to get homes for around $50,000 in Cache Valley, these properties aren’t going to be quality “nice homes.”View all Cache Valley Homes for Sale Now!

via Is it Possible to Buy Cache Valley Homes for Less than $50,000? « Logan Utah Real Estate Blog.