Utah allows lenders to conduct a foreclosure sale when home owners default on a mortgage loan. The lenders must give notice to the home owner, post a public foreclosure notice and then sell the property at a public auction. Buyers use the public notices to find Utah foreclosures and learn the steps for bidding on and buying foreclosed properties. They can then buy individual properties by placing the highest bid and submitting full payment to the lender’s trustee.
Hunt down Utah foreclosures by looking in county newspapers of general circulation. The lender must advertise Utah foreclosure auctions at least once a week for three weeks. This means you should check daily for one entire week out of every three weeks to ensure that you find all foreclosed homes for a particular newspaper. Of course, if you live in Utah, you can easily find out which newspaper is used to run Utah foreclosure listings. This is not so easy to find out for every Utah county. Therefore, you should turn to the Internet if you want to find foreclosed properties in other counties. USNPL is a directory-type site that has lists of state newspapers with online versions. Visit Usnpl.com/utnews.php and click on the newspaper names to search for foreclosure notices in the various counties of Utah.
Use the listings of Utah foreclosed properties to find foreclosed homes in Utah. The listings provide the address of the properties and the amount due on the loan. Using this information, you can compile a short list of properties within your price range and the physical location of those properties.
Of course, you will also find the date, time and place of individual foreclosure sales through the listings. The general rule is that auctions must take place on business days from 9 a.m. to 5 p.m.
Visit the foreclosed homes or land on the list that you compiled. You want to try to find out the fair market value of the properties. An estimate of the value is necessary to arrive at a maximum bid. So when you add this to your list, you will see that your maximum bid must be somewhere between the amount owing on the Utah foreclosure and the fair market value of the property.
Note that, while you do not have a specific right to inspect a foreclosed property before the auction, neighbors and area real estate brokers or appraisers may be able to help you estimate a fair market value.
Use the listings to help prepare for the public foreclosure sale. You need to know both the manner and timing of payments for each individual Utah foreclosure. Some auctions require cash, while others may allow a certified check or similar payment instruments. Add this information to your foreclosure list.
Go to the auctions and bid to buy foreclosed homes in Utah. If you win, pay up with the lender’s trustee. You can then get a property deed for your newly acquired real estate. This is vital because a deed evidences your ownership rights.
Preserve those ownership rights by filing the deed. Real estate is different than most property. You need to put the entire public on notice of your ownership of a Utah foreclosure. You do this by filing the property deed in the recording office in the same county where you bought a foreclosed property. This is the way you preserve ownership of your new property.
Utah Foreclosure Info at Foreclosure.com