Utah HUD officials list many HUD foreclosures for sale on a regular basis. These properties are sold based on a bidding system. A prospective owner places a bid through a Utah real estate agent approved by HUD for that purpose. HUD can then accept the bid. The bidder then buys the Utah HUD home by paying the full amount of the bid at the closing.
Start your quest to purchase HUD homes in Utah with HUD’s own property listings service. You can find the website with the listings database at hudhomestore.com/HudHome/Index.aspx. You have two options for finding these HUD Utah properties. First, you can just select Utah from the map to get the statewide list and click through to all of the results pages to find the homes. But a more efficient way to search (if you have preferences) is to use the advanced search features found on the results pages.
To use this search feature, enter your desired price range, city location and other features. For example, you can search for Boise HUD homes that cost less than $50,000 if that’s what you are in the market to buy.
Go back to the main page on that HUD site. From there, click on “Find a Broker” to start your search for a Utah real estate broker or agent who can place the home bids for you. It is usually a good idea to find a broker in the same city as the Utah HUD homes you are trying to buy.
Having chosen a broker to help you, the typical procedure is to now find a Utah mortgage lender to give you financing for your purchase of a HUD home in Utah. Actually, this may even be a requirement for many bidders, as HUD Utah officials have no reason to accept a bid from a bidder who does not have the cash or financing to buy a Utah property from the agency.
Once your loan preapproval papers are in order, you can then get the broker to place a bid for the Utah house you seek to buy.
Buy the house if your bid gets accepted by HUD officials in Utah. A closing agent gets involved to complete the purchase of the house. Be aware that any purchase may be contingent on getting final approval from the Utah mortgage lender.
Like all U.S. states, Utah has property deeds. You need to obtain a deed from HUD for each of these Utah HUD homes that you buy. Take that deed and file it in the real property recording office in the Utah county of the HUD foreclosed properties.
HUD Home Listings