Did you know that thanks to the unprecedented maneuvers of the Federal Reserve to stimulate economic growth, mortgage rates are at historic lows? Since the real estate crash, many people have had to foreclose on their homes, which is no doubt sad, but it does mean good things for those of us who are looking for cheap homes in Utah.
I specify Utah because my wife and I have been looking at homes in the St. George region. You see, St. Geroge, Utah is located conveniently 117 miles Northeast of Las Vegas, Nevada, and is known as “Utahs Dixie” because of its temperate climate. It also the golf capital of the state, and each of its courses are all unique, set against red canyon walls and black lava rock.
We knew the risks about about buying foreclosed homes, but we decided that the benefits outweighed them. Since the tenants are being evicted, they have no reason to maintain the property, and some times the lender will repair the damages, and other times they will not. Some times, you will have to buy the house site unseen. However, foreclosed homes usually go cheaply, and when they are at auction they will definitely be affordable.
The problem was how to find foreclosures. After a few days of digging around and exhausting our resources, we learned a few ways of how to find foreclosures, so here for you now is what we learned.
1. Check Government listings.
The government has the ability to foreclose on homes, and many of their listings are posted online. You can search the state or the Federal government sites to learn how to find foreclosures in the area.
2. Contact an asset management company.
Asset management companies basically help lenders dispose of assets, as the name implies. Since the houses are of no use to banks (IE the lenders) they have a strong interest in getting rid of them. These asset management companies are the ones helping the lenders get rid of these foreclosed homes.
3. Look locally. Check newspapers, online sites, public records, etc.
The law dictates that foreclosures must be listed in the paper, so everyday you can see what new homes go on the market. These are usually in the Public Notice section. The Internet also has a lot of different directory services on whom you can contact to learn more information on how to find foreclosures as well.
Hopefully that helps you learn how to find foreclosures! Good luck! And remember to check out the St. Geroge Utah real estate .
If you have any more suggestions about how to find foreclosures, please list them in the comments! I am sure that the more information on how to find foreclosures people have, the easier it will be for them. More information like this.