The total number of homes for sale in Pleasant Grove, Utah was 112 in December of 2011.  The number of homes for sale has dropped to 44 in May of 2012.  Historically year after year the number of homes for sale is much greater in the Spring as compared to the Summer.  Here we are will a lower supply of homes for sale in the Spring of 2012.  How could this happen?  It is simple.  After five years of a suppressed real estate market and low interest rates buyers are back and buying homes in Pleasant Grove.

Short Sale in Pleasant Grove Utah Have Dropped by 78%.

It is interesting to note the number of short sales in Pleasant Grove Utah has been in decline over the past few months.  In fact, we had 51 unapproved and approved short sales for sale in December of 2011.  We now have 11 unapproved and approved short sales for sale in Pleasant Grove.

Bank Foreclosures in Pleasant Grove

The number of Bank Foreclosures in Pleasant Grove have remain the same over the past six months.  We currently have 3 bank foreclosures and 2 HUD homes for sale in Pleasant Grove.  The number of bank foreclosures and HUD homes have been decreasing in Utah County over the past six months.

The Real Estate Market is Heating up in Pleasant Grove

Many buyers and sellers welcome the new healthier market to Pleasant Grove.  One thing that could send this market back down is interest rates.  Currently buyers in Utah County are getting loans between 3.5 to 4% on their homes.  If the rates jump the market will drop.  Many buyers are taking advantage of the low interest rates.  If you are looking for a Realtor in Pleasant Grove contact Team Teasdale Realty.

pleasant-grove-utah-homes-for-sale

Orem Real Estate Inventory has Dropped 41% Since December!

Pleasant Grove Utah has 112 homes for sale. The number of short sales has climbed to a record high as we enter the new year. Pleasant Grove, UT currently has 51 short sales and 6 bank foreclosures for sale. The city has 55 home owners selling their homes. Several years ago short sales and bank foreclosures hardly existed. Unfortunately, short sales and bank foreclosures are abundant in Pleasant Grove.

pleasant-grove-ut-bank-foreclosures

Pre-Foreclosure – Short Sale Properties in Pleasant Grove, Utah

It usually takes about 6 months for a bank to complete the legal and administrative steps necessary to finalize a bank foreclosure in Pleasant Grove Utah. A short sale is often referred to a pre foreclosure in Utah County. During the pre-foreclosure period, the seller may be able to negotiate a deal to avoid the potentially negative results of a bank foreclosure. A bank foreclosure can tarnish a seller’s credit report. A seller can also lose equity when losing a home into foreclosure.

Buying a pre-foreclosure property in Pleasant Grove can be beneficial to both the bank and the buyer because it eliminates the often lengthy bank foreclosure process.  Since the bank avoids having to maintain and later sell the property, they may allow a new borrower to take over the current mortgage payments. Banks also tend to be more willing to negotiate favorable loan terms and rates for pre-foreclosure properties. A pre-foreclosure is either an approved or an unapproved short sale.

It is important to note that the buyer must obtain permission from the seller if they are interested in a pre-foreclosure or short sale. This is because banks are not allowed to disclose financial information about homeowners to potential buyers. This is handled by the Realtor. Team Teasdale Realty has a short sale agent that handles all their short sales. Our short sale specialist is very knowledgeable in negotiating short sales.

Bank Repossessed or Real Estate Owned (REO) Foreclosure Homes in PG, UT

Perhaps the saddest part of a bank foreclosure occurs when the bank notifies a homeowner that it intends to seize the property and begin eviction proceedings. After all the legal documents are filed, the bank foreclosure process is completed and the homeowner is evicted. The home is then referred to as “bank repossessed” or “Real Estate Owned” property. Many homeowners are long gone by the time the bank comes to repo the home. In fact, all the homes currently for sale in Pleasant Grove are vacant and the tenant and home owner are gone.

Before a house becomes REO property, it must be put up for sale at a foreclosure auction. This auction occurs in Provo, Utah at the sheriff sale. Bank foreclosure auctions are typically conducted by a local sheriff. These days, however, there are few (if any) bids on properties at auctions ― so the home typically reverts back to the bank and is classified as an REO property. This step helps the bank clear any secondary liens. These liens are usually the home equity liens home owners took out in years ago.

A Real Estate Owned property may be in need of repair, since the last homeowner probably stopped spending money on general maintenance ― the landscaping may be overgrown and the home’s interior could be damaged, or even trashed.  You can always spot a bank foreclosure in the summer because the grass is dead. Banks generally want to sell these types of foreclosure properties as soon as possible, in order to reduce their inventory of non-performing assets and to stop paying for property maintenance. Because of that, banks are usually willing to accept below-market offers from new homebuyers with good credit.

It is an excellent time to buy a bank foreclosure in Pleasant Grove, Utah. If you are looking for a bank foreclosure or short sale in Pleasant Grove, Utah contact Team Teasdale Realty.

Get the Short Sales and Bank Foreclosures first. Get Access to all new listings in Pleasant Grove, Utah Before other Buyers, Free of Charge with NO obligation!

You will receive new MLS listings of homes for sale In Pleasant Grove UT complete with pictures emailed to you within hours of them being listed. You pick the homes in Pleasant Grove you want to view. This list includes Short Sale, Bank Foreclosures and HUD homes. Instead of driving around from house to house and viewing homes that you are not interested in, you can receive NEW listings with pictures and many with virtual tours of all MLS homes for sale that specifically match your criteria in Pleasant Grove.

Seeing homes first means that you have the jump start on other buyers and can get your offer in first. Get started now by following the link below. You will begin receiving your customized free Pleasant Grove home list by email. If you would like to just browse homes feel free to do that too. The benefit to registering is getting the new listings first.

pleasant-grove-utah-homes-for-sale