Real Estate Information Archive

Blog

Displaying blog entries 1-2 of 2

St. George Bank Foreclosure Auctions

by Jeremy Larkin

Many friends and clients have asked me about getting a “hot deal” at bank foreclosure auctions, as well as what these auctions are “all about.” I guess showing is better than telling so I shot this short video for you….or them…..or maybe YOU are THEM? Either way, I think you’ll enjoy it.

When we talk about bank foreclosure auctions we are essentially talking about 2 different types:

1. Trustee’s Sales – These are the ones you see or hear about on the “Courthouse Steps.” They literally occur there…on the steps of the County Courthouse. To actively bid you really only have to:

A – Show up

B – Bring a $5000.00 cashier’s check along with you. If you are the winning bidder, you have to be ready to close in 24 hours.  You better dang well have cash in hand or funding available immediately.

2. Bank Auctions – Here in St. George these take place either at the actual property or in some other location such as the Convention Center or a Hotel meeting space.  You have seen signs around town for these – Williams & Williams, Hudson & Marshall, etc.  The video above was taken at a recent Williams & Williams auction.

To bid on these properties you don’t haveto do much more than above, but the closing timelines are less stringent:

A – Register prior online OR onsite the day of. If you want to bid online you must register typically 24 hours prior.

B – Show up and confirm registration.

C  - Bring a $2000 - $2500.00 check. The difference here is that if you are the winning bidder, you often have up to 30 days to close. So YES, you can use a loan at this type of auction.

Do your Homework:

In either case, remember that you are entering in a binding contract when you go to an auction. This means you’ve GOT TO:

  • Research physical condition of property, title issues, etc
  • Have financing lined up. Planning to visit with a Lender for the first time AFTER the auction could cost you a few grand.
  • If you can, hire a Realtor. On the bank Auctions discussed in #2 above, the Seller pays the Agent’s commission so you are NOT paying more to have an agent, but you get the benefit of a professional who knows the neighborhoods, contracts, property values and carries liability insurance in the event of a (heaven forbid) legal dilemma.
  • Set a limit or "lid" on what you're willing to bid. If you say $100k, don't get swept up in the excitement and pay $105k.

These auctions are exciting - REALLY exciting, just make sure you are prepared in advance. Feel free to call or email me direct with questions about the auction process: 435-862-8467 or larkin@gostgeorge.com


St. George's 2nd Biggest day of the year!

by Jeremy Larkin

So can you guess what that day is?

No, it's not Christmas - which happens to be (for most people) the MOST important day of the year.

#2 is..........THE FIRST DAY OF SCHOOL. (You can hear the Mothers cheering can't you?)

I love my kids and so does my wife, but that blessed morning when the kids put on their coveted new backpacks, shoes, maybe that one shirt they really wanted from Target, and make the neighborhood processional to the nearest school....well, it's magical.

It's also terribly nostalgic. I grew up in downtown St. George on 600 East. Walked to East Elementary, Dixie Middle School and Dixie High School after which I attended Dixie State College - I guess I'm a local?

Watch the VIDEO above for my thoughts on the whole back to school phenomenon.

Here is a link to the Washington County School District website if you need it.

Lowest Interest Rate I've seen

On that same fateful day we closed a transaction for a Buyer who secured a 3.75% 15-year mortgage...holy cow! I was in awe as was the Lender doing the transaction. Call or email me for details.

What will this fall bring to the St. George Real Estate markets? What are your thoughts?

 

 

Displaying blog entries 1-2 of 2

Syndication

Categories

Archives

Contact Information

Photo of Jeremy Larkin - The Larkin Group Real Estate
Jeremy Larkin - The Larkin Group
Keller Williams Realty
50 E 100 S, Suite 300
St. George UT 84770
435.767.9886
Fax: 435-359-5085

St. George Real Estate - Your premier destination for St. George,Utah Real Estate Listings, Home Values, MLS Search, REO/Foreclosure Info &  St. George Real Estate Statistics.  Serving St. George, Santa Clara, Ivins, Washington, Hurricane, LaVerkin, Toquerville & more! Specializing in REO/foreclosure properties, frustrated Sellers, First-Time home buyers, and Investors. Looking for the most LOCAL St. George, Utah real estate information available? Your search is over!