Team Teasdale Realty specializes in helping buyers buy a Springville Bank Foreclosure. Finding Springville Bank Foreclosures is fairly easy in a down market. The Springville market has been down for the past few years. Between 2007-2011 the market was filled with hundreds of Springville Bank Foreclosures. In fact, approximately 25% of the real estate market in Springville was Bank Foreclosures. Many buyers enjoyed the luxury of taking their time to choose a bargain on a home in Springville. This has recently changed.
The number of Springville Bank Foreclosures went down in 2012. The market took a nice upward surge and appears to be more stable. Bank Foreclosures are still around just not in abundant supply like they once were. A good deal on a Bank Foreclosure will often have multiple buyers placing bids.
Why Would a Springville Bank Foreclosure Appear Cheap?
You can usually buy a bank foreclosure in Springville for less than its original loan balance. However, it doesn’t mean that the bank will actually sell the home for less than its market value. The loan value and the market values are completely different. The price will reflect the neighborhood of the bank foreclosure and the homes around it. Bank Foreclosures in Springville Utah tend to need more work that your typical home. A buyer that is handy and able to make repairs is a good candidate for purchasing a bank foreclosure in Springville Utah. If you plan to sub out all the work a bank foreclosure may not be an ideal purchase for you.
Where to Buy a Cheap Bank Foreclosure
If you watch the Wasatch Front Regional MLS carefully for a home you will find a good deal. Some of the bargains and cheap bank foreclosures in Springville Utah are slow to get listed on the MLS.
One good site to keep an eye on is HUDhomestore.com. This site shows all the HUD homes that are coming for sale. I noticed that they typically show up here a few days before they hit the MLS. If you catch a bank foreclosure in Springville Utah on the HUD website before it hits the MLS you may be the only bidder. Make sure you find an approved HUD representative to help you buy a HUD home. Paul Teasdale of Team Teasdale Realty is a registered HUD agent and is authorized to place online bids on these homes.
More Springville Utah Short Sales than Bank Foreclosures
Bank Foreclosures have been slightly declining in Springville UT. Springville Utah Short Sales have been fairly constant over the past year and hover around 25% of the real estate market. 163 home owners are selling their homes in Springville on 12/31/2011. The number of short sales has climbed to 45 and the number of bank foreclosures ped to 6 homes for sale. Springville currently only has no HUD home for sale at the moment. If you would like to see any short sales, bank foreclosures or HUD homes in Springville Utah contact Paul Teasdale with Team Teasdale Realty.
I would like to point out the populations of each city. Springville Utah has a population of around 30,000 and Spanish Fork Utah has a population of around 33,000. Mapleton Utah has a population of 8,000. Springville has 212 homes for sale and Spanish Fork has 311 homes for sale. Spanish Fork has 99 more homes for sale than Springville or about 31% more homes for sale. The number of Bank Foreclosures in Spanish Fork have been in decline. This is a very interesting statistic. I think this is because of the amount of homes, condos and twin homes that were built in the 2003-2007 era. Spanish Fork has almost double the amount of Springville Utah Short Sales for sale. See the graphs below.
The real estate market in Mapleton is much more stable than both the surrounding cities of Spanish Fork or Springville. If you are looking to buy or sell a home in Springville, Spanish Fork or Mapleton call me. I have been selling homes in this are since 1995 full time and live right here in Mapleton.
Springville Utah Repos hit new Record
Springville, Utah is experiencing a record high of 28% bank foreclosures sold in 2011. What the heck is going on with the Springville Utah Bank Foreclosures? We are leading Utah County in Bank Foreclosures. I am disappointed to discover this fact while researching Springville Utah Bank Foreclosures this morning.
Springville Utah had 328 homes, condos, townhomes and twinhomes SOLD in 2011. These homes consisted of Bank Foreclosures, Short Sales, HUD Homes, Fannie Mae and Freddie Mac Homes. The 328 homes sold included the typical residential seller in Springville that was not experiencing a distressed situation. 91 of the homes sold were bank foreclosures. Approximately, 25% of the homes sold in Springville were short sales in 2011. Team Teasdale Realty sold several short sales and bank foreclosures in Springville, Utah.
I have crunched some numbers to see how the bank foreclosures in Utah County compare to one another. The most stable city is Orem and the least stable is Springville. Provo is relatively stable compared to the other cities in Utah County. Saratoga Springs and Eagle Mountain had a higher percentage of bank foreclosures.