Tuesday, February 13, 2018

How To Buy A Home At Auction: What You Need To Know

The vast majority of homes sold at auction are foreclosures. Lenders want to get as much as they can for homes that borrowers have defaulted on, and auctions offer a convenient way to accomplish this goal.
They also offer careful investors opportunities to find great deals.
Purchasing a home at auction, however, should come with quite a bit of due diligence.
If you are considering buying a home at auction, there are a few things you should be aware of:
Although online auctions are increasing in popularity, live auctions are still very much a thing. Typically held in the county courthouse – although they can be held at any public location, like a hotel ballroom – live auctions require you to show up in person to make your bid. Quite often real estate auctions also take place right on the property.
They are open to anyone interested in attending, although you will need to register if you want to make a bid on a property. You will also need to demonstrate to the auction that you have the financial means to purchase a home – the full purchase price – before you can bid.
If you want to attend a live auction, make sure you:
Research the auction before visiting. Each auction will have its own set of rules and requirements that you need to adhere to. Although it is perfectly fine to just show up to live auction to check it out if you are planning on bidding you will need to complete a registration, which will include submitting financial documents. Real Estate auctions quite often are publicized in your local newspaper on multiple occasions.
Search for properties before you go to an auction. Finding the best deals is going to require going to different auctions. You can search foreclosure data for the area that you are interested in and determine which auction will be selling the property that you want.
Some of the best resources for finding properties going to auction can found on sites like RealtyTrac. Foreclosure sales data sometimes is also available from the specific county either online or at the county courthouse, or from a third-party foreclosure sales agent, known as a “trustee.”
Zillow, unfortunately, publishes information through RealtyTrac on their website showing homes for sale when they are not. Most of these properties the owner has missed a couple of mortgage payments. Zillow treat’s these properties as if they have already been foreclosed on which is not the case.
Quite often the owner catches back up on their mortgage payments, and nothing ever happens with the property. It can be very misleading to consumers. You can learn more here about why some homes posted for sale on Zillow are not actually for sale.
Check out the property for yourself. You can’t go into a foreclosure property most of the time because they tend to be occupied. However, you can do a drive-by to get an idea of the state of the home.
Experienced investors will tell you that you can determine a lot about the state of a property by the way it looks on the outside. If it looks good, it probably is nice enough inside. If it looks terrible, it probably looks the same inside. Keep in mind you will be buying the home in as is condition.
Unlike a standard Real Estate transaction, everything is “buyer beware”. When buying a traditional non foreclosed property, the owner probably will have had some kind of history with the home. He or she might even let you in on any known issues.
In a foreclosure, the lender has never occupied the property so more often than not they know very little about the structure and potential problems that may be lurking. Nobody wants to find out the home they just bought at an auction is a real lemon!
Find out everything you can about the property. You can learn just about everything you need to know about a house before you buy it – you just have to put in the time and effort to do so. Learn about the estimated market value, the money owed by the borrower and any other pertinent facts.
Any liens could become your responsibility if you buy the home so it would be a good idea to have an attorney look into the possibility of liens before you bid.
In many instances, the person being foreclosed on has lost their home because of financial difficulties and has not had the money to keep up with general maintenance.
There could be substantial issues with the house that are not readily apparent. It’s possible some of the more expensive components of a home such as plumbing, heating and electrical systems have damage.
Keep in mind disclosing the condition of a property and it’s know defects is not something the auctioneer or lender will be doing.
Have an attorney do a title search. It is imperative that you hire an attorney to do a title search. By doing so, you will be able to discover if there are any other liabilities on the property. Any liens could become your responsibility if you buy the home.  Things like unpaid real estate taxes, court judgments, or mechanic liens are all possible landmines.
Verify everything on the day of the auction. Live auctions can change at a moment’s notice. You may show up to find out the auction has been canceled due to the borrower paying the lender or the home being sold as a short sale. So be sure to check the details once more before you head to the auction.
Get your financing in place. Most foreclosure auctions accept cash, cashier’s checks, or a bank money order for payment. In the vast majority of states, you will have to pay in full immediately after the auction concludes. A few states will allow you to pay a percentage at the auction and the rest within a particular time frame.
Remember, the home is not yours until you have the certificate of title. It can be exhilarating to win your first live auction. After you brave the new environment, hold up your bidding card and discover you are the winner, it is easy to assume you have overcome all obstacles – but you haven’t.
Until you have the certificate of title, you can still lose the property. The owner could pay off the loan or file an objection to the sale. Be patient and wait for the title before you celebrate.

Monday, February 5, 2018

Park City Board of REALTORS® Releases Annual Statistics

The Park City Board of REALTORS® 2017 year-end summary report shows the overall real estate market in both Summit and Wasatch Counties to be steady, healthy, and growing sustainably. With 84% of single-family home sales in 2017 occurring outside of Park City limits, it is clear that primary home buyers in Utah are looking more and more to the Wasatch Back, which continues to be a competitive market. Todd Anderson, President of the Park City Board of REALTORS® says, “These growth rates are highly sustainable. We believe the real estate market in Summit and Wasatch Counties is balanced between buyers and sellers. That being said, the market could always use more inventory.”
Year-Over-Year Single Family Home Sales
Within Park City limits, sales increased by 13% and the median sale price increased by 12%.
  • Old Town sales increased 30%.
  • Park Meadows median sale price increased 13%.
  • Prospector sales increased 30% and median sale price increased 6%.
In the Snyderville Basin, sales increased by 7%.
  • The Canyons area had sales increase 13%.
  • Silver Springs median sale price increased 6%.
  • Pinebrook median sale price increased 7%.
  • Jeremy Ranch sales increased 25% with a 5% increase in median sale price.
  • Promontory sales increased 20%.
Other areas in both Summit and Wasatch Counties also saw increased sales and rising median sale prices.
  • Heber Valley median sale price increased 15%.
  • Jordanelle sales increased 66%.
  • Kamas Valley sales increased 4%.
  • Oakley and Weber Canyon sales increased 14%.
Year-Over-Year Condominium Sales
Sales inside Park City limits increased by 14%, while the median sale price in the Snyderville Basin increased by 6%.
  • Old Town sales increased 19%.
  • Lower Deer Valley sales increased 18%.
  • Kimball sales increased 3% with a median sale price increase of 33%.
  • Pinebrook median sale price increased 10%.

Friday, February 2, 2018

Greater Park City Quarterly Market Update

A Market Update Report comparing Current Year vs. Previous Years

We invite you to review Higman Real Estate Team residential market update for the Greater Park City area for the Quarter, comparing current year with previous years. This update also provides market data for Summit County, Wasatch County, 84060, 80498. 

PCMLS areas include: Aerie, Deer Crest, Empire Pass, Glenwild – Silver Creek, Jeremy Ranch, Jordanelle, Kimball Junction, Lower Deer Valley® Resort, Upper Deer Valley® Resort, Old Town, Park Meadows, Pinebrook, Promontory, Prospector, Silver Springs, Summit Park, Sun Peak – Bear Hollow, The Canyons, Trailside Park, Heber – Daniels, Midway – Charleston, Timberlakes, Kamas – Marion, Oakley – Weber Canyon, Wanship – Hoytsville – Coalville – Echo and Henefer,  Woodland – Francis.

Q4   2017

Deer Valley & Park City Limits

Deer Valley does not have its own zip code, so if you are looking for Deer Valley Statistics, they are included in the Zip 84060 chart below...

Snyderville Basin Real Estate Sales Statistics

The Park City limits end near the "White Barn." Many of the neighborhoods in the Park City school district lie outside the city limits. This includes neighborhoods near Canyons resort, Old Ranch Road, Kimball Junction, Trailside, Jeremy Ranch, Pinebrook, and Summit Park.

If you want a general market snapshot delivered to you via email, please click on the "MARKET STATS" box on the right side of your screen.

Want Customized Reports for Your Neighborhood?

If you own a Deer Valley or Park City property (or you are considering investing in a specific area) and want a complete market snapshot of your favorite neighborhood, we can conduct the research on your specific area of interest and email you a customized market snapshot that includes details on what real buyers actually paid and specific properties that may be relevant to yours.
If you would like a customized statistical summary of any specific Deer Valley, Park City, or other Summit or Wasatch County neighborhood, please complete the form below, and note your specific neighborhood of interest in the "message" field:

How To Buy A Home At Auction: What You Need To Know

The vast majority of homes sold at auction are foreclosures. Lenders want to get as much as they can for homes that borrowers have defaulte...