How to Bid on Real Estate Auctions
When it comes to purchasing Utah homes for sale via government foreclosures or other real estate auctions, many people have little knowledge about finding and bidding on available property. Here are a few tips to help get you started with real estate auctions:
1. Find a real estate broker that works with the appropriate program. For example, HUD and VA homes often require a bid to be submitted by a broker who is registered with the program.
2. Watch before you bid. Take time to watch the starting price and awarded bid prices for several months before deciding to bid on a property. Depending on the program, many real estate auctions are offered to owner occupants prior to allowing investors to bid.
3. Prices can drop. If a property fails to get a bid, the price often drops from 5 to 15 percent the next time it comes up to auction.
4. Low bids are acceptable. You might be surprised to learn that many real estate auctions sell with just one bidder. If you have reason to believe the property isn't moving, it is often possible to offer a "low ball" bid of 10 to 15 percent below the minimum starting bid and still win the property. Although not commonly advertised, it is in fact perfectly acceptable to submit a bid less than the opening price for most real estate auctions.
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How to Find Utah Real Estate Auctions
If you are searching for Utah real estate auctions, government foreclosures or other repurchase agreements, the following free resources are a great place to begin:
Locate Housing and Urban Development or HUD foreclosures and real estate auctions by visiting http://www.mcbreo.com/st_utmain.htm where you can search by county, zip code or city.
First Preston manages and markets many real estate auctions including those for Utah real estate listings. To search for properties in your area visit http://www.bidselect.com/?siteid=62400.
Federal Deposit Insurance Corporation or FDIC real estate listings are available at http://www4.fdic.gov/DRRORE/.
Depart of the Internal Revenue Service auctions are available by free subscription by visiting http://www.treas.gov/auctions/irs/cat_Real7.htm.
United States Department of Agriculture real estate auctions can be searched by state at http://www.resales.usda.gov/sfhdirect/sfh_prop_main.cfm.
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What features are buyers searching for?
Before placing your Utah real estate on the market, it is necessary to establish a working real estate home value to price it correctly. As inflation rears its ugly head and the cost of gasoline is expected to approach $5 per gallon, there are certain concepts that can help differentiate and sell your Utah real estate even in a buyer’s market. Here are the most valuable concepts that can help sell your home in any market:
1. Convenience. If you live near public transportation, shopping, schools or healthcare, be sure to include that fact in the marketing materials. Although the suburbs are suffering, a large number of people have deliberately set out to find inner city homes in safe areas to reduce the escalating cost of transportation and time commuting to and from work.
2. Added Income. If your Utah real estate is dual zoned for agriculture or even a small business, it might attract an above average sales price as potential buyers seek to consolidate work and home life into an affordable and sustainable lifestyle. Retirees are particularly interested in tax advantages that allow them to deduct real estate related costs while continuing to earn a supplemental income.
3. Good Schools. Good schools never go out of style, so make a point of letting prospective buyers know you live in an area with particularly good schools.
4. Low Crime. The best amenities, prices and schools won't replace the need for safe and secure housing. Neighborhood crime watch, gated communities and individual household security systems are popular choices as home buyers of all ages seek safe housing.
5. Lean and Green. Energy efficient appliances, low maintenance yards and non-toxic building materials are just a few of the expectations many new home buyers are searching for, especially among Utah new homes.
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How can I reduce the risk of problems when moving?
No matter how excited you are about the purchase of your new Utah real estate, chances are you dread the actual process of moving—and with good reason. Moving is hard work, costly and prone to all types of difficulties. Learn how to reduce the stress and make sure you don't become the victim of common moving complaints by following these quick tips:
1. Plan Ahead. Especially if you are moving during summer, take time to schedule everything as far in advance as possible. From utilities to truck rentals, calendars tend to fill quickly during the height of the moving season.
2. Keep Copies. Carry copies of deposits, reservations, returns and other pertinent information with you while moving. From reservation failures to lost belongings, mishaps happen. Don't risk being stranded without proper documentation for any situation.
3. Inspect the Rental Truck. If you are renting a moving van, be sure to carefully inspect the vehicle prior to taking possession. A recent survey found half of all rental trucks and nearly three-fourths of trailers did not have up to date safety inspections. Remember, your homeowners insurance doesn't cover your belongings while in transit, so if you were to break down on the side of the road, there could be a very real risk of losing everything you own.
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How can I Save on Remodeling Costs?
One way to increase your real estate home value without breaking the bank is to do the work yourself, but the savings don't stop there! With a little know-how and expertise, it is possible to save even more than the cost of labor alone. Learn how to save on remodeling costs while increasing the value of your home with these quick tips:
1. Recycle. Search for local recycle related groups like Freecycle.org that encourage the re-usage of items. Many perfectly good items can be salvaged and used to fix-up or repair items around the house.
2. Seed Exchange. Join a local seed or plant exchange in your area. Look for the local agricultural extension center to obtain information, samples, training and actual plants that are low-maintenance and designed to grow in your area. It is a great way to turn your yard into a sustainable habitat that saves time and money without much cost.
3 Habitat Stores. Habitat for Humanity runs a building supply discount store in many areas of the nation where you can pick up building supplies for a fraction of the original cost. Plus, all proceeds go toward a great cause!
4. Volunteer. One of the very best ways to learn a new skill is to volunteer with a local building agency like Habitat for Humanity. Not only will you help a family in need, you can gain a lot of great skills at the same time.
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How to Choose a School System
Good schools are consistently listed as one of the most important concerns among potential buyers searching for new Utah homes. But it can be difficult to obtain school information, especially when relocating from out of state. Learn how to locate school information on any school in the nation with these great resources:
Council of Chief State School officers at www.ccsso.org links to state education agencies in states across the nation. View performance reports and much more with just a few clicks of the mouse.
The National Center for Education Statistics located at http://nces.ed.gov/globallocator/ allows users to search by state, city or zip code for public or private schools, colleges and even libraries.
To compare schools visit www.schoolresults.org or for information about Charter schools visit www.uscharterschools.org.
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Expensive Upgrades that Cost More Each Year
When it comes to remodeling Utah real estate, some improvements might add more than you originally bargained for like increased taxes or insurance rates for years to come. Learn how to identify upgrades and improvements that increase the real estate home value without adding additional expenses to the budget with these quick tips:
1. Before starting a major remodeling project, take time to calculate the total cost of the project, including potential tax or insurance increases. For example, adding a fireplace is a delightful way to add a bit of ambiance to the home and might help reduce heating bills. But any savings or appreciation in the value of the home could be offset by higher insurance costs. Call to obtain an insurance quote before adding or installing a fireplace, pool or additional square footage to the home.
2. Outbuildings can also add an ongoing cost, although typically not as much as square footage that is under heat and air. Although it varies, most property appraisers rate buildings with plumbing, wiring or concrete foundations at higher tax rates.
3. Quality, not quantity, can increase the value of your home without making a major impact on taxes or insurance rates. Premium appliances, tile floors and other amenities that improve the value, performance and appearance of the home may result in high perceived value with modest rate increases.
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