13 Best Ways How to Find Foreclosures to Get a List of Bank-Owned Properties in Utah (Free & Paid Methods)
This comprehensive guide is designed to help real estate investors uncover both foreclosure and pre-foreclosure deals.
We’ll explore strategies based on collaborating with other industry professionals, alongside a range of resources you can use alone — both offline and online.
I’m Bob Vieira, the founder and owner of Universal Short Sales, leading the country’s surge in short sale processing companies.
Now, let’s delve into the details.
PropTech Platforms
Real Estate Bees
Real Estate Bees (REB) is an online platform designed for industry professionals looking to take their real estate business to the next level. It provides access to robust tech stack, statistical data, comprehensive informational resources, and much more.
This includes pre-foreclosure and REO leads for real estate agents, investors, and wholesalers. All the leads are strictly generated via inbound marketing channels unlike data scraping, aggregation, and other outbound methods used by most other platforms.
Delinquent property owners from all over the US utilize the REB platform to find reputable Utah house buying companies who’d be interested in acquiring their distressed property — so they are highly motivated.
As a user of the platform, you can get access to these distressed properties, submitted by other industry professionals, absolutely FREE! You simply need to sign up to DealAlert, which is an advanced, yet free, property matching engine developed by Real Estate Bees.
In addition, you can also access distressed properties, submitted directly by property owners, by purchasing distressed seller leads through our advanced real estate lead marketplace.
Other Platforms
Apart from Real Estate Bees, there exists a plethora of property investment apps and lead generation software for real estate investors.
Numerous platforms within this sphere offer pre-foreclosures and repossessed home leads, as well as properties sold by other motivated seller types.
Some of these real estate wholesaling tools effortlessly synchronize with real estate investor lead management software, optimizing your marketing and property acquisition process even further.
The services listed below excel in identifying both foreclosed homes and pre-foreclosures for sale:
The following ones specialize in uncovering pre-foreclosure properties:
Foreclosure.com
Foreclosure.com is among the well-recognized REO search engines you can utilize to find foreclosed properties and pre-foreclosures.
A common subscription rate you might encounter on the platform is approximately $40 per month. There are other payment plans available for users needing more advanced tools.
Foreclosure.com is so easy to use! Upon registration, accessing the list of leads becomes a straightforward process.
Navigating the site is remarkably simple, especially for individuals like me who get easily confused by complex software interfaces.
Another benefit of this service is its map where you can search foreclosures by address. Just click on the state you target and you will see a list of potential deals.
This website is one of the easiest tools for finding foreclosures online. But where else to find cheap foreclosed homes for sale? Keep reading.
Auction.com
Auction.com stands out as the country’s largest real estate auction platform, being one of the best places to find foreclosures and property short sale deals, purely based on its expansive scale.
One remarkable aspect contributing to Auction.com’s status among the best websites to find foreclosures is that you don’t have to purchase a membership requiring ongoing payments.
The platform operates on a bidding system. Winning bidders pay a buyer’s premium to Auction.com, which forms the basis of the platform’s income generation model.
It’s crucial to exercise caution when participating in property auctions. Oftentimes, you can’t conduct proper real estate investment due diligence before buying a house.
Zillow
One of the most recognized names in real estate is Zillow. While it’s mostly used by non-investor buyers and sellers, it can be your best answer to “how to look up foreclosures online?”
Zillow’s global recognition and widespread usage among investors seeking to find distressed properties to wholesale or flip has contributed to its exceptional brand reputation.
For getting a foreclosed home on Zillow, first navigate to the map where you can browse Utah real estate properties for sale.
Choose your preferred location and select “foreclosures” or “pre-foreclosures” from the dropdown menu. You can also browse auctions. This is how to find foreclosures in Utah on Zillow!
Utah Multiple Listing Services (MLS)
The MLS presents another fantastic avenue for you to get REO listings, but its usage typically necessitates holding a real estate license.
If you lack one, engaging a real estate agent becomes essential, albeit at a cost, to uncover foreclosures listed on the MLS.
Some agents offer limited agent services at a reduced fee so that you don’t have to sign an entire purchase contract for them to find you a house to buy.
Or, this service can be a part of your networking relationship with an agent.
Multiple listing services in Utah may look slightly different in the dashboard. Nevertheless, the shared feature among these platforms is their ability to enhance searches and identify nearby foreclosures and pre-foreclosure listings.
Each MLS version has a “My Search” tab with a dropdown menu. Within this dropdown, users can select options like foreclosures, pre-foreclosures, or short sales.
To find foreclosures on MLS and only see properties with the features you are interested in, adjust filters.
For instance, if your goal is to locate four-bedroom or larger single-family houses for sale in Utah, refine your search criteria accordingly — remember, the more specific, the better.
Utah Real Estate Wholesalers
Many successful real estate investors don’t look for foreclosed homes themselves. They have property wholesalers in Utah find properties for them.
Wholesalers are often considered a type of real estate investors, but they technically aren’t, though they are in the real estate investment business.
Wholesalers serve property investors in Utah by providing them with discounted property opportunities — wholesale deals.
Investors prefer finding wholesale properties as wholesalers undertake the laborious tasks of searching and negotiating deals on their behalf.
Once wholesalers secure properties under contract, they get the legal right to transfer their interest — for a fee — to an investor like yourself.
Wholesalers focus on assigning contracts rather than closing on the properties themselves.
Suppose I’m a wholesaler and I secure the property for $100,000, for instance. I recognize the potential to sell it to an end buyer, an investor, for $120,000.
To proceed, I sign a contract with the motivated seller for $100,000 and then transfer my rights, or equitable interest, to you as the buyer for $120,000.
This involves you assuming my role in the deal at the $100,000 contract price and paying an assignment fee of $20,000 to me.
Through this arrangement, you, as the buyer, acquire the property for $120,000, the wholesaler earns their $20k profit through the assignment fee, and the seller gets $100,000.
Exploring resources on how to wholesale houses without money and familiarizing yourself with regulations on wholesaling houses in Utah can provide further insights into this strategy.
Wholesalers can get you a list of foreclosures in your area as they regularly get motivated sellers on autopilot.
With multiple properties under contract simultaneously, they efficiently serve clients seeking to find a cheap house to flip.
Their upfront groundwork allows you to purchase pre-foreclosure properties with ease.
When initiating flipping houses as a career and establishing professional connections, wholesalers should hold a prominent place among your contacts.
Real estate wholesalers and investors are the prime sources for foreclosure deals because they specialize in off-market transactions.
This approach not only bypasses the typical 3-6% agent commission but also reduces the amount of paperwork, commission fees, and legal complexities that can delay the process.
In foreclosure scenarios, wholesalers and investors are often able to close deals quickly, typically paying in cash, which can prevent the bank from foreclosing on the property, thereby saving the deal.
Utah Real Estate Agents
Working with REO agents provides an excellent avenue that can be utilized to get a foreclosed homes list.
REO, short for Real Estate-Owned, represents the phase in which a bank has finalized the foreclosure process, acquiring ownership of the property from the homeowner.
It’s essential to recognize that banks primarily deal in notes and not real estate sales. So, they are highly interested in selling a foreclosed property fast and for cash.
After foreclosure, banks assign the property to a listing agent, commonly known as an REO agent.
Utah realtors often handle multiple listings resulting from bank foreclosures. Your REO property search can be as simple as asking an REO agent about the deals they currently have.
Developing a rapport with an REO investor-friendly real estate agent in Utah can significantly enhance your prospects to be able to find REO properties.
Utah Foreclosure Attorneys
Utah foreclosure attorneys focus on ensuring that banks evade lawsuits or legal losses. It’s not uncommon to come across news about real estate lending companies in Utah facing legal action from homeowners.
Building connections with Utah short sale lawyers could help you find repossessed houses for sale.
You should explore methods to create mutual benefits and contribute value to their business pursuits, helping them in their business — to motivate them to send foreclosure deals to you.
Buying foreclosed homes their clients — lenders — want to sell fast may alleviate the attorney’s business. Or, perhaps, you can refer potential clients to them, too?
Utah Short Sale Processors
For real estate investors seeking distressed properties, especially pre-foreclosure opportunities, establishing a robust relationship with short sale processors in Utah is paramount.
A short sale processor takes charge of the comprehensive management of the intricate short selling process.
They ensure supervision from its commencement to its conclusion on the seller’s behalf, encompassing all facets of the transaction. Here is a review of what a short sale negotiator does for the seller.
The process of buying a short sale home is complex and long, often spanning several months. But it’s much shorter if taken care of by a professional.
Although, as mentioned, a processor will primarily serve the seller, establishing ties with them can greatly assist you, too: they’ll contact you whenever they have a deal and need someone to buy their client’s house.
Short sale processors may provide free services to sellers (which makes sense as the seller in a short sale is financially distressed) and get compensated by the buyer.
Still, it’s a good opportunity to get a cheap distressed property under market price at a reasonable fee.
Utah Real Estate Lenders
Seeking insights on how to get foreclosure listings from banks without intermediaries? One of the most underused yet effective strategies is to directly approach lenders.
Just reaching out and asking if they have foreclosed real estate for sale won’t hurt.
Dedicate some effort to research and find local lenders’ contacts. Tell them you are wondering where to find distressed properties and if they have any REO real estate to sell you.
Tell them you are looking for repo homes for sale. You can pay cash and close fast. Lenders are very keen on finding a buyer for their foreclosed real estate, and they are motivated to sell fast and at a discount.
Smaller local banks are more approachable. Engaging with community-based banks proves advantageous as it’s relatively easier to communicate with decision makers.
Often, it only takes a call or two to reach a manager of a credit union and receive a list of repossessed properties.
Utah Courthouses
Only a small number of investors find foreclosed houses at the local county courthouse — due to the time-consuming nature of this method.
On the other hand, this way of wholesale real estate lead generation also implies decreased competition.
To get a foreclosed homes list for free, you need to access public records stored at your local courthouse.
Although a courthouse may officially be called something else in your county, essentially, it’s an institution where foreclosure records are maintained. The best part is that there you can find foreclosures in your area for free.
Look for lis pendens. This judgment serves as a public notice that the homeowner is lagging behind on payments, and one of the Utah note servicing companies holds the primary position lien to the property.
Another way to get a list of foreclosures from the courthouse is targeting tax-delinquent real estate.
Just like identifying mortgage-delinquent homes, you can find tax-delinquent properties in your area slated for an auction sale held by the local government rather than a lender.
Once you locate a record, you might discover that the owner’s contact information isn’t valid anymore. In most cases, it’s easy to fix with real estate skip tracing.
The best skip tracing services for real estate investors can aid you in finding motivated seller leads by uncovering their current contact details, including phone numbers, emails, and even social media profiles.
A real estate investor can access records of foreclosed and pre-foreclosed properties by visiting the county recorder’s office in Utah.
While there might be a minimal fee for copying documents, obtaining data directly from the county recorder ensures the information is up to date and not second hand.
This approach is advantageous because it avoids the common issue of competing with multiple investors who are also contacting the homeowner, which often happens when relying on data from secondary sources.
Bank Websites
Another remarkable approach you can use to find out about foreclosures online involves visiting a bank’s official website.
However, not all banks offer websites that feature an abundance of foreclosure listings or even an option for a free search for bank-owned repossessed homes for sale.
In the first place, your focus should be directed towards larger mortgage servicers such as Bank of America or Wells Fargo, among others.
Nationwide banks often boast well-organized websites where visitors can navigate to the designated page housing foreclosure listings and find bank-owned properties for free.
Choose your location and adjust any available filters to see bank foreclosures in Utah that match your criteria.
Lastly, here’s my final suggestion on how you can find foreclosed homes.
HUD Foreclosures
This is another method of finding foreclosed homes for sale for free without spending extensively on marketing, especially if you’re just starting your own house flipping business.
A substantial portion of the foreclosed properties available online often involve government-backed mortgages taken through HUD.
The exciting part is that you have direct access to HUD’s website, where you can conduct a tailored search for the specific types of properties you are looking for. Simply navigate to hudhomestore.gov.
That web page enables you to search HUD foreclosures, and adjust the results according to your preferences. Refine your foreclosed home search by county, zip code, city, state, and more.
Adjust your search to find HUD foreclosed homes with your desired number of beds and baths and get free motivated seller leads!
Get Expert Training to Find Upcoming Foreclosures Like a Pro
I’m Bob Vieira, the founder and owner of Universal Short Sales, a professional short sale processing company that works nationwide and grows the fastest in the country.
In my latest endeavor, the Pre-Foreclosure Fast Lane course, I’ve meticulously curated all my insights and expertise on short sales and pre-foreclosures to help investors achieve their goals.
This course is based on three integral phases:
- Short Sale and Pre-foreclosure Fundamentals
- Lead Generation
- How to Monetize Pre-Foreclosures and Short Sales
Additionally, I’m offering my meticulously designed 12-step system, providing a detailed walkthrough of our company’s approach to executing short sales.
This resource is a free offering — my way of sharing valuable knowledge with you. Enjoy the learning journey!
What Is the Primary Pitfall to Watch Out for When Investing in Foreclosures in Utah?
When investing in foreclosures in Utah, one primary pitfall to watch out for is the possibility of inheriting undisclosed liens or unresolved title issues.
Since foreclosure properties can sometimes come with incomplete histories or documentation, investors might find themselves facing unexpected legal challenges or financial burdens after the purchase.
It’s crucial to conduct thorough due diligence, including a comprehensive title search, to ensure that the property is free of encumbrances and other potential liabilities.
This step helps protect against unforeseen costs that can turn a seemingly good deal into a problematic investment.
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About the author
Bob Vieira is the Founder and Managing Partner of Universal Short Sales, LLC. While serving clients as a licensed Realtor, he realized there was a need for a knowledgeable company, specializing in the short sale sector. Bob is an industry expert with a passion for guiding homeowners through the short sale process.