When a lender forecloses a property, the homeowner may be so upset that he or she leaves the property in poor condition for the next owner who occupies the property. Borrowers seeking home loans in Utah must uncover any damage to homes before they complete a sale, in order to avoid potentially costly repairs to restore the home to a livable condition.
One for every 548 homes in Utah were foreclosed by lenders in December of last year, which is above the national average and one of the highest rates in the nation, according to RealtyTrac. With so many foreclosed homes available to potential buyers, there are plenty of purchase options readily available to a Utah first-time homebuyer.
Before jumping at a deal though, a borrower must be cautious of how they go about conducting a home purchase. Vandalism to foreclosed homes has been common across the country, as borrowers have grown increasingly more frustrated with lenders and overarching economic conditions.
In a CNN article from 2009, the news source cites a Campbell Communications study that found about 14 percent of all real estate owned by banks or agencies were deliberately damaged or neglected by their former owners to the extent that they would be unlikely to qualify for a standard home loan when they are sold to a new owner.
"A lot of these homes have been vandalized," Dana Ash, an Atlanta real estate broker, told CNN. "They are a little scary going into them. The power is out, a lot of them are boarded up."
Many of the problems with properties can be uncovered by a thorough home inspection, mutually agreed upon by the seller, borrower and Utah mortgage company. An experienced real estate expert should be able to identify this lender and home inspection professional to a borrower in need of this service.
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