Word is getting out — Utah Real Estate Auctions is a great place to buy real estate!  Individuals and investors look to auction for great deals on properties. 

LINDON, UT– December 9, 2008 – Utah Real Estate Auctions is a real estate brokerage that focuses on selling properties for highly motivated sellers.  Sellers include properties that are either bank-owned, in the foreclosure process, private individuals, builders, or developers that need to sell real estate quickly.  The auction provides a system that sells property in a 4-6 week timeframe. 

Kevin Gallagher, broker and auctioneer, said, “At a very simple level, we bring buyers and sellers together.   Buyers include individuals looking for the best deal on a great property, to investors taking advantage of the prices of the current real estate market.  We want to be the first place people think of to buy property.”

Auctions are fun, straightforward, and cut a lot of time out of buying or selling real estate.  Buyers can walk through the property, look at the title report, and read through the sellers disclosures all prior to bidding on the property.  Once the property is “sold” at the live auction, the buyers sign a real estate purchase contract that gives the seller 7 days to accept the offer.  Some properties are sold with no minimum and no reserve and are not subject to seller’s approval.

Sellers are looking for ways to generate interest and sales in this volatile market.  Utah Real Estate Auctions creates another option for sellers that are not having the success they would like selling their property.  Generally, there will be 50 plus properties from 10-30 different sellers at an auction.  Utah Real Estate Auctions plans on doing at least one or two auctions a month in Utah.  Auctions are planned for Utah Valley, Salt Lake/North, and St. George/Southern Utah.

In addition to selling homes, condos, townhomes, and building lots, Utah Real Estate Auctions will also sell commercial property, land, and bulk sales of real estate.  The advantage sellers have using Utah Real Estate Auctions is their properties have a broad exposure to many potential buyers in a short time frame.  All the sellers marketing dollars are combined to create a buzz and excitement hard to achieve without the auction system.

Auctions include properties in all price ranges.  The December 9^th auction at the Provo Marriott at 7 pm will include over 40 properties with values under $100,000 and up to $1.5 million.

To learn more about buying or selling through Utah Real Estate Auctions, please visit www.UtahREA.com

1 in 61 Utah Homes in Crisis

Nearly 15,000 property owners in Utah representing 1 in every 61 mortgaged housing units received some type of foreclosure-related notice last year, nearly double the total in 2007. That placed Utah 13^th highest among states, according to a new report, which ranks Salt Lake City 46^th highest among 100 metro areas. Though rates in 2009 could be higher, there are counseling options available and potential federal assistance to help borrowers avoid that fate. (“Salt Lake Tribune “January 15^th, 2009). 

Frustrated sellers of property sink deeper into debt each month as properties on the market remain unsold, with little or no activity at all. If properties could be sold and closed quicker, sellers would avoid costly holding and default expenses which eventually drive prices upward to an unrealistic property price.  Often times, the asking price is now based solely on the mortgage balance and not the real market value that a buyer is willing to pay.

Utah Real Estate Auctions, a Utah based Company is proactively doing something to help homeowners and potential buyers.  Utah Real Estate Auctions provides an alternative marketing method which brings buyers and sellers together quicker in a market unlike any other we have ever seen.  Their goal is to get immediate results at true, current, market value.

Here is a simple example of what is happening in today’s market:

A seller has a home with a value of $300,000 and they find themselves in financial trouble.  With each missed payment, that amount gets added to the total balance due on the mortgage; additionally, missed payments mean late fees, penalties, and eventually attorney fees.  The homeowner’s mortgage balance of $300,000 could easily increase to $320,000 in just 6 months and even more as time goes on.   This now forces the seller to increase the price of their home, thus overpricing it and compounding the problem.  All of which could have been avoided with a quick sale.  So as one looks at the current real estate market conditions, you will see this exact same scenario played out with hundreds, if not thousands of sellers, causing the short sell phenomena we are in today with banks and sellers taking big hits. 

Utah Real Estate Auctions provides a method of selling real estate that gets results fast at fair market values benefiting  Buyers, Sellers  and Banks;  and eliminating the risk of sellers over or under pricing their property.

Utah Real Estate Auctions works with and invites participation from all Brokers and Agents. Currently Utah real Estate Auctions has 3 scheduled auctions with an estimated 170 properties being offered for sale.

February 5^th, 2009- Utah, Wasatch, Salt Lake and Tooele County

February 19^th, 2009 – St. George, Cedar City areas

March 17^th, 2009 - Las Vegas and Mesquite Area.

Buyers and investors are invited to take advantage of these incredible values.  With rates at a 50 year low and inventory very high, now is a great time to buy!  Utah Real Estate Auctions is changing the way people buy and sell real estate.

For more information visit our website www.UtahREA.com or call  801-922-9700.

UTAH REAL ESTATE AUCTIONS conducted a real estate auction on 57 properties on Tuesday, October 28^th, 2008

Over 300 buyers attended the three hour event.  Buyers bid on a broad range of houses and lots which proved that there are buyers wanting to buy in this market.  The auction had something for everyone.

Fully improved building lots went for $30,000 to $100,000, while homes of all types fetched prices from $150,000 to $900,000.

The auctioneer and staff felt pleased with the turnout and the results of the auction.

Lot prices where a bit on the low side, which was expected due to the large supply of lots available.

The next Auction is scheduled for November 25^th.

The nation’s top 100 for the highest number of foreclosure filings. St George ranked 17th in the report, the Provo/Orem area ranked 39th.
“The expectation is that within the next 12 months, the national foreclosure rate will increase to over 3 percent.”

A foreclosure rate of 3 percent would put about 13,000 homes in Utah in foreclosure, nearly double the previous high of 6,800 homes in 2002.

These trends increase the need for sellers and lenders to find an alternative marketing method of selling real estate. Real Estate Auctions allow sellers a way to quickly expose in a unique, high visible way their properties to an increased number of qualified buyers. According to Auctioneer/ Broker Kevin R. Gallagher, UREA

Residential real estate has become the fastest-growing segment of the auction industry in the past five years, according to a report by the National Auctioneers Association in August 2008. The market segment has jumped 46.6 percent since 2003 – ranking in $16.9 billion in sales last year.

Builder auctions are gaining in popularity nationwide, as the housing market continues to lag, association spokesman Chris Longly said.

The number of Utah homeowners who received a foreclosure filing in June jumped nearly 141 percent, compared with the same month last year, according to a report released Wednesday.

The most dramatic increase came from Utah County, where the Provo/ Orem area ranked 37th among metro areas nationwide in the rate of foreclosures.

Overall, Utah ranked 10th among the states in the rate of foreclosure filing.