As the number of foreclosures continues to sky rocket, many lenders are turning to aggressive measures for liquidating their inventory. Centennial Bank of Northern Utah has just teamed up with a real estate auction firm out of Las Vegas to help unload over 50 properties along the Wasatch Front. Most of which are higher end new construction homes and custom building lots. Several of the homes to go up on the auction block are not even finished. These are spec homes that builders lost to the bank before completion.
Centennial Bank’s decision to conduct a mega real estate auction is a reality check-point for many. Particularly for those still wondering if Utah’s real estate market has been affected by the national credit crunch. Given that things are projected to get a bit worse before they get better, expect to see more local banks turning to real estate auctions to free up their cash. Banks realize that every day that these properties sit vacant, it’s money lost. Better to sell for less now, re-group and move forward…than bleed to death as their losses pile up.
So how can you benefit? Easy, show up and bid. Have you ever talked to someone who made a killing by buying a home 5-10 years ago when the market was slow…then their home appreciated 2 to 3x’s what they paid. Were you left wishing you had a crystal ball so you knew when to take action? Well these are the types of opportunities that later you will be glad you took advantage of. Many “doom & gloomers” will try to discourage you from participating in any type of real estate purchase (just read comments on any news website that posts a real estate article). They argue that the market has not bottomed out and that prices will drop as much as 40-50%. Well, I’ll tell you what. When the cost of gas goes back under $2 a gallon, I’ll start to consider what they’re saying. But until then, I’ll keep referencing back to what history tells me; That real estate doubles in value in the US every 12 years for the last 100 years. OK, off my soap box and back to our topic.
The Auction will be held on June 12th, at the Wells Fargo Building on 3rd South and Main St. Suite #2300.
Here are the basics:
- You need to preview the property that you intend to bid on. There will be 3 different open houses prior to the auction. All properties are sold as-is which means that the bank will not do any repairs nor will they accept contingent offers.
- You must show up with a cashiers check for $10,000 which becomes non-refundable if you are the high bidder and the bank accepts your bid. Therefore, make sure you are pre-approved for a loan and do all necessary inspections prior to the auction.
- All high bids are subject to a 7% buyers premium. This pays the auctioneer, the real estate company assisting the seller and your real estate agent. If you don’t have an agent it will still cost you 7% and the difference will be split between the first 2 parties mentioned, so get representation for yourself. If you don’t know anyone who is versed in real estate auctions, contact me and I’ll obviously be more than happy to coach and represent you.
- If you are the high bidder, you will have 30 days from the date of the auction to complete the sale.
- All final bids are subject to the banks final approval.
I’ve often been asked about how much less than fair market value one could expect to buy a home for at auction. Obviously every auction is different, but I’ve seen auctioned properties bring in as low as 55% of fair market value and as high as 10-15% over fair market. All depends on the turn-out of bidders, the desirability and demand of the property, and the current market conditions.
Open houses are Saturday May 31st, Saturday June 7th, and Sunday June 8th between 1-4 PM.
If you would like to schedule a private preview, or if you simply can’t make one of the open houses, click here.
You can find a the “Terms & Conditions” of the auction by visiting the Auctioneer’s website, www.ENAuction.com
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Address: 12324 N. Timberline Drive Highland, UT 84003 Square Footage: 5190 Lot Size: .38 acres Bedroom(s): 8 Bathroom(s): 4 Est. Value: $950,000 Suggested Opening Bid: $50,000 |
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Address: 2361 East 425 North Layton, UT 84040 Square Footage: 5614 Lot Size: .79 acres Bedroom(s): 6 Bathroom(s): 4 Est. Value: $870,000 Suggested Opening Bid: $50,000.00 |
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Address:6037 W. CHAMBERRY WAY Highland, UT 84003 Square Footage: 5093 Lot Size: .39 acres Bedroom(s): 5 Bathroom(s): 4 Est. Value: $978,000 Suggested Opening Bid: $50,000.00 |
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Address: 7626 N. RANCHES PKWY Eagle Mountain, UT 84005 Square Footage: 4172 Lot Size: .25 acres Bedroom(s): 5 Bathroom(s): 3 Est. Value: $420,000 Suggested Opening Bid: $50,000.00 |
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Address: 7059 CHEROKEE Eagle Mountain, UT 84005 Square Footage: 2871 Lot Size: .12 acres Bedroom(s): 3 Bathroom(s): 3 Est. Value: $330,000 Suggested Opening Bid: $50,000.00 |
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Address: 7296 N. POINT LOOKOUT RD Eagle Mountain, UT 84005 Square Footage: 4,215 Lot Size: .31 acres Bedroom(s): 5 Bathroom(s): 3 Est. Value: $432,000 Suggested Opening Bid: $50,000.00 |
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Address:1742 W. RIVER VIEW DR. Bluffdale, UT 84065 Square Footage: 4996 Lot Size: .27 acres Bedroom(s): 3 Bathroom(s): 2 Est. Value: $726,000 Suggested Opening Bid: $50,000.00 |
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Address: 678 E. 680 N. Lindon, UT 84042 Square Footage: 3600 Lot Size: .32 acres Bedroom(s): 3 Bathroom(s): 2 Est. Value: $630,000 Suggested Opening Bid: $50,000.00 |
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Address:292 BROADLEAF CR. Draper, UT 84020 Square Footage: 4519 Lot Size: .22 acres Bedroom(s): 4 Bathroom(s): 4 Est. Value: $350,000 Suggested Opening Bid: $50,000 |
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Address: 4015 S. 5500 W. Hooper, UT 84315 Square Footage: 1400 Lot Size: .85 acres Bedroom(s): 3 Bathroom(s): 2 Est. Value: $228,000 Suggested Opening Bid: $50,000 |
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Address: 3505 S. HIDDEN MEADOW CIR Mountain Green, UT 84050 Square Footage: 4816 Lot Size: .32 acres Bedroom(s): 3 Bathroom(s): 3 Est. Value: $360,000 Suggested Opening Bid: $50,000 |
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Address:1301 S. SARATOGA CT Kaysville, UT 84037 Square Footage: 5353 Lot Size: .5 acres Bedroom(s): 3 Bathroom(s): 3 Est. Value: $420,000 Suggested Opening Bid: $50,000 |
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Address:462 W. SPUR CT Kaysville, UT 84037 Square Footage: 5345 Lot Size: .5 acres Bedroom(s): 3 Bathroom(s): 3 Est. Value: $390,000 Suggested Opening Bid: $50,000 |
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Address:526 W. Western Drive Kaysville, UT 84037 Square Footage: 5742 Lot Size: .5 acres Bedroom(s): 3 Bathroom(s): 2 Est. Value: $420,000 Suggested Opening Bid: $50,000 |
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Address:1276 S. Derby Court Kaysville, UT 84037 Square Footage: 5665 Lot Size: .5 acres Bedroom(s): 3 Bathroom(s): 3 Est. Value: $450,000 Suggested Opening Bid: $50,000 |
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Address: 98 N. 600 E. American Fork, UT 84003 Square Footage: 925 Lot Size: .18 acres Bedroom(s): 2 Bathroom(s): 1 Est. Value: $175,000 Suggested Opening Bid: $50,000 |
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Address: 575 N. Seven Peaks Blvd. #29 Provo, UT 84606 Square Footage: 2200 Lot Size: .01 acres Bedroom(s): 3 Bathroom(s): 4 Est. Value: $270,000 Suggested Opening Bid: $50,000 |
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Address:3041 W. DURHAM WOODS RIverton, UT 84065 Square Footage: 4919 Lot Size: .24 acres Bedroom(s): 3 Bathroom(s): 4 Est. Value: $606,000 Suggested Opening Bid: $50,000.00 |
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Address:12317 S. ROSEBRIAR LN RIverton, UT 84065 Square Footage: 4884 Lot Size: 2007 Bedroom(s): 3 Bathroom(s): 3 Est. Value: $607,200 Suggested Opening Bid: $50,000.00 |
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Address: 1220 N. Springer View Drive Midway, UT 84049 Square Footage: 6167 Lot Size: 1.5 acres Bedroom(s): 5 Bathroom(s): 5 Est. Value: $2,600,000 Suggested Opening Bid: $50,000 |
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Address: 1077 E. Watkins Ln. Alpine, UT 84004 Square Footage: 5746 Lot Size: .51 acres Bedroom(s): 3 Bathroom(s): 3 Est. Value: $750,000 Suggested Opening Bid: $50,000 |
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Address:1126 W. Kings Ct Kaysville, UT 84037 Square Footage: 5426 Lot Size: .54 acres Bedroom(s): 3 Bathroom(s): 3 Est. Value: $639,000 Suggested Opening Bid: $50,000 |
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Address: 3248 W. Chateau View Circle South Jordan, UT Square Footage: 5768 Lot Size: .27 acres Bedroom(s): 4 Bathroom(s): 3 Est. Value: $799,000 Suggested Opening Bid: $50,000 |
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Address:525 N. 2375 W. LEHI, UT 84043 Square Footage: Lot Size: 0.32 Acre Bedroom(s): Bathroom(s): Est. Value: $189,120.00 Suggested Opening Bid: $50,000.00 |
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Address:549 N. 2375 W. LEHI, UT 84043 Square Footage: Lot Size: 0.30 Acre Bedroom(s): Bathroom(s): Est. Value: $189,120.00 Suggested Opening Bid: $50,000.00 |
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Address:2381 W. 610 N. LEHI, UT 84043 Square Footage: Lot Size: 0.31 Acre Bedroom(s): Bathroom(s): Est. Value: $189,120.00 Suggested Opening Bid: $50,000.00 |
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Address:2441 W. 610 N. LEHI, UT 84043 Square Footage: Lot Size: 0.29 Acre Bedroom(s): Bathroom(s): Est. Value: $204,720.00 Suggested Opening Bid: $50,000.00 |
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Address:376 N. WILLOW HAVEN AVE. LEHI, UT 84043 Square Footage: Lot Size: 0.31 Acre Bedroom(s): Bathroom(s): Est. Value: $204,000.00 Suggested Opening Bid: $50,000.00 |
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Address:421 N. Willow Haven Ave. Lehi, UT 84043 Square Footage: Lot Size: .34 acres Bedroom(s): Bathroom(s): Est. Value: $204,000 Suggested Opening Bid: $25,000 |
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Address:445 N. WILLOW HAVEN AVE LEHI, UT 84043 Square Footage: Lot Size: 0.37 Acre Bedroom(s): Bathroom(s): Est. Value: $210,000.00 Suggested Opening Bid: $50,000.00 |
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Address:469 N. WILLOW HAVEN AVE LEHI, UT 84043 Square Footage: Lot Size: Bedroom(s): Bathroom(s): Est. Value: $210,000.00 Suggested Opening Bid: $50,000.00 |
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Address:2388 W. 610 N. LEHI, UT 84043 Square Footage: Lot Size: 0.49 Acre Bedroom(s): Bathroom(s): Est. Value: $218,400.00 Suggested Opening Bid: $50,000.00 |
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Address:4024 S. 4900 W. Westhaven, UT 84401 Square Footage: Lot Size: .52 acres Bedroom(s): Bathroom(s): Est. Value: $117,000 Suggested Opening Bid: $25,000 |
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Address: 7419 S. 950 W. Willard , UT 84340 Square Footage: Lot Size: .57 acres Bedroom(s): Bathroom(s): Est. Value: $111,800 Suggested Opening Bid: $25,000 |
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Address: 7447 S. 950 W. Willard , UT 84340 Square Footage: Lot Size: .58 acres Bedroom(s): Bathroom(s): Est. Value: $111,800 Suggested Opening Bid: $25,000 |
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Address:272 N. 1100 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.01 Acres Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:322 N. 1100 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.00 Acre Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:352 N. 1100 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.00 Acre Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:386 N. 1100 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.00 Acre Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:972 W. 400 N. MAPLETON, UT 84664 Square Footage: Lot Size: 1.00 Acre Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:922 W. 400 N. MAPLETON, UT 84664 Square Footage: Lot Size: 1.00 Acre Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:434 N. 1040 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.03 Acres Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:478 N. 1040 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.03 Acres Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:532 N. 1040 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.04 Acres Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:582 N. 1040 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.05 Acres Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:581 N. 1040 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.04 Acres Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:531 N. 1040 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.03 Acres Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:477 N. 1040 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.03 Acres Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:433 N. 1040 W. MAPLETON, UT 84664 Square Footage: Lot Size: 1.03 Acres Bedroom(s): Bathroom(s): Est. Value: $350,000.00 Suggested Opening Bid: $25,000.00 |
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Address:Approx. 800 W. MAPLE ST. MAPLETON, UT 84664 Square Footage: Lot Size: 11.14 Acres Bedroom(s): Bathroom(s): Est. Value: $1,500,000 Suggested Opening Bid: $50,000.00 |
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Address: 162 W. POINT OF VIEW CIR Bountiful, UT 84010 Square Footage: Lot Size: .35 acres Bedroom(s): Bathroom(s): Est. Value: $302,400 Suggested Opening Bid: $25,000.00 |
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Address: 621 N. GROVE DR. Alpine, UT 84004 Square Footage: Lot Size: .32 acres Bedroom(s): Bathroom(s): Est. Value: $408,000 Suggested Opening Bid: $25,000.00 |
