Frequently Asked Questions

Frequently Asked Questions

Frequently Asked Questions about Foreclosures

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  1. What is a “Notice of Default” or “NOD”?
    A “Notice of Default” is a document that is recorded with the county recorder’s office by a trustee and formally starts the Utah foreclosure process. A copy of the “Notice of Default” is usually mailed out to the defaulting party.
  2. What is a “Notice of Trustees sale”?
    A “Notice of Trustee’s Sale” is a document that is recorded with the county recorder’s office and placed on the property which states the date, time and location that the property will be put up for auction.
  3. What is a “Short sale”?
    A “Short sale” is the sale of a property for less that the amount owed on the property. For Example: If you owed $200,000 on your home, and the current market value of the home is only $185,000, your lender may agree to accept $185,000 to release their lien against the property. This is known as a short sale because the lender is releasing their lien $15,000 short of the amount owed. This is a commonly used technique to avoid foreclosure on properties in Utah.
  4. Why would you do a short sale?
    If you owed more on your property than it is currently worth and cannot afford the monthly mortgage payment, a short sale could be an option. It will help you to:
    1. Avoid a foreclosure on your property.
    2. Possibly avoid a deficiency judgment.
    3. Clear out any other liens or judgments that may have been recorded against your home.
  5. Does it matter what type of loan you have?
    A short sale or pre-foreclosure sale can be attempted on any loan but each type of loan is handled differently.
  6. Can anyone do a Short Sale?
    In Utah, most lenders will only accept a short sale if the homeowner has fallen behind on payments, facing foreclosure, and it is obvious that the property is not worth what is owed.
  7. How much will a “Short Sale” cost me?
    Usually the will be no out of pocket cost with a short sale. The lender that is doing the short sale generally pays the commissions and closing costs.
  8. What is a “Pre-foreclosure Sale”?
    A “Pre-foreclosure” sale takes place after the formal foreclosure proceedings have started but before the foreclosure auction and the home is sold to pay off the loan in full. This option can be utilized when the market value of the home is at or more than the amount owed. Many lenders will put the foreclosure on hold to give you an opportunity to sell your home; especially, in the case of doing a pre-foreclosure real estate auction as an alternative marketing method prior to the foreclosure.
  9. How much will a pre-foreclosure sale cost me?
    Generally you will need to pay a commission along with your own closing costs.
  10. What are the repercussions of doing a Short Sale?
    You may receive a 1099 or a deficiency judgment from your lender for the difference between the amount owed and the amount paid on the loan. This is not always the case, and depends on the lender and the situation. Also each lender will report to the credit bureaus the status of the loan. This could be a negative mark on your credit.
  11. What is a “Deficiency Judgment”?
    A “Deficiency Judgment” is a judgment filed against the borrower for the difference between the amount owed on the home and the amount paid to the lender. Example: You owe $200,000 on your home and your lender agrees to release the lien for $190,000. You could be liable for a $10,000 deficiency. Also, if you owe $200,000 and your home is foreclosed on and sold at auction for $190,000, you could be liable for a $10,000 deficiency.

Here are some additional links to learn more about real estate auctions:

Open Houses

All auction properties are open to walk through from 12pm-3pm for the two Saturdays right before the auction date.

Call 801.362.7700 to make an appointment outside of these two Open House days and times.

About Us

United Country is the largest integrated real estate & auction company in the U.S. with over 700 offices and 4,000 associates. We generated over $3 billion in annual sales in 2008, and are recognized as the auction “Industry Leader” (NAA: Auctioneer Magazine, January 2008). Our company was ranked the “Top Real Estate Franchise” by Dun & Bradstreet in July, 2009, and we are in the “Top 1%” of all franchises nationwide according to the Wall Street Journal. We currently have over $1 billion of controlled listings, and reach over 90 million homes each week through our nine owned, exclusive publications, third party trade publications magazines and catalogs.

US Auctions and Realty is an affiliate of United Country, providing property sellers, buyers, and agents an enhanced marketing solution. Our online system exposes property to a local and national network of over 300,000 buyers through publications, affiliate brokers and over 1,100 websites. Because of our technology, expertise and marketing strategies, we have over 1 million visitors on our websites each month, who spend an average of 24 minutes per visit.

Our local office beginning was in 1991, when we conducted a multiple-property auction for a large lender and successfully sold 133 properties in 3 months. We then went on to work with other lenders, developers, motivated sellers, and brokerages struggling to find an enhanced marketing solution for effectively selling real estate. Prior to joining the national network of United Country, we were known as “Utah Real Estate Auctions”, and “America Real Estate Auctions”. Since 1991 we have sold almost every type of property in almost every type of market condition: homes, raw land, condos, commercial and entire subdivisions.

Our recent history shows that nearly all of the property we have sold through our online/onsite auction has exceeded the expectations of both buyers and sellers.

The very nature of the auction process makes transactions smoother, with faster closings. Many buyers believe that all real estate auctions involve only distressed or foreclosed properties. This is not the case. Historically auctions have been utilized primarily by banks and other institutions, however, now we this tool is available to all homeowners as the wave of the future for selling homes.

Depending on the type of auction, whether a property is distressed or not, buyers can get a bargain. It's all about diligent investigation and planning. While sellers can retain some control over the final selling price, buyers can find a great deal in a win-win scenario. It's more about informed sellers and buyers being much more in control of the process than in the normal public listing and sale process.

Increasing Buyer Confidence
We have created a “Buyer Confidence Package” that includes four items done immediately after receiving an auction listing. These are made available to potential buyers on the web at the click of a button, enabling them to make an intelligent buying decision, with minimal risk:

  • Current Appraisal
  • Full Property Inspection
  • Preliminary Title Report
  • Home Warranty included with every home sold in the auction

Nobody but United Country - US Auctions & Realty is offering this type of information and coverage for buyers to help them feel confident about the property on which they are bidding.

The auction is the truest form of obtaining market price, as it exposes the property to a wide range of buyers who have an equal chance to bid with equal terms and conditions. With current market conditions and the challenges of selling real estate, property owners and lenders are being forced into short sales and foreclosures, sustaining large losses in capital and equity. United Country U.S. Auctions has brought an enhanced marketing solution to help both buyers and sellers achieve their objectives. To better understand real estate auctions, we provide free educational seminars and conduct daily conference call discussions with buyers, sellers, and realtors. Call in to our daily conference call at 12:00 noon Mountain time at: 712-432-0080, code: 317557#