Arizona Real Estate Page
- $795,000 :: 5431 E Rockridge Road, Phoenix AZ, 850183 beds, 2 bathsHome size: 2,666 sq ftLot Size: 82,764 sq ftAdded: 03/05/10, Last Updated: 03/09/10Property Type: Single Family – Detached, ResidentialMLS Number: 4350420Tract: Highlands Great opportunity for a light bright view home on Camelback Mountain on over an acre for under $800,000! This home is in original condition and is ready for updating or add […]admin
- $695,000 :: 8449 N 15th Street, Phoenix AZ, 850204 beds, 4 bathsHome size: 3,005 sq ftLot Size: 24,000 sq ftAdded: 03/08/10, Last Updated: 03/09/10Property Type: Single Family – Detached, ResidentialMLS Number: 4351747Tract: CUSTOM- HILLSIDE Fantastic Hillside Location- Beautifully situated on secluded Hillside location with quiet cul-de-sac Elevated with city views of downtown phoenix skyline. This 4 bedr […]admin
- $624,900 :: 3441 E Desert Broom Way, Phoenix AZ, 850445 beds, 3 bathsHome size: 5,559 sq ftLot Size: 18,000 sq ftAdded: 12/19/08, Last Updated: 03/08/10Property Type: Single Family – Detached, ResidentialMLS Number: 4090487Tract: Canyon EstatesThe price of this listing was last reduced on 3/1/2010 by 3% IF YOU NEED A HOME THAT GIVES YOU PLENTY OF SPACE AND ROOM FOR EVERYONE TO HANG OUT, THIS […]admin
- $615,000 :: 5810 N Echo Canyon Lane, Phoenix AZ, 850182 beds, 2 bathsHome size: 2,316 sq ftLot Size: 7,500 sq ftAdded: 12/05/08, Last Updated: 03/08/10Property Type: Single Family – Detached, ResidentialMLS Number: 4082437Community: Echo CanyonTract: Echo CanyonThe price of this listing was last reduced on 3/8/2010 by 5% ** DRASTICALLY REDUCED from original price of $897,000!! ** Exclusive guard-gated Echo Cany […]admin
- $570,000 :: 22647 N 54th Place, Phoenix AZ, 850544 beds, 3 bathsHome size: 2,816 sq ftLot Size: 24,000 sq ftAdded: 04/02/09, Last Updated: 03/08/10Property Type: Single Family – Detached, ResidentialMLS Number: 4153255Community: Desert RidgeTract: Desert RidgeThe price of this listing was last reduced on 3/8/2010 by 5% This home is truly special…. Please bring your buyers who want a stunning single level […]admin
AZ Lake Properties
- $775,000 :: 40023 N 110th Place, Scottsdale AZ, 852623 beds, 3 bathsHome Size: 2,454 sq ftLot Size: 7,500 sq ftAdded: 01/17/09, Last Updated: 01/27/10Property Type: Patio Home, ResidentialMLS Number: 4105723Tract: DESERT MOUNTAINThe price of this listing was last reduced on 1/27/2010 by 11% ***NOW A SHORT SALE***Bring Offers***Unbelievable price for this COMPLETELY RENOVATED AND UPGRADED Apache Cottage – sweep […]
- $749,900 :: 17894 N 95th Street, Scottsdale AZ, 852555 beds, 4 bathsHome Size: 4,212 sq ftLot Size: 12,500 sq ftAdded: 06/15/09, Last Updated: 01/27/10Property Type: Single Family – Detached, ResidentialMLS Number: 4190963Tract: DC RanchThe price of this listing was last reduced on 11/18/2009 by 6% This luxury Tuscan style home is situated on an oversized lot in the prestigious gated community of DC Ranch. [.. […]
- $799,000 :: 28648 N 108th Way, Scottsdale AZ, 852624 beds, 4 bathsHome Size: 4,517 sq ftLot Size: 18,000 sq ftAdded: 10/10/09, Last Updated: 01/27/10Property Type: Single Family – Detached, ResidentialMLS Number: 4271238Community: Troon NorthTract: Candlewood Estates at Troon North Unit 3 The Best Bargain in Candelwood, priced to sell at $177/sq ft. On over 1/3 of an acre this 4 bedroom, 3.5 bath [...] […]
- $795,000 :: 10259 E Nolina Trail, Scottsdale AZ, 852623 beds, 3 bathsHome Size: 3,150 sq ftLot Size: 0 sq ftAdded: 04/21/09, Last Updated: 01/27/10Property Type: Single Family – Detached, ResidentialMLS Number: 4160807Community: Desert MountainTract: Desert MountainThe price of this listing was last reduced on 1/27/2010 by 6% Let’s take it to the BANK! Just reduced to 795K without the golf membership- beautiful […]
- $703,000 :: 11363 E La Junta Road, Scottsdale AZ, 852554 beds, 5 bathsHome Size: 4,372 sq ftLot Size: 15,000 sq ftAdded: 04/09/09, Last Updated: 01/27/10Property Type: Single Family – Detached, ResidentialMLS Number: 4155050Community: TroonTract: Troon VillageThe price of this listing was last reduced on 1/27/2010 by 1% APPROVED…APPROVED….SHORT SALE !!!Perfect entertainers home with views all around. Very priva […]
CAT | Bank Owned Foreclosures
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Investors Picking up 20k properties in Phoenix
0 Comments | Posted by Daniel Reynolds in Arizona Real Estate News, Bank Owned Foreclosures, Bank Owned Homes, Buyer Information, Flipping Homes
Many of our clients are looking at homes in this price range. Some our experienced with buying these and others are buying as their first investment property. What you need to be aware of to win bids on these homes is what the lender likes in a contract. Lenders prefer no inspection period or waiving your inspection period, cash offers and a quick close. A quick close is considered less than 3 weeks. Waiving your inspection period helps, because the lender knows you’re buying the property as is condition and will not even consider backing out of the transaction if something is wrong with the property. 401k funds may also be used to buy properties, but lenders prefer to see liquid cash. Cash that can be used to close on a property within weeks not months.
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Arizona court records regarding soon to be forclosed homes
1 Comment | Posted by Daniel Reynolds in Arizona Real Estate News, Bank Owned Foreclosures, Buyer Information, Finding Foreclosures, Flipping Homes
This is the old fashion way to find foreclosures and can be time consuming. In todays market, a foreclosure is the worst type of home on the market. From an investors point of view, every foreclosure on the market is over priced. Some homes have balances as high as 200% LTV. Meaning the owner owes twice as much as the home in worth. If the home in foreclosing, you as the investor would need to pay the mortgage balance off to retain title. Why would you want to pay off a mortgage balance that is over market value? In the 2009 real estate market, investors are picking up homes that have already foreclosed and are listed in the MLS. This makes purchasing the home much easier because the bank has already bought the home back and are wanting to get it off their books. If you are new investor trying to get into the real estate market do not research foreclosures, and do not place any offers on short sales.
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Bank Owned homes in AZ
0 Comments | Posted by Daniel Reynolds in Arizona Real Estate News, Bank Owned Foreclosures, Bank Owned Homes, Buyer Information, Flipping Homes
Bank owned properties seem to account for at least 40% of the homes on the market in AZ. Most Bank Owned Homes require the buyer to buy the home AS-IS. Meaning the bank will not make any repairs to the property. This can be dangerous for the typical FHA buyer. With lending guidelines getting stricter, it will be much harder for a buyer to buy a fix up home in AZ. Any problems with a home will be the buyer responsibility to repair.
About Bank Owned Properties
Bank Owned Properties can be great buys, but most need at least 5k worth of work to bring the property up to livable standards. You can find bank owned properties by running an MLS search under foreclosures. This is different than short sales, which could turn into a foreclosure. However, in the MLS today, these are being catagorized as foreclosures. Bank Owned homes in AZ are much easier to buy than a short sale property. We advise all our clients to stay away from short sale homes, simply because the length of time it takes to close a short sale.
Short Sales
Most short sales take 2 months to close. Possibly 3-5 weeks to get your first reponse from them, let alone an accepted contract. Bank owned homes in AZ usually have an Asset Manager that responds within 3 days. Once they respond, it’s usually to accept an offer made. Very rarely do Asset Managers counter on offers. Banks either accept or reject your offer. Even if the home needs 40k worth of work and it’s a140k home, the bank doesn’t care. They have a certain number to meet on the property and reduce the price according to days on the market, not condition.
