Arizona Real Estate News» Bank Owned Foreclosures

Investors Picking up 20k properties in Phoenix

Daniel Reynolds — Tue, 19 May 2009 16:56:18 +0000

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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Investors Picking up 20k properties in Phoenix was first posted on May 19, 2009 at 9:56 am.

Designated Broker: Daniel Reynolds | Office:623-252-EXEC (3932)

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Arizona court records regarding soon to be forclosed homes

Daniel Reynolds — Sun, 17 May 2009 18:09:08 +0000

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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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Arizona court records regarding soon to be forclosed homes was first posted on May 17, 2009 at 11:09 am.

Designated Broker: Daniel Reynolds | Office:623-252-EXEC (3932)

Bank Owned homes in AZ

Daniel Reynolds — Thu, 14 May 2009 05:34:13 +0000

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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.
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Bank Owned homes in AZ was first posted on May 13, 2009 at 10:34 pm.

Designated Broker: Daniel Reynolds | Office:623-252-EXEC (3932)