Real Estate and Beyond Blog

Foreclosures will continue to hit Arizona for the next few years since many of the ARMs will be recasting over the next three years. The local newspaper has estimated well over 128,000 ARMs will be ready to recast. Here are their options:

1. Refinance if there is enough equity in the property or be accepted into the 125% offered by the Government
2. Loan modification if they are upside down in their home for more 125%
3. Short sale the home for less than what is owed on the mortgage
4. Foreclose on the property

Higher mortgage payments and less jobs will send many Arizona households over the top and will face foreclosure. We are not out of this mess, yet. Many professionals in the industry are predicting another wave of foreclosures to hit the market. When? That is the big question from many Realtors. The banks continue to hold them on their books as less than performing assets.

I know many of the people I come in contact with each week obtain the pay option ARM. That means the buyer had the choice to pay 30 year payment, 15 year payment, Interest only, or deferred interest payment. The majority of these people picked the deferred interest payment which meant they were negatively adding on to their existing mortgage. So, that means their mortgage kept increasing as their home values decreased. These people are just avoiding the inevitable. People love to procrastinate and wait until the end. I have many people calling me now to short sales their asset before it is too late.

I predict that their will be a mad dash ARMs continue to reset and people have to make the higher payments. I would advise people to call me to sit down and discover their options at this point in time and not later. We have a CPA and real estate lawyer to look over all the options so that people are better informed when making decisions. People need many wise advisors during this life time. We are here to serve at the Real Estate and Beyond Network located in Phoenix, Arizona. Please visit our web site at www.DeliaTeam.com.

cited: http://www.azcentral.com/business/articles/2009/07/20/20090720biz-resets0721.html

I just wanted to share a picture of a recent open house that I attended the other day. The window was broken so anybody will be able to attend this open house. It is open 24 hours per day to cater to investors trying to steal the deal. Do you have these type of properties in your city? Please share with us this afternoon. I would love to receive feedback from you.

The flood is coming. The flood is coming. Sure! Take is easy my friend. We all know another flood of bank owned homes will be hitting the market with the amount of homes that have been taken back by the bank. It seems that the inventory of homes is starting to shrink across the board. It is my belief that the Federal Government has been working hard on building a false sense of consumer confidence. Howver, unemployment and inflation continue to rise. We will see what happens in the coming months.

Are you be prepared for the flood of bank owned homes? The flood is coming. It takes time to prepare for a flood. Please see below

HERE ARE MY TOP 10 TIPS TO PREPARE FOR THE FLOOD OF BANK OWNED HOMES COMING

1. Blog on ActiveRain
2. Obtain designation in distressed properties
3. Affiliate with lenders with great first time home buyer programs
4. Update database and start sending out newsletters to sphere of influence
5. Secure private money resources for investors
6. Order another 24 listing signs to cater to fix and flip investors
7. Affiliate with a General Contractor to repair homes
8. Affiliate with property management company to fill home with tenant and maintain property
9. Increase your pool of buyers both first time home buyers and investors-become the local expert
10. Drink more coffee to endure long hours in the field

We all want to be successful in real estate. We will need every Realtor in America to sell off the massive inventory of homes that will be coming to the market. I honestly believe that we are up for the challenge. This will be the largest wealth transfer in the history of America. Many people will be making a lot of money. Are you in position to take advantage of the opportunities in front of you today? They say riding a wave is the best feeling in the world. The picture belows demonstrates a man riding a wave with simplicity. A Realtor can do the same thing in real estate with enough preparation and execution.

  SOLD! SOLD! SOLD! SOLD!

Things are starting to heat up in Phoenix, AZ. Bank owned properties are starting to receive multiple counter offers on properties. That means homes are being priced right so that buyers an investors are competing with one another. Then, the listing agent asks for highest and best offer to drive the price up more for the bank. I have seen prices go between 5-10% of the original listing price. I represent many investors who want deals. Well, that means I am forced to enter the trustee sales at the court house steps.

DEFINITON OF TRUSTEE SALE:

Trustee sales are advertised the day before. In Phoenix, we have three times when you can attend trustee sales. They require all cash and must close the next end of business day. This type of investing is not for first time investors. One must have a Network in place to be successful. The lender who is in first loan position starts the bidding at the amount of money owed to the bank being foreclosed on. Successful buyers receive the trustee's deed. 

REQUIREMENTS 

This is a public auction, and anybody may bid on the house to buy a house at a trustee sale one should know that:

1. You must provide $10,000 certified funds prior to bidding.
2. Must pay off the entire purchase price in full within 24 hours or by end of business next day
3. Properties sold at the public auctions are sold without warranties. There is a possibility that the property may have liens and judgements tied to the property. One might have to evict the property owner or renter.
4. 50% or more of the homes going to auction that day will cancel by the bank

BUYER BEWARE

The banks are selling these properties "AS-IS." They will not make any repairs. Hence, that is why you are receiving a deep discount. Here are things to be aware of when purchasing foreclosed homes

• All repairs must be fixed by the buyer
• All closing costs related to the purchased are paid by the buyer
• All cash or private money only
• Owners being foreclosed on sell the aplliances, kitchen cabinets, etc
• Odors are left behind from dead animals and/or rotten food

CONCLUSION

I have developed the Real Estate and Beyond Network to assist people in investing in real estate. Trustee Sales is not for novice investors. However, we have a system in place to identify, purchase, and either wholesale or retail the home in this current real estate market. How? We are trained licensed real estate professionals that does the due diligence on each property. We identify properties that are winners for that day. It is true that there is a group of people that control the court house steps. So, they represent us in the bidding process. Their fee is between $2-3K per transaction payable the next day at closing. This way you have one of the sharks on your side. It has been a great experience for many people. One must be patient and in position to pull the trigger when a great deal comes to use. Please feel free to visit www.DeliaTeam.com for futher information on this subject.