Real Estate and Beyond Blog

Selling your home using a Real Estate Auctions in Phoenix, Arizona can be a faster and more lucrative way to accomplish your goal. 

Here's why:  

Large Scale Advertising:  Real estate auction companies do a great job on promoting the one to four day event in print, television, Internet and other lines of advertising in order to attract the highest amount of qualified buyers.  

Quick Sale: Homes sell in 30 days or less.   There are times when the traditional way of selling real estate is too slow.  Life goes on for people who are facing divorce, unemployment, health issues, and other challenges.  One must sell their property in a rapid amount of time.  The vultures come out offering pennies on the dollar for a troubled homeowner. A solution is selling your property at auction.  It is quick, efficient and one has the possibility of obtaining the highest price possible. 

No Hassles: Property is sold AS-IS with no contingencies and assurances. Meaning, you don't have to make repairs to the home and you don't have to hand over money to fix repairs.  The buyer is acceptin the home in current condition.  

You get CASH: The buyers are purchasing using cash, so you don't have to wait for the buyer to complete a loan or obtain a mortgage.  

You set the rules: Terms are set by the seller before the auction. You determine the lowest acceptable bid, and then the highest bid wins.  

The longer your home sits for sale, the less money you will sell it for.  If you're not using the Auctions, you're going to use one of these two selling methods;

1. Use a Realtor to sell your home,
2. Sell it yourself. 

Both options can cause your home to remain on the market for a long period of time, and result in "low ball" offers from Buyers, or require more money out of your pocket. Sellers must price a house to sell withinthe  first 45 days, or may be forced to reduce price.  

When choosing a realtor, he or she will market your home on the MLS. The MLS is a national database, with a list of ALL homes for sale, and includes the details about each home. Other realtors can go into the MLS and search for homes according to the criteria set by the buyers they work for. The buyer will have plenty of homes to look at, hopefully yours is one of them.  Because of the amount of homes available on the MLS, it will take time for people to sift through and find your home.  Then the buyer will view a home, sometimes more than once, and do extensive research. This whole process can take weeks and months because most buyers only have 1-3 hours per week to view and research homes.  

Selling it yourself means you must find ways to market the home and shell out some cash to do so. There are websites you can post your home for sale on, however, these sites are designed to show the most recently added homes first.  Potential buyers will browse the site starting at the top of the list, not the bottom. Over time, your home will fall to the bottom of the list. Newspapers are a great way to market you home, but can get costly, and can limit the amount of people who view your home. For example, buyers who live in east phoenix probably don't receive the same newspaper subscriptions as those in the west valley, or someone who is moving to phoenix, won't receive the newspaper either.   

When your home is found, the buyer will decide if, and how much, they are going to offer you for your home. Buyers will offer less than what you're asking for because of the following reasons;  

1. The buyer's Realtor can see how many days your home has been for sale, the Buyer will assume you're getting desperate or impatient because your home has been for sale for a long time.
2. Buyer will compare your homes to others and determine their own "value" therefore offering what they think the home is worth.
3. More often than not, a buyer will ask for you to pay their closing costs and/or repairs to the home.   Sellers must cater to the buyer to have a successful close. 
4. Many times the deal may fall through and the seller has to start all over again with a new buyer.
5. The buyer may be limited to the amount of money they can spend.   
6. Buyer will see you are selling it yourself, therefore taking advantage of the emotional attachment you have to the home. 

The Auction Process:There are three types:

1. Absolute: There is no minimum bid required. The real estate is sold to the highest bidder.

2. Minimum Bid: Seller sets minimum bid for the real estate. If the minimum bid is not met, then the seller is not obligated to sell. Seller and highest bidder can meet in private to work things out if possible. Auction still gets paid for that service.

3.Reserve Auction: Allows seller to reserve the right to accept or reject the highest bid within a 72-hour spam of time. Seller is not obligated to sell to the highest bidder. Seller may not have set price in mind.

• The real estate auction company spends time and money on multiple forms of advertising for the event.
• The seller determines terms and conditions prior to the auction. This eliminates buyers trying to get money for closing costs or repairs.
• Buyers are required to have a deposit available prior to submitting their bids.
• The home is sold AS IS with no contingencies. If a buyers bid is accepted and they decide to cancel, the seller keeps the deposit.
• The home is sold to the highest bidder, eliminating the sellers guess work on a final sales price.
• Buyers go into a contract to purchase so they must perform or face the risk of losing their deposit. It creates a sense of urgency on the buyer's side.
• An auction company will walk a seller from A to Z through the entire process including at closing.

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.

I just picked up my new listing signs for Real Estate and Beyond LLC. I just wanted to share with you my new signs. My slogan is "Make the Call, Set the Plan, and Do the Deals." I am gearing up to cater to trustee sales here in Phoenix, AZ. I am expecting many listings over the next sixty days as investors purchase the homes from court house steps and put them back on the market after repair. If you need further information on how to participate in the great Phoenix Real Estate market, Make the Call-see profile for further information.

HAVE A GREAT WEEKEND IN REAL ESTATE.

  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.