PURCHASING A HOME FROM THE TRUSTEE SALE
Banks continue to foreclose on properties and sell homes at the trustee sales that are held Monday through Friday at various locations here in Phoenix, Arizona. I have never experienced a market in its current status. However, I do adapt very quickly to service the needs of my investors. The Real Estate and Beyond Team has created a win-win system to assist investors to purchase great deals from the court house steps. Here is a recent picture of successful bidder at the auction this past Tuesday. The owner of this new home was very excited after I informed him that he was the winner of the bid. He was tired of putting in endless offers on properties listed on the multiple listing service.
The investor found my blog on informing investors how to purchase from the court house steps. He called me to obtain more information. We met for an hour to create the plan. Voila, he was receiving houses for the next day at auction. We started to make bids on properties two days later. We continually narrowed our search until we had a set game plan. We continued to place bids on properties that fit the exact criteria. The investor purchased his property in less than two weeks. There is no waiting at the trustee sales. Let's quickly explain the process.
- $10,000 must be deposited after winning the bid
- Investor must close on the transaction by end of next business day
- Any unpaid taxes must be paid at time of closing
- Bidding fee
The house in this picture was purchased for $241,500. This house comped between $300-325K fair market value. His total purchase price plus fees came to a grand total of $252,600. Let's take the lowest comp of $300K to figure out his equity in the property. His equity in the property the next day was $47,400. That is a great deal. He is very happy on this purchase. It is going to be his primary property. Now, he took the property down with private money. Then, he will be obtaining conventional financing over the next 120 days. The property must be seasoned for 90 days before obtaining conventional financing-new law as of four months ago in the financing world. They continually pass laws to put a stop to flipping properties.
ESTIMATED REPAIR COSTS ON THIS PROPERTY
- ESTIMATED POOL REPAIR $2500
- INTERIOR PAINT $3600
- LANDSCAPING $1500
- REKEY LOCKS $300
- BROKEN WINDOWS $450
- TOTAL REPAIRS:$8,350
The average repairs on a home purchased from the trustee sale average between $5,000 to $10,000 from my experiences.
REAL ESTATE AND BEYOND TRAINING SERVICES trains people on how to purchase nonARMLS properties with a whole process set up for individuals who wish to obtain wealth in real estate over a period of time. We truly believe that real estate is a team sport. We have developed an entire network for real estate investors to be successful. We have connections to private monies to take advantages of these real estate deals. JOIN THE NETWORK TODAY. WE CATER TO OUT OF STATE INVESTORS WHO WISH TO TAKE ADVANTAGE OF THE PHOENIX, ARIZONA REAL ESTATE MARKET.
Real Estate and Beyond hosts a weekly radio show dedicated to real estate investing and training. Feel free to listen to weekly pod-casts click here. We are putting Real back into Real Estate with
- Real People
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Feel free to tune into KKNT 960 AM 12-2PM Phoenix time or streaming from www.KKNT960.comhit live button. Harry D'Elia has been hosting his most popular real estate radio show for the past three years. He gives people real estate information and hope each week.
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Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.
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