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. I truly believe that the trustee sale process is the only place for true deals.
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:
- You must provide $10,000 certified funds prior to bidding.
- Must pay off the entire purchase price in full within 24 hours or by end of business next day
- Properties sold at the public auctions are sold without warranties. There is a possibility that the property may have liens and judgments tied to the property. One might have to evict the property owner or renter.
- 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 appliances, kitchen cabinets, etc
- Odors are left behind from dead animals and/or rotten food
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