PURCHASE HOMES AT THE ARIZONA TRUSTEE SALES PHOENIX FIX AND FLIP OR PHOENIX BUY AND HOLD

PURCHASE HOMES AT THE ARIZONA TRUSTEE SALES PHOENIX FIX AND FLIP OR PHOENIX BUY AND HOLD

PHOENIX FIX AND FLIPThings 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.

 

DEFINITION 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 appliances, 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 further information on this subject.

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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Comment balloon 2 commentsHarry F. D'Elia III • May 13 2012 05:14PM

Comments

Fix and Flip may work in larger areas of the country; however, in our area, homes in good school districts which are close to our large employers RENT FAST!

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) almost 8 years ago

The same here happens good school districts and jobs means quick rentals

Posted by Harry F. D'Elia III, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (RentVest) almost 8 years ago

Participate