Foreclosure in Scottsdale>Question Details

Arliss315, Both Buyer and Seller in Scottsdale, AZ

How do I find local banks that are going to foreclose on properties?

Asked by Arliss315, Scottsdale, AZ Tue Nov 10, 2009

I'd like to find a property that is distressed to the bank in the Scottsdale area and work out a deal. How would I go about this? Thx.

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6
Daniel Reynolds’ answer
The bank is not going to give you a list of homes. I'm sorry but it doesn't work that way. By law the home is still owned by the person holding title and until the bank forecloses you can't buy these from the bank or even get a list of homes.

Once the home has foreclosed, it's sourced out to a listing agent not investors. From there you'll need to be represented by a buyers agent to buy the home. ( That's where we come in )

Despite what people think you are not required to pay a buyers agent. The costs is already built in with the house.

Daniel Reynolds, Realtor®
Broker Executives, Inc

http://evmls.com
480-297-2008
daniel@brokerexecutives.com
Broker Executives, Inc
Web Reference: http://evmls.com
0 votes Thank Flag Link Sun Dec 13, 2009
Arliss315,

You're making this way too difficult for yourself if you are not a Realtor.

First of all, a competent Realtor should be able to help you find short sale homes (what usually happens before foreclosure) that you can purchase.

Finding homes before they go to foreclosure is going to get more and more difficult as banks now are trying to set up their own short sale agent panel and system so that they are listed short before foreclosing (Bank of America is starting to use REOtrans)

I actually found a short sale home that I am finishing up a video on to post to my web site as a great potential investment home back property in Scottsdale.

So, I would suggest trying to work with a Realtor to help you find those kind of investments as I do every day.

Best of luck to you,


Stew Keene - Home Smart Real Estate
0 votes Thank Flag Link Tue Nov 10, 2009
Realty Executives brokers and agents do not give legal,
financial or tax advise. Please consult these professionals
before, during and after buying or selling any property.
_________________________________________________

Arliss315, the challenge is that you need to understand how the loan works.

The BANK could be nothing more than a SERVICE COMPANY that collects payments.
Behind the loan is a group of INVESTORS who make decisions.
It becomes more complicated than that because the INVESTORS may require the borrower to have
Private Mortgage Insurance that a claim must also be filed and approved.
On top of that the INVESTORS may also have Private Investment Insurance.
And to complicate items a little more their could be a management company in between the MORTGAGE SERVICER and the MORTGAGE INVESTOR.

Now imagine if the homeowner has 2 or 3 mortgages, the process doubles or triples.
That is why a short sale can take so long.

The odds of "working out a deal" on an individual home are very very very low.
If you are a professional investor group with lots of cash and want to go to an INVESTOR GROUP sitting on several about to be default properties and offer to buy a large group (500 or 1000) off of their hands for 85 to 90 cents on the dollar, they may want to talk to you.

I hope this gives you a clearer picture.

** SCOTTSDALE FORECLOSURES FOR SALE **
Free list with pictures updated daily! Save Big $$$
http://www.scottsdaleforeclosuresforsale.com
0 votes Thank Flag Link Tue Nov 10, 2009
Also, any agent can set up a search for you in the MLS for bank owned homes or short sales in Scottsdale.
0 votes Thank Flag Link Tue Nov 10, 2009
Dear Arliss:
Good question. This is not public information if the bank's have not taken the action yet. There are privacy laws that protect a borrower before the foreclosure happens. You are protected in the same way. The best clue on a home that may be foreclosed on? Check the county tax records for homes that have defaulted on their property taxes. This is public information.

However, once the foreclosure happens and title reverts back to the lender then it becomes public informaton. At this point, the banks will list their properties that will be going to auction or listed on the MLS.

If you wish to contact me, I can provide the major lenders in Arizona and their foreclosure sites. Also, see Fannie Mae homes at http://homepath.com. Special homeowner and investor financing is available from Fannie Mae with low down, no mortgage insurance and light rehab financing available.

Also ask me about the fantastic State of Arizona free grant money program for a foreclosure home for free money up to $44,000 depending on the price of the home and the length of time you live in it: 5, 10, 15 years.

There are also a list of HUD homes available on my Arizona Homes and Land website at http://ArizonaHomesLand.com

If I can help you find a great foreclosure home in Scottdale or the Phoenix metro please contact me at:

Jeff Masich, Realtor®
Arizona Homes and Land

http://ArizonaHomesLand.com
480-556-0940
jmasich@usa.com
HomeSmart Real Estate
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Tue Nov 10, 2009
Arliss, if you are trying to go direct, my personal opinion is that you will not have any luck. However, there are many agents that represent the banks out there and that have access to these types of properties. The same deal you will get with the bank is the same deal you will have with the REO Agent. I have a several agents that represent a large portfolio of bank owned properties. I would suggest contacting me for further discussion. Direct: 480.650.8602
0 votes Thank Flag Link Tue Nov 10, 2009
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