1). Cash offer

2). Use listing agent.

Does this answer yer question?

Eric,

The Trustee Sales have so much competition right now that many of our investors are not picking up as many this way, as they tend to be bid up too high. There is a problem I don't see anyone speak of with the Trustee Sales and is a risk. I have seen some investors pick up a home and later find that there was a second mortgage that wasn't recorded properly and had to be paid off after the fact by the investor that purchased it. These can be unforeseen!! There is no title insurance to take care of this problem. Another issue is the owner's of the home can be distraught. I have seen some horrible things happen...(to the home and to the owner)

A bank owned, that is run through title is a safer route. You also get to do inspections and make a better decision on your investment. Short sales can work, but most banks will sell them close to market, making the spread difficult. If you are holding, than most everything can be a good investment, but if you are flipping then you must be more particular.

Best Regards,

Brenda

Ron & Brenda Cunningham
West USA Realty
602-980-3133
**** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley"

Two primary ways to do it - at the trustee's sale or once it's listed as an REO.

1) Trustee sale, if successful, required $10k certified funds at time of successful bid with the remainder of the funds due within 24 hours. No inspection period, no contingencies.

2) Agent-listed REOs are as-is sales but allow the possibility of financing and also do provide an inspection period, generally with the return of earnest money if the contract is cancelled during the inspection period.

Inventory is very, very thin right now and multiple offers are common on anything under $125k so be prepared to have to work a bit to find the right property.

Hi Eric,
I deal with Foreclosures on a daily basis. Call me for more info.
AJ Stewart

I would say that the best way is probably at a trustee sale. You can also look at distressed properties such as bank owned and short sales. I can help you with either route. Please contact me for more information.

Hi Eric,
The other main difference between buying from one listed on the MLS as bank owned or Trustee sale (aside from paying cash) is that you have little opportunity to see the home before you purchase it. Often they are vacant and locked up. Also, there is no inspection period, such as you get with an already repossessed and put back on the market home. You will buy a Trustee sale home "AS IS", all sales are final, no cancellation period, all funds due within 24 hours to the Trustee. I do know of some hard money lenders who will help you finance one if you don't have the cash on hand.
Let me know if you need any further assistance. I've been buying at Trustee sales since 2009 and have 15 years of experience in this market.
Sincerely,
Jennifer Ferguson
West USA Realty
602-284-4747

Hi Eric,

Another answer: Hire a real estate professional licensed in both Arizona and California.

Call me anytime!


Michelle Renée Mozell
602 292-0753 Cell
480 452-0640 eFax
mmozell@cox.net

HomeSmart, Associate Broker
20860 North Tatum Blvd.
Suite 140
Phoenix, Arizona 85050
480 443-7400 HS Office
480 664-4357 HS Fax

Sonoma Coast Living, Realtor®
DRE License 01879859
575 Highway One
Bodega Bay, California 94923
707 875-2500 SCL Office
707 875-3242 SCL Fax

With CASH and to close quick! ;)

It depends on what type of property you are looking for.

Some homes can purchased at a Trustee Sale, but with that comes additional risks (no inspection period) and requires CASH within 24 hrs to complete the sale or lose the $10K bid deposit.

Another option is purchasing a lender owned home. This allows for inspections, but also brings more competition.

A third option is a short sale. This is pre-foreclosure that also allows for inspections, but brings additional time for the seller's lender to approve the loan.

Contact me if you would like more details and further explanation.

Regards,

James Wehner
West USA Realty
480-323-5462

Eric,

Get in line! Way too many people from out of state are thinking that Arizona is a cesspool of inventory. What most people do not know is that Arizona is at a 2 month level of inventory which should be more like 6 month. Is it possible to buy? Absolutely! Can you buy at low prices? Yes but DO NOT expect to come here and low ball the list price, in fact be ready to offer more. You have approximately 6-8 buyers (many of them cash) making offers on the same house. Contrary to the media, Arizona is a very hot market right now. In fact, rentals are flying off the market too. You can take my word for it or not. If not, be prepared to have pie on your face for a while as the buyers get the property. FYI: I don't mean to be sarcastic, I mean to provide a big dose of the reality of what is going on in our market. The media does a lousy job at knowing how to report what is really happening. In short: You can get property that cash flows but also be very, very realistic.

Eric,
There are a few ways to purchase a foreclosure in Phoenix. I would have to say the 2 most popular ways would be at a Trustee Sale or a lender owned listing. I would seek the advice of a real estate professional for both types of transactions.
The biggest difference between the 2 ways is that the trustee sale requires an all cash purchase, while a lender owned listing can be purchased with financing.
Please feel free to call me for further information.
Bob Dickinson
RE/MAX Excalibur
602-527-8086