A real estate agent, as defined by Cambridge Dictionary, is a person whose business is to arrange the selling or renting of houses, land, offices, or buildings for their owners.
Web Reference: http://foreclosureprocess.net/foreclosures
These are Trustee Sale bid services. The companies that offer this service are incredibly versed in the process of purchasing a property at Trustee Sale. I wouldn't recommend trying to purchase homes at Trustee Sale without the help of one of these professionals. A lot of them offer title searches and "drive reports" so you know what you're getting into before you go.
I understand that the real estate agent can also make offer on the foreclosed properties.
Real estate agents can put offers in on foreclosed properties. These are properties that have gone back to the bank (REO) because they were not purchased by someone at a Trustee Sale. They are both great options for someone looking for a good deal on a home in the valley, and a couple of the bid services offer conventional real estate services as well.
Carlos J. RamÃrez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart â€“
Certified Negotiation Expert (CNE)
Now back to your question. There are two types of "foreclosure specialists" on the market:
1 - one is a real estate agent that dedicates most of his time buying and selling foreclosed homes. If you are on the buying side, you will typically not be required to pay him anything as he will get paid by the listing agent. From what it is worth, this will look like a regular transaction where you submit offers through your "foreclosure specialist". Similarly you are going to find agents that call themselves "short sales specialist", or "luxury home specialist", or even "neighborhood specialist".
2 - the second type of "foreclosure specialist", and likely the one you are referring to, are folks that specialize in helping investors and retail buyers bid on properties during the trustee's sale at the courthouse steps. As you probably know, when a property is foreclosed it is auctioned at the courthouse steps. Many investors and retail buyers hire the services of bidding companies to bid on their behalf. Most bidding companies will charge a flat fee, usually ranging from $2,000 to $5,000 depending on the amount of work they do for the investor/end buyer. The cheapest ones will typically provide a list of properties and let you choose the ones you want to bid on and for how much. All the analysis and research is done by the investor/end user. The most expensive ones will do an analysis and provide the investor/end use with a detailed spreadsheet with a suggested bid.
I work with investors and have helped them analyze deals before bidding on the trustee's sales. The challenge is that once they release the list of houses that are going to be auctioned you don't have much time to do your analysis. And in some cases they even remove or add houses to the auction at last minute.
Trustee's sales used to be a great deal because very few people knew about them or felt comfortable bidding. Recently it seems that every week there are new bidding companies popping up and offering their services to investors and end buyers. Some even offer regular training courses to educate buyers on the process. Nowadays it seems that more and more houses are being sold at the trustee's sale close to retail value. Having said that you can still find great deals as long as you do your analysis and is willing to let properties go when the bidding go over your maximum price.
A number of my investor clients that used to buy at trustee's sale almost exclusively, are now also buying bank owned and short sales.
One other thing with trustee's sales is that there are instances when the house is sold and the homeowner is still living in the house. When that happens it is very rare that you will be able to see the house before bidding and if you win, you will need to evict the person. And some homeowners will damage the property when they move out. So the property you receive after the trustee's sale may not be in the same condition as it was before the sale.
I am a real estate investor myself and I am familiar with the whole process. If you feel you need additional information or have additional questions, please do not hesitate to ask.
And if you would like to take a look of a list of homes in our major cities, you can go to http://www.MyFirstHouseAZ.com and search by city, zip code or price range. You can also filter by bank owned, short sales, and HUD homes.
I hope this helps. Good luck!
Jose Dias, REALTOR
Realty One Scottsdale
Find a buyer's agent you trust and work with that person exclusively.
Best of luck, my Canadian friend.
In regards to Foreclosure specialist.. it is a word that is all. Most agents in our market are very familiar/ knowledgeable but some more than others. Just take some time to talk to a couple of agents and go with who you feel comfortable with.,
If I were you I would ask any of your Canadian friends who are already buying properties in AZ for referrals to competent agents.
Hello, homes that sell at auction (usually by banks) are riskier and require cash. These speciallists will buy the home at auction for you and charge you a flat fee. This type of purchase is riskier and you should know what you are doing. Many of the properties have been abused. The buyer beware factor is key here as you must inspect all of hte properties you are bidding on before the auction.
During a purchase contract through a Realtor a buyer is not bidding but submitting a contract to be accepted. After the contract is accepted you have a period of time (to be determined) to inspect the property with your inspector and decline to move ahead and receive the return of your earnest deposit if the property is not as you expected. Also, a purchase contract gives you the abilitiy to purchase with a conventional loan if you are not buying cash.
The banks tend to list many of their foreclosed properties for sale through a Realtor that are in better condition. Properties that cannot be financed due to serious flaws (roof, malicious damage, plumbing, electrical) have to go cash auction as a conventional lender will not lend on some of these types of properties (with exceptions).
For more information on Canadian buyers purchasing in Arizona: http://arizonahomesland.com/canadianbuyersarizona.html
Jeff Masich, Realtor
Arizona Homes and Land
Please feel free to let me know if you need additional guidance, as our team does specialize in working with Canadian investors, such as yourself. You will see we are featured in this month's Canadian Real Estate Magazine and also participated in the Jurock LandRush seminar this past February.
Shannon Cunningham Smith
AZ PERFORMANCE REALTY TEAM
Keller Williams Professional Partners
If you'd like some information about the properties, including some YouTube videos of some of these houses that my clients are bidding on, send me an email at firstname.lastname@example.org, or call me at 602 319 8085. Also see that you're from Canada- I will be in the Vancouver area July 6-11, would you happened to be in that area?
Hope to hear from you soon.
602 319 8085
I would be more than happy to assist you. You can email me at email@example.com.
My real estate practice is tailored for investors and we specialize in the special circumstances for buyers from other countries. I have work with quite a few Canadian investors on a regular basis. If you would like to buy properties at the Trustee sale, I do have a service I use and I can help you determine what your top price should be for the property.
If you would like to discuss further, you can call me at 602-330-1840.
MoreChoices Real Estate LLC