Home Buying in Phoenix>Question Details

David Steune…, Home Buyer in abbotsford, BC Canada

Thanks for the answers regarding legalaity for Arizona home investment purchases, now I have a couple more.

Asked by David Steunenberg, abbotsford, BC Canada Wed Feb 18, 2009

In the answers received the comment came up about escrow. I expect that to be handled and directed by my agent (he will advise or provide escrow company options). Is that correct? I am looking at purchasing a home at an auction and am just wondering about the transaction process after a successful bid and the signing of a contract. It looks to me like the auction company (and bank) will provide all the paperwork, contracts, forms etc, and then we just need to follow the instructions regarding fulfillment of the contract, forms, payments etc. Am I missing anything in this?

Help the community by answering this question:

Answers

2
David,

You are on track! I have been to a few!

FYI my buyers ended up wining the bid but at the end the bank didnt accept there offer and kept the home listed to resale.

If you need any guidance feel free to contact me I would be happy to attend with you! I hope it helps!

Lucinda Tkach
Windermere Central LLC
602-799-6846
0 votes Thank Flag Link Wed Feb 18, 2009
David,

Your agent will have working relations with several title companies he trust. However one of the seller's conditions when buying a foreclosed property is that you use their title company. This adds some more work and make its more difficult and slower (since those departments are over worked), but at the end the result is the same and you will have the same title insurance protection.

Regarding the auction it will all depend. On most auctions, when you win your bid you are only actually getting the right to buy the property - and even then I have seen many cases where the seller changes his mind and cancels. Also be aware of all the buyer's premiums, etc. Some sellers try to sell their homes at auctions, thinking that they can get more money due to the biddings.

Since the auction is a more expensive process for the seller, and given the fact that at the end the seller will want the same amount of money for him, many times the homes at auctions sell for more than what they would thru a normal process. If you go a to an auction make sure you are well represented, know the rules and the actual property values thru good solid CMAs - without it you can end up paying too much money and/or losing your deposit.

If you buy at a Trustee's Sale the risks can be higher. Remember that those are all cash and they are As-Is.

Carlos
ABR - Accredited Buyer Representative
0 votes Thank Flag Link Wed Feb 18, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer