Home Buying in Scottsdale>Question Details

Query, Both Buyer and Seller in Arizona

Are these foreclosure listings real?

Asked by Query, Arizona Mon May 26, 2008

A foreclosure single-family home for a 20 thousand bid. What does this really mean? Is it obtainable?

Help the community by answering this question:


Very real. I've closed a dozen homes under 25k in the past 5 months. Cash is king. If you need any help with bidding, please call or email me. We do everything electronically which means, you're usually the first to place an offer on any of these, giving you a huge advantage.

Daniel Reynolds, Realtor®
Broker Executives, Inc

Broker Executives, Inc
Web Reference: http://evmls.com
0 votes Thank Flag Link Sun Dec 13, 2009
I discovered a great way to search for foreclosures in Scottsdale, Arizona. Go to http://www.scottsdaleforeclosures.com. Just click on the link and you will get listings that are currently on the market. Most of the homes have several photos to view. You can even get aerial maps and driving routes to each home.

Currently there are over 200 lender owned homes in Scottsdale. Phoenix has over 2000. There is also links for Carefree foreclosures, Cave Creek foreclosures, Chandler foreclosures, Gilbert foreclosures, Tempe foreclosures, Sun City foreclosures, Goodyear foreclosures, Surprise foreclosures, Glendale foreclosures, Mesa foreclosures, Peoria foreclosures, Fountain Hills foreclosures, Rio Verde foreclosures, Paradise Valley foreclosures and more. There is even a link for Vacant Land foreclosures.

You can also search the entire MLS. It's a fun site to check out. You'll be shocked at all the homes that are available. The deals are fantastic too.
0 votes Thank Flag Link Fri Aug 22, 2008
No, they're not real. The other answers explain why.
0 votes Thank Flag Link Mon May 26, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
I checked out a few auctions for some of my homebuyers and found out:

1) There is a "reserve price" on the home meaning the owner of the home may start a home at $20,000 but the reserve might be $150,000 and even it the reserve is met the owner has the right ot refuse the sell.
2) The homes are usually sold "as is" and you must inspect them prior to bidding so you know what you are bidding on. This means you are spending $300 to $500 up front for a "general" home inspection, more if you need 'specific detailed" inspections.
3) Sometimes you must "qualify" using their lender althogh you are free to choose any lender to purchase the home.

Let's stick to the old saying "If it sounds too good to be true, it probably is."

If you want a list of "real" bank owned homes in Scottsdale that are selling at 10,000 to 100,000 below competing homes try: http://www.480repos.com
0 votes Thank Flag Link Mon May 26, 2008
Depends on what your source is. If you are referencing for example: REDC (UShomeauction.com), the $20K is just an opening bid with a higher reserve price. If you are referencing a trustee sale, it would be the opening bid with no reserve, however, I would be careful it is not the second lien you are bidding on. It's not always bad to bid on a second lien, just make sure you know what the payoff amounts are of the more senior liens.
Web Reference: http://www.jameswehner.com
0 votes Thank Flag Link Mon May 26, 2008
I believe from the experience from other realtors in my office and my own experience we are finding the following:

Some of the auction companies are creating a bidding frenzy. What I have have discovered is that buyers are finding awesome deals in the resale market and new builds. However feel free to to attend an auction for your own experience and you will discover this for yourself. With that said you may find properties priced very low in an area you may not like.

Feel free to call with any questions!
0 votes Thank Flag Link Mon May 26, 2008
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