What you need is an agent that has relationships with the bank reps and knows when deals are going to hit the market before they actually do. It's how the game works the best properties are sold BEFORE they hit the market by professional investors who also have those connections or agents that are in the know and have the clientele ready to buy. Other then that youâ€™re going to be looking at what everyone else is..........
Also I recommend you stay under 1M in the foreclosures and interior NW or Oro Valley otherwise your most likely going to just buy and then lose money. Stay away from outlying areas the demand is very weak and will be until the market gets signs of life.
If you want more info about how the real foreclosure market works check out my blog post about it/ you can also search only foreclosure (or short sale) homes on my search function I think I'm about the only agent/brokerage that has identified how to separate the foreclosures and short sales from all the other regular homes for sale.
Simply give me your e-mail address. I won't waste your time. I'll set up an automated Homefinder account for you. You will be e-mailed the second a new foreclosre comes on the market. I would stay away from the short sales if you are looking for a deal. The banks take 45 days and longer to approve the contract, if at all. Wait until the process is done and the bank has put their price on the property, then let's negotiate. How's that sound?
I know that real estate properties are not 50% off. I was just giving an example, didnt mean to reflect the market's exact depreciation. To any future "Cindis" : Please dont waste my time with your lectures, and non relevant answers. Thanks to the people that were actually helpful in there replies. Daniel I will be contacting your offices on Tuesday for sure. Alex, thank you for your information - greatly appreciated.
First of all, remember, foreclosure is a process that doesn't happen overnight, so most any property that you look at be it a short sale, auction or REO will have some history on the market. Lenders have an obligation to shareholders etc. to try to limit their loss which may be while agents are showing you properties with a market history.
Further, I answered a question very similar to you request several days ago, along with a number of other agents. In general, the advice that was given was that pre-foreclosure properties (short sales) where not always the deal the might appear to be at first glance, the price has not been truly established at the point it is a short sale, as the lender is interested in minimizing their loss and in a short sale, you are negotiating with both the lender and the home owner-This process can take weeks-more likely-monthly to finalize and can frequently end in multiple offers and a bidding war.
REO's or bank/lender owned properties have already gone thru the auction process and didn't sell. The ownership has now defaulted back to the bank/lender. These are a bit easier to deal with in terms of a timeline and a price, although they too can receive multiple offers that are bid up. Frequently, these properties do not have ulitities turned on for you to complete adequate inspection, unless you are willing to cover the cost of re-establishing service.
Auction properties are literally those that are auctioned off on the country court house steps. Unless you have been able to see and inspect the property before it hits auction, you are taking a great risk on what you are buying. If you are a position where this type of risk would not be finacially devasting if the house had major defects or you have a construction team to go in and quickly bring the property up to standard, this a be a good place for you to concentrate.
As for finding deals that are pennies on the dollar, I refer you back to the 1st answer. The Tucson market has taken a hit, but houses are not going for half their recent worth, nor do the market gurus expect that outcome.
I am sure that you have looked at Realty Trac-You can also find properties moving down the path to foreclosure on varieous lender and bank site-Try Well Fargo, Countrywide etc. Or I will be happy to show you properties that make good investment sense-they may be at any stage of the forclosure cycle, or they may just be priced right for the market.
There are great deals out there - maybe not at the discount you are looking for. Good luck - it's a great time to buy!