Buying Bank Owned, Short Sales and Auction Properties

These properties can represent a significant opportunity to buy a home or investment property at a very large discount.

 

Buying a bank owned home or auction property also has it challenges….challenges that not properly handled could turn your dream of buying a “Foreclosure” bargain or short sale into a nightmare. The professionals at The Arizona Pros from John Hall and Associates have the knowledge and skills to successfully guide you through the process..

The bank and the auction company will not be looking out for you…anything they do will be in their best interest…not yours! So, who do you have watching out for you??

Not all home purchases are created equal, nor are all Realtors, The Arizona Pros has the background, knowledge and experience you need to protect yourself when buying from a bank or auction. Put our experience to work for you and even the playing field.

Did you know…

You are buying the property “as is”, with no guarantees as to condition and limited guarantees with respect to the title (more limited than a normal purchase).

Your opportunity to inspect the property (if any) will be severely limited.

You may not be able to have an appraisal of the property done.

How do you protect yourself from damage to the property during the escrow period?

You may be buying a home that is occupied at the time of closing, could be issues removing occupants.

The bank will require you to sign additional paperwork, protecting only them…as many as 20+ pages…do you know what you are signing?

In most cases, you will have to have any financing arranged in advance of the purchase.

Do you know when your “deposit” is at risk? Do you know what the risks are?

Buying the property as your personal home?? The bank does not care about when you need to be moved in…they frequently blow right past the closing date leaving you in a lurch.

The “Opening Bid” at the auctions makes these properties very attractive! Did you know that the “opening bid” is not the same as the “reserve” which can be tens of thousands higher.

Often, there are multiple bids on bank owned properties…how do you determine what to offer?

On auction properties…You will not be able to access the property for additional inspections without a licensed professional.

The bank does not guarantee any reference to square footage and previous value given at auction is arbitrary,

Short sales can take 3+ months to get an answer back from the bank and If a higher offer comes in your offer may be “knocked out” without you knowing it.

Things you should verify and inspect include ….title report, lot lines, encroachments, termite and wood infestation, water intrusion and “mold”, fissures, expansive soil, environmental hazards, area nuisances, school districts, HOA documents, zoning, building code violations, connection to sewer, water source, drainage, flood zone, building deficiencies, poly butylene piping, aluminum wiring…just to name a few.

Your dream of buying that bank owned bargain can be a dream come true…let “The Arizona Pros” show you how…..feel free to contact us with your questions…we are happy to help!

“The Arizona Pros”- John Hall and Associates 602-840-0108