Bank Owned Property Specialist
for
Metropolitan Phoenix Scottsdale Chandler Gilbert Tempe Mesa Fountain Hills Ahwatukee
If you are considering purchasing a home in Metro Phoenix and suburbs, now may be just the right time. Sales numbers are up and inventory is still up too. What is still low is the prices. In some areas Bank Owned Homes are selling for less than $100 per square foot.
If you are serious about owning a home in Metro Phoenix and purchasing at a discount, you can be one of the first to view homes as they come on the market from the Banks. Most of my listings are Bank owned and are assigned to me for marketing through their asset management companies. Call now for your personal consultation. My cell number is 480-213-4672. And toll free is 1-888-778-7638.
You may be wondering what you need to know to step into this market and how to make the best investment. Many people are confused with the terms that have become everyday language now in the news and in your neighborhood. Examples are; "Foreclosure" "REO" "Short Sale" and "Bank Owned".
Let's look at each one separately, then give me a call and I will find just what you are looking for.
"Foreclosure":
Foreclosure is the legal process a lending institution goes through to take title to the home so they can resell it to pay back the loan. Anything less than the loan balance plus foreclosure costs is a loss to the mortgage company. This process generally takes 5 months from the time the owner stops paying the mortgage loan. When the bank owns it, it is called "Bank Owned" or "REO".
"Bank Owned" and "REO":
These terms refer to the properties that have come through the Foreclosure process and are now owned by the Bank or Lending Institution, such as Countrywide or Wells Fargo. They all have an inventory of homes waiting for new owners and are listed on the MLS with Realtors. In my opinion, this is where the best deals are and the banks are ready to sell, respond and get it done quickly. They have already held the properties for 6 or 7 months and need to get them off the books so to speak.
"Short Sale":
This one is causing the most confusion. Here's what it means. It is a "Sale" that is "Short" of what is owed on the home. In other words, the Lender accepts an amount less than what is owed on the home from a buyer in a sale. This happens somewhere BEFORE the foreclosure process is complete. Not all properties can be sold this way because not all lenders are willing to negotiate at this point and to simplify, not all sellers do all the paperwork required to qualify for this type of sale. It is very complicated and most often unsuccessful. Lending institutions and primarily "Servicers" are simply not equipped to handle this process. There are no people there with the job title, there is no staff and there is no policy for executing this type of sale. It's like going McDonald's and expecting to order pasta!
Banks ARE equipped to sell homes they own and they are ready to make deals. This is where my expertise can help you make a great investment. Researching recent sales, neighborhood trends, and current listings gives you the most comprehensive information to make this important decision.
Call 480-213-4672 or
Toll Free 1-888-778-7638.
