Comments for Rethink Realty Team http://rethinkrealtyaz.com Solutions for Homeowners. Tue, 30 Aug 2011 06:06:01 +0000 hourly 1 http://wordpress.org/?v=3.3.2 Comment on Arizona Trustee Sale (Foreclosure Auction) Basics for Buyers by Gary http://rethinkrealtyaz.com/arizona-trustee-sale-foreclosure-auction-basics-for-buyers/#comment-193 Gary Tue, 30 Aug 2011 06:06:01 +0000 http://rethinkrealtyaz.com/?p=54#comment-193 Hi Colin, Trustee sale bidding services typically charge between $2,000 and $3,000 to bid on your behalf. Some having a sliding scale; lower price-lower fees, high price-higher fees. They only collect if they win the auction for you. Most, if not all, will require that you put $10,000 into an escrow account before they will bid for you. This is due to the fact that they will have to put up $10,000 if they are the winning bidder. And if you back out they don't want to be left having to taking a $10k loss. Be sure the one you use does a title search on the property to check for any liens. If you're going to use hard money to finance the purchase ask if they require you to use their in house hard money lender. If so, ask them what the fees and terms of the loan are. You may find that other hard money lenders have more favorable terms. Make sure you let them know that you plan to use hard money. And make sure you have hard money in place before the bidding beings. Good luck at the auctions! Hi Colin,
Trustee sale bidding services typically charge between $2,000 and $3,000 to bid on your behalf. Some having a sliding scale; lower price-lower fees, high price-higher fees. They only collect if they win the auction for you. Most, if not all, will require that you put $10,000 into an escrow account before they will bid for you. This is due to the fact that they will have to put up $10,000 if they are the winning bidder. And if you back out they don’t want to be left having to taking a $10k loss.

Be sure the one you use does a title search on the property to check for any liens. If you’re going to use hard money to finance the purchase ask if they require you to use their in house hard money lender. If so, ask them what the fees and terms of the loan are. You may find that other hard money lenders have more favorable terms. Make sure you let them know that you plan to use hard money. And make sure you have hard money in place before the bidding beings.

Good luck at the auctions!

]]> Comment on Arizona Trustee Sale (Foreclosure Auction) Basics for Buyers by colin lowe http://rethinkrealtyaz.com/arizona-trustee-sale-foreclosure-auction-basics-for-buyers/#comment-192 colin lowe Tue, 30 Aug 2011 05:37:47 +0000 http://rethinkrealtyaz.com/?p=54#comment-192 If I engage a specialist wholesaler to bid for me, what 'll he/she charge? If I engage a specialist wholesaler to bid for me, what ‘ll he/she charge?

]]> Comment on Buying a Short Sale – Basics for Buyers by Gary http://rethinkrealtyaz.com/buying-a-short-sale-basics-for-buyers/#comment-170 Gary Tue, 22 Mar 2011 03:04:34 +0000 http://rethinkrealtyaz.com/?p=58#comment-170 Hi EJ, There is a possibility that the bank will postpone the trustee sale. But it depends on a lot of factors that come into play, such as the ability of the seller's real estate agent to negotiate with the seller's lender/s, the value of your offer compared to other recent sales in the area, and your level of patience with the process. Ultimately, it boils down to this; If your offer nets the bank more then if they were to foreclose on the home and sell it themselves there is good chance the trustee sale will be postponed to allow the sale to go through. As the buyer your best option is to submit an offer that is reasonable when compared to other homes that have recently sold. The bank will look at recent comparable sales to determine if your offer is reasonable. If it is, there is a good chance they will approve of the sale and you will get the home. I hope it all goes through for you, best of luck! Hi EJ,

There is a possibility that the bank will postpone the trustee sale. But it depends on a lot of factors that come into play, such as the ability of the seller’s real estate agent to negotiate with the seller’s lender/s, the value of your offer compared to other recent sales in the area, and your level of patience with the process.

Ultimately, it boils down to this; If your offer nets the bank more then if they were to foreclose on the home and sell it themselves there is good chance the trustee sale will be postponed to allow the sale to go through. As the buyer your best option is to submit an offer that is reasonable when compared to other homes that have recently sold. The bank will look at recent comparable sales to determine if your offer is reasonable. If it is, there is a good chance they will approve of the sale and you will get the home.

I hope it all goes through for you, best of luck!

]]> Comment on Buying a Short Sale – Basics for Buyers by EJ http://rethinkrealtyaz.com/buying-a-short-sale-basics-for-buyers/#comment-169 EJ Tue, 22 Mar 2011 02:02:48 +0000 http://rethinkrealtyaz.com/?p=58#comment-169 Enjoyed reading your article. .. wondering if you could help me understand our situation. We have been searching for a home for a long time and one day around noon a new listing came up (March 15th), unfortunately it is one I HAVE TO HAVE but its a short sale. We put an offer in at 2pm and the buyer accepted the next day at noon. (March 16th) We just looked at some major detailed tax info and other information on the house and realized that there is an auction date for May 2nd, 2011 (AHHHH THIS YEAR) Will the bank let this auction happen even if there is a legitimate offer on the table (above asking price)? Im worried I will lose this house. So sad. Enjoyed reading your article. .. wondering if you could help me understand our situation.

We have been searching for a home for a long time and one day around noon a new listing came up (March 15th), unfortunately it is one I HAVE TO HAVE but its a short sale.
We put an offer in at 2pm and the buyer accepted the next day at noon. (March 16th)

We just looked at some major detailed tax info and other information on the house and realized that there is an auction date for May 2nd, 2011 (AHHHH THIS YEAR)

Will the bank let this auction happen even if there is a legitimate offer on the table (above asking price)?

Im worried I will lose this house. So sad.

]]> Comment on Going Once, Going Twice, Sold to the Highest Bidder! by Gary http://rethinkrealtyaz.com/going-once-going-twice-sold-to-the-highest-bidder/#comment-7 Gary Wed, 25 Aug 2010 06:06:44 +0000 http://rethinkrealtyaz.com/?p=45#comment-7 I've heard of this. In my experience, things at the REDC auctions happen fast and it is hard to tell who is bidding but I wasn't aware of this practice. I’ve heard of this. In my experience, things at the REDC auctions happen fast and it is hard to tell who is bidding but I wasn’t aware of this practice.

]]> Comment on Going Once, Going Twice, Sold to the Highest Bidder! by GEORGE DEVOS http://rethinkrealtyaz.com/going-once-going-twice-sold-to-the-highest-bidder/#comment-6 GEORGE DEVOS Wed, 25 Aug 2010 00:47:08 +0000 http://rethinkrealtyaz.com/?p=45#comment-6 The auction buyer, MOST ESPECIALLY at auctions such as REDC, should be aware that the auctioneer bid against buyers. What I mean is he will call bids that he does not have and will allow a buyer to raise a bid that he does not have. This means you can potentially be the only actual bidder. It means that any or all bids before your bid were fake. Potential buyers are not on proper notice that the auctioneer may pretend to have bids that he does not. Some would say it's deceptive. I would avoid the REDC auctions unless you can afford to bring your lawyer with you. The auction buyer, MOST ESPECIALLY at auctions such as REDC, should be aware that the auctioneer bid against buyers. What I mean is he will call bids that he does not have and will allow a buyer to raise a bid that he does not have. This means you can potentially be the only actual bidder. It means that any or all bids before your bid were fake. Potential buyers are not on proper notice that the auctioneer may pretend to have bids that he does not. Some would say it’s deceptive.

I would avoid the REDC auctions unless you can afford to bring your lawyer with you.

]]>