|1.||How accurate and complete is your information?|
|2.||If I am the successful bidder at the sale, when do I have to pay?|
|3.||I am a licensed agent; can I sell to my buyer and collect a commission?|
|4.||Will I receive a warranty deed from a title company? Does the transaction go through title?|
|5.||Should I bid on a property that is occupied by the current owner?|
|6.||What do I do if I find that the original owner is still occupying the house after I was the successful bidder?|
|7.||If I have limited capital, can I get a
loan to pay for the property?
|8.||Do a lot of people show up at the auctions?
|1.||Question:||How accurate and complete is your information?|
|Answer:||We go right to the source, the county recorder, to obtain the information. We are confident that we capture all the necessary notices and supply the information to you. We report just what is in the notice, if the notice contains incorrect or erroneous information it is up to the client to perform additional due diligence to gain the correct information. Our information is deemed reliable but it is not guaranteed.|
|2.||Question:||If I am the successful bidder at the sale, when do I have to pay?|
|Answer:||Arizona Revised Statute requires payment to be made by 5pm the next business day. Check out our State Data page as it provides the statute that governs trustee sales.|
|3.||Question:||I am a licensed agent; can I sell to my buyer and collect a commission?|
|Answer:||Yes, as a licensed agent you can collect a commission for the sale. You will be responsible for handling your own commission, your commission or fee will be added on top of the final sales price. Please make sure your documentation is in order between you and the buyer and complies with your broker's policy regarding commissions.|
|4.||Question:||Will I receive a warranty deed from a title company? Does the transaction go through title?|
|Answer:||No, the transaction does not go through title. The successful bidder receives a Trustees Deed. Depending on the trustee, the deed can take up to two weeks to get to you. Some Trustees record the deed while others send it directly to you and you have to record it.|
|5.||Question:||Should I bid on a property that is occupied by the current owner?|
|Answer:||We have never found occupancy to be a reason not to bid. Approximately 50% of the homes going to trustee sale are occupied.|
|6.||Question:||What do I do if I find that the original owner is still occupying the house after I was the successful bidder?|
|Answer:||The legal process to remove the previous owner is called Forcible Detainer. We have attorneys that we can recommend that handle this situation. Often you can create an arrangement to get the previous owner out without having to go through an attorney. We cover these techniques in our video that covers what to do after the sale.|
|7.||Question:||If I have limited capital, can I get a loan to pay for the property?|
|Answer:||Hard money or private money loans are available. We have sources for you to contact. In Arizona, trustee sales must be paid for by 5pm the next business day. Conventional financing does not work in this case as they can not produce funding within that time frame.|
|8.||Question:||Do a lot of people show up at the auctions?|
|Answer:||There are regular bidders at the auctions. New investors show up to bid or observe on any given day. Everyone is welcome to participate. Being fully prepared is important before you start. Attend one of our next bootcamps to learn more about the auction process. Click Here|
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5 Tips on Buying a Foreclosed Home.
You don't need to show up at courthouse auctions or comb through legal filings. These days many banks sell foreclosed homes through real estate agents.
To find listings, look on sites that specialize in foreclosed properties, such as realtytrac.com and foreclosurepoint.com. The local multiple-listing service often has selections as well. (The fact that the home is in foreclosure is not always highlighted in the MLS, but it's often mentioned in the description.)
Finally, some agents specialize...READ MORE
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