How to buy Foreclosures, Short sales,
Bank Owned Properties & REO's
Welcome to ElectricRealty.com, your source for acquiring real estate short sales and foreclosures in Metro Phoenix, Arizona; also regular sale and short sale listing agent (REALTOR®) for Scottsdale, Paradise Valley, Tempe, Phoenix, Chandler.
Our goal is for you to become an expert in the type of homes you are interested in by teaching you how to make great home buying decisions.
The first step is to contact us for thorough search results.
There are different methods of purchasing foreclosures / bank owned, short sales or regular homes successfully, and we will use and teach you the system best suited for your needs. We do not believe in being pushy; instead, we will educate you by providing all the facts. You will be able to use the latest high-tech features of the MLS to save time and make the process easy, this from the comfort of your own home.
PhotoVideoTours of properties of interest can also be produced for our out-of-town buyers either with retainer or for a small fee to cover our expenses. Plans are available for investors wishing to make multitudes of "lowball" offers. Click this link for details or contact me to determine the best solution for you. Your satisfaction and future referrals are our ultimate goals.
Short Sales and Lender Approved Short Sales can be the better deals on the market. The lender approved short sales generally close much faster than the ones that still need to be approved, and are listed at the price that the lender will accept. If a short sale has not yet been approved, the list price is chosen by the listing agent (REALTOR®) and does not necessarily reflect the final sale price.
Bank Owned Properties, aka Foreclosures or REO’s, and now even short sales are in such high demand that they create bidding wars between buyers and often sell at or more than asking price. It takes experience to determine the right offering price to successfully obtain a property without overpaying. For this reason and because of the added work, many real estate agents (REALTORS®) either fear working with foreclosures/REO’s and short sales or no longer wish to write offers on them after a few unfruitful transactions. This is especially if their list price is in the lower end bracket. Even for us, it is hard work; but we are not afraid of it. No purchase price is too low. Please contact us for more information.
REO’s, short for Real Estate Owned, are currently bank owned properties that have gone through the foreclosure process, and have not sold at the Trustee Sale (foreclosure auction/sale). At the foreclosure sale, which generally take place on the court house steps or at an attorney’s office, the property is auctioned with opening bid starting at loan balance + accumulated interest + all misc fees. Payment method is cash and the property is sold as-is, even including existing liens against it and occupants to deal with. When such a property is not sold at the Trustee Sale, it is then “repo’ed” by the lender which removes the encumbrances (liens & occupants) in order to make it eligible for title insurance; then lists it for sale with a broker. Note that no guaranties are made by the seller about the condition of the property, so the possibility of any defects should be investigated during the allocated inspection period.
Even though bank owned properties / foreclosures or REO’s, and short sales are usually good deals, buyers must be informed and educated about the surrounding comps to make the appropriate offer. Factors such as cost of rehabilitation repairs, remodeling, upgrading (if needed) must also be factored in to still have a bargain by the time the project completed.
The process of making an offer: Bank owned properties / Foreclosures / REO’s are listed for sale by listing agents (REALTOR®) representing the banks’ interest and not the buyers’. Many selling banks do not even allow their listing agent (REALTORS®) to represent both (dual representation) because of the clear conflict of interest. This is where we do our part. After initial contact, we will show you everything available according to your criteria, first online through a special mini website especially prepared for you, then in person. We will educate you in order to make you an expert on your properties of interest. When ready to make your offer(s), we will take care of the complicated process which can be different for each seller, and help you negotiate with the asset managers and agents (REALTOR®) representing the banks. Be aware that having your offer accepted and successfully closing of escrow can be tricky. To increase your chances of a fruitful transaction it is important to have a competent and honest realtor on your side, not just a agent interested in making a quick commission. Remember that your satisfaction and future referrals are our ultimate goals. Contact us now.
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|PhotoVideoTours™ and listings|
|Sell faster with PhotoVideoTours & innovative marketing|
|Click on thumbnails to visit properties|
|1641 E Willetta St, Phoenix, AZ 85006 |
|SOLD - MLS 5852753 |
|Main house 2 bedrooms (+bonust room)/1 bath - 923SF, Guest house 1bd/1 bath - aprox 900SF - Lot Size: 6,753SF|
|Historic home with 2 story guest house - City skyline views|
|Downtown Phoenix - Coronado Heights|
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|103 W Palmcroft Dr, Tempe, AZ 85282|
|Bed/Bath: 2/1.75 - 1,798 SF - Lot size 0,18 acres / 7,396,sf|
|Beautiful Large 2 bed/2 bath with office|
|Mill & Broadway / Downtown Tempe |
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| JUST SOLD $120,000 MLS 5792881|
|Bed/Bath: 2/1.75 - 1,088 SF - Lot Size: 3,010 SF|
|31st Ave & Bethany Home - North Phoenix |
|North Phoenix Near Colleges & I17 |
|611 E Cody Dr. Phoenix AZ 85040 |
|MLS 5607676 $184,900 SOLD|
|Bed/Bath: 4 /2.5 Baths - 1,649SF - Lot Size: 3,992SF|
|Conveniently located close to downtown Phoenix, 2 car garage|
|South Central Phoenix|
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|845 W Campbell Ave, Phoenix, AZ 85013|
|MLS 5580707 SOLD|
|Bed/Bath: 3 /1.75 Baths - 1,269SF - Lot Size: 7,414SF|
|Beautifully remodeled with lush backyard, flowers, trees, garage|
|Melrose District / Camelback & & 7th Ave|
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