Foreclosure and what you should know when making an offer!

Many Real Estate Professionals are seeing a change in this market. Some are following the trends and some are not. Buyer agents are looking at making money and providing fiduciary to their clients by providing the most sought after property listings to their clients by researching the REO properties... yet many do not have clue how the process works. After all... when in History did most all the buyers flock to REO properties like they do today?

I write this for two important reasons. One for the agents and one for the consumers. When it comes to purchasing bank owned homes there are a few important things to consider. The seller although being a bank... trying to recover from the loss of foreclosure is not necessary going to give their valuable assets away for 50 cents on the dollar. Some buyers and agents look at the foreclosure reports and base their offer on what the bank foreclosure amount was without considering the actual cost involved with the foreclosure process itself. Some offers come in way under the public foreclosure amount and thus we have home buyers believing they can buy way under value. Then they wonder why our banks are in trouble with bail outs in the economy today.... Go figure. The truth is while sitting at the accountants desk for the bank there are certain levels that are considered. Imagine sitting at that desk for just half an hour!!!!

The banks are trying to recover from what is happening and they are pricing their properties to compete with the inventory as any serious seller would do. The agents are busy the buyers are excited, however so many buyers and agents are blown away when they get back a seller response to their offer at full price or close to it. I have analyzed this as I process many offers daily in Northern, Central and Eastern Arizona and specialize only in bank owned properties.

I can help you understand more about the process and the expectations when purchasing. Follow my blogs and am going to make it a goal to provide valuable information on Bank Foreclosures in Arizona. How do you Choose the right property? How do you analyse it befor the offer? What do you want to offer? What are the different bank requirements? Why are the requirements different for every bank? How do you actually know what properties are in price distress? When can you actually buy for 50 cents on the dollar?

I will write one blog a week regarding this important issue. Today...we are just getting started!