George Miro

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REO vs. Foreclosure

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale. Scottsdale bank owned

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

How to buy a Scottsdale Bank Owned Foreclosure or REO

If you're a first-time homebuyer and you've never purchased a home, let alone a foreclosure property, it is beneficial to contact a local real estate agent who can guide you through the process of buying a foreclosure. If you work with an agent, make sure they know your priorities. Ask any potential agents if they have experience with foreclosures. Especially for first-time buyers, a good agent can be a comforting and helpful resource.

You can contact an agent using the RealtyTrac Agent Network. There is no cost to contact an agent, although you should ask the agent how much he or she charges for commission. Subscribers can click on the Contact An Agent tab on any member page after you log in or click on any corresponding links on the Search Results or Property Details pages.

How to buy pre-foreclosures

When a property is in pre-foreclosure (NOD, LIS), the owner still has a chance to stop the foreclosure process by paying off what is owed or by selling the property. The pre-foreclosure period can last several months, so you may need to be patient when trying to contact the owner in default.

The first step is to call the trustee or attorney listed on the Property Details page to confirm if the property is still in foreclosure. The trustee or attorney has the most up-to-date information if the owner has sold or reinstated the property. The trustee or attorney cannot answer other questions about the property.

If you haven't done it already, you'll want to evaluate the property's value and check for any additional loans or liens encumbering the property so that you can make an informed decision about whether the property is a wise investment. On the Property Details page, click on the comparable sales section to view a report that evaluates the home's market value based on comparable sales in the neighborhood. Click on the loan & lien history section to view a report that lists additional encumbrances on the property.

If the trustee confirms the property is still in foreclosure, and you believe the property could be a wise investment, you should contact the owner in default as soon as possible. The quickest way to make contact with the owner using RealtyTrac is to click on the "Contact Owner" link on any Property Details page to send a postcard to the owner. You can print a postcard and mail it yourself or have RealtyTrac mail a postcard for you. You can choose pre-written wording for the postcard or type your own wording. If you save a property to My RealtyTrac, you will be able to view a record of when you sent a postcard for the property.

If the owner does not respond to a postcard you can try to send another postcard (the owner may have a change of heart as the end of the pre-foreclosure period approaches) or you can wait to see if the property is scheduled for auction and attend the auction.

One option is to call the owner if you can track down the phone number. Another option is to go to the property and try to contact the owner in person, as long as you recognize the ownership rights of the owner. We don't recommend either of these options if you don't have previous experience.

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Here are a few tips for foreclosure investors and homebuyers seeking Scottsdale bank-owned properties:

• Real estate investing, like any investment strategy, is part of an overall financial plan. Before jumping into buying bank-owned real estate, understand the real estate laws, tax ramifications and other financial issues.
  
• Consult with a tax or financial adviser who can help you assess your financial situation. Get your financial house in order first - that way, you know how much house you can buy.
  
• Don't think that foreclosure investing is easy. For every successful real estate investor, there are countless others who have failed. Make sure you spend time studying the market.
  
• Seek professional help. Hire a real estate agent with foreclosure experience. Look for a mentor who can walk you through your first deal.

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The Safest Deals

Scottsdale Bank Ownedproperties offer the safest deal for inexperienced foreclosure buyers, Beitler says: "There's no risk. There are no taxes, no liens, no tenants to evict."

A lender that's eager to sell might be willing to offer attractive terms, says George Tribble, broker of record at Jetstream Mortgage in Oakland, Calif., and past president of the California Association of Mortgage Brokers.

The lender might offer to finance the property at a below-market rate or with a lower-than-usual down payment. Because the bank already has done an appraisal, the buyer might not have to pay an appraisal fee, Tribble says. And lender deals typically include title insurance, which removes much of the risk that accompanies buying homes earlier in the foreclosure process.

The costs of getting Started

With good credit, many banks will loan the full price of the foreclosure or more. If the home is to be used as a rental, many banks will require only a 10% down payment.

Individuals with a large amount of equity in another home may get a line of credit from their bank to purchase a foreclosure. When they convert the line of credit to a mortgage, no down payment may be required.

Foreclosure homes bought in good areas at below market values that appreciate annually can be a sound investment strategy for many investors. The appreciation of the homes is tax-exempt until the home is sold. If the home is a primary residence, the appreciation may be tax-free.

Homes used as rental properties give most investors valuable tax deductions while the house increases in value and builds equity. With many stock portfolios down, foreclosure real estate investing may be the alternative many people are seeking.

Forget about chasing down short sales and dealing with lenders who don't want to deal. Instead, I suggest going straight to the source, which is often the very same lenders who refused to deal but now must. These are lenders who have taken back a home in foreclosure.

Regardless of government-sponsored voluntary bail-out programs designed to help home owners in foreclosure - the programs which are rightfully called "too little, too late and too voluntary" by The New York Times - foreclosures will continue to rise throughout 2008. This means more banks will end up owning properties, which is bad news for sellers in default and bad news for the banks but could mean good news for first-time home buyers and investors. Scottsdale Bank Owned Homes

The deals are out there. But don't make the mistake of thinking the bank is going to hand you a home on a silver platter. Banks hire lawyers to draw purchase contracts that favor the bank. And banks hire hard-nosed negotiators. Make sure you hire a real estate agent versed in dealing with REOs, an agent who will represent your interests over the bank's .

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A bank owned property might not be a great bargain. Do your homework before making an offer. Make sure that the price you pay (if you re successful) is comparable to other homes in the neighborhood. Consider the costs of renovation, including time to complete them. Don t get caught up in a bidding war and pay over market value. It s an old myth that foreclosures are a bargain. How Banks Sell REO sEach bank/lender works a little differently, but they all have similar goals. They want to get the best price possible and have no interest in dumping real estate cheaply.

Generally, banks have an entire department set up to manage their Scottsdale Bank Owned inventory.Once you make an offer to purchase, banks generally present a counter-offer . It may be at a higher price than you expect, but they have to demonstrate to investors, shareholders and auditors that they attempted to get the highest price possible. You should plan to counter the counter-offer. Your offer and counter-offer will probably have to be reviewed and approved by several individuals and companies. Even once an offer is accepted, the bank may insert wording like subject to corporate approval with 5 days. Property ConditionBanks always want to sell a property in as-is condition. Most will provide a Section 1 pest certificate, but not unless you include it in your offer and negotiate the point. They will allow you to get all the inspections you want (at your expense), but they may not agree to do any repairs.Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct.Even though you agreed to as is , always give the bank another opportunity to make repairs or give you a credit after you ve completed your inspections.

Sometimes they ll re-negotiate to save the transaction instead of putting the property back on the market, but don t take it for granted.Banks do not want to see a lot of proprietary disclosures; they are exempt from the California s Sellers Transfer Disclosure Statement (TDS-14). If there are real estate agents involved, either representing you or the bank, those agents are required to provide you their disclosure statements.

Most banks will not provide financing on their REO s but it doesn t hurt to ask. Especially if the property has extensive damage and you are purchasing it as is . Making an OfferBefore making an offer, have your agent contact the listing agent and ask the following Are there any inspection reports? What work has the bank agreed to? Is there a special as-is form? How long does it take the bank to accept an offer? How does your agent deliver the offer?Offers are usually FAXED to the bank. The listing agent needs your originals. There is no formal presentation. Keep in mind: nothing happens evenings and weekends (banks are closed).Since there is no face-to-face presentation to the bank, provide the listing agent with pre-qualification, or better yet a pre-approval letter and your buyer biography.

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Finding and filing properties

Develop a system to keep track of properties that interest you. A good tracking system is important as most foreclosure buyers pursue many properties, sometimes over a period of several months.

After you find a property online, it's a good idea to drive by the property to get a better idea of the property's condition and the type of neighborhood. Some buyers and investors who have driven by the property have found notices posted there that provide more information about the bank who now owns the property. You'll also see if the property is listed with a real estate agent.

Researching the potential bargain

When you find a property that interests you, perform some preliminary research to make sure the property represents a good bargain opportunity. Your research should not take more than one or two days because you do not want to delay too long before contacting the foreclosing bank. The key pieces of information you need to gather are the estimated value of the property and the bank's break-even amount.

The bank's break-even amount includes the unpaid balance of the loan, any fees and costs incurred during the foreclosure process and any other liens the bank had to pay off to take ownership of the property. The unpaid loan balance plus any foreclosure fees and costs are included in the opening bid.

Contacting the bank

You or your real estate agent should initiate contact with the bank to express your interest in the property. Before you expend the time and effort to contact the bank, make sure you're fully prepared to buy.

At this stage of foreclosure it's more likely the property will be listed for sale on the Multiple Listing Service (MLS), so make sure you or your agent checks the MLS. If the property is listed for sale, you can contact the listing agent directly. Keep in mind that the potential bargain often diminishes if a listing agent is involved.

If the property is not listed with a real estate agent, you'll need to take some pro-active steps to contact the foreclosing bank directly. The bank's main focus is not selling property, which means you may need to do some digging to find the department or person at the bank who manages repossessed property.

When you call the foreclosing bank, you should ask for the REO (Real Estate Owned) department, bank-owned homes department or asset management department. Be patient and persistent at this point because it may take some time to get through to this department.

If you have trouble contacting the bank by phone, another option is to overnight or fax a letter to the bank stating your interest in the property. Some buyers and investors include a check made out to a local escrow company to get the bank's attention. This check is usually a small percentage of the total purchase price and should be refunded if no transaction takes place, but it shows you're a serious buyer.

For more information about Scottsdale Bank Owned Please contact:

RE/MAX Achievers
6424 E. Greenway Parkway
Scottsdale, AZ 85254 Office: (602)214-2675 Email: georgemiro@cox.net
Website: http://www.scottsdalerealestate-az.com

Blog: http://www.scottsdalerealestate-az.com/blog/

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Marketing Scottsdale Real Estate Listings

When the Scottsdale real estate market transitions from seller's to buyer's market, agents tend to put a lot more money and work into selling listings. However, I believe that employing strong marketing techniques is just smart business, regardless. In seller's markets, good marketing can bring higher prices and, in buyer's markets, it could mean the difference between sold or expired. Good marketing might not sell your house, but it will make the phone ring. Because if buyers don't call, you won't sell. Scottsdale Real Estate Listings .

1. Photograph the Front

Most home buyers begin a home search online, so good photos are essential. Listings without a photo or with only an exterior shot are often passed over and ignored. Buyers are visual. Follow these tips and your house photo will look ten times better than the competition's:

• Crop out sidewalks and streets.
• Remove vehicles from driveway / front of home.
• Shoot up-close & angled photos.
• Avoid shade on the house.
• Clear away vegetation blocking front door or path to door.

2. Exterior Photographs

If you own a condo or townhome without a yard, then take pictures of the clubhouse, pool, spa or tennis courts. If you have a yard, however, buyers will want to see it. Scottsdale Real Estate Listings

• Emphasize space and shoot long.
• Mow the lawn & trim bushes.
• Remove evidence of pets.
• Put away children's toys.
• Avoid shooting into the sun.

3. Interior Photographs

Take photographs of every room. Even if you suspect the room won't photograph well, shoot it anyway because the photo quality just might astonish you and be useable.

• Open drapes & blinds
• Turn on lights.
• Focus on interesting details like the condition of a wood floor or a fireplace mantle.
• Remove trash cans & close toilet lids in bathrooms.
• Use floral arrangements in kitchens & dining rooms.
• Avoid shooting into mirrors because your image will reflect.

4. Virtual Tours

Virtual tours aren't just to showcase million-dollar homes anymore. Every home should have a virtual tour, even if it's only two spins. Buyers love, love, love virtual tours. Scottsdale Real Estate Listings

• A good virtual tour will grab a buyer by the hand and lead her from room to room, showing a 360-degree view.
• Depending on the tour company, you can add sound, music or an exciting, professionally written description that scrolls with the movement of the tour.
• Virtual tours can also include individual photos available for download or to print.

5. Signage

Signage encourages home shoppers to immediately call you or your agent. It's free advertising! If your home is a corner lot, put up two signs.

• Some homeowner associations prohibit real estate signs.
• Some HOAs allow only window signs.
• Try talking to a neighbor whose home is located at the corner of a busy street, asking for permission to put a sign in that yard with an arrow pointing toward yours.
• Agent signs should include the phone number of the closest office (if the brokerage operates multiple offices) and the agent's cell or voice mail number.

6. Print Advertising

Print advertising reaches buyers who read newspapers. Online ads reach the rest. If your neighbors say, "Everywhere I look, I see your home advertised," you're doing a good job. Puts ads in:

• Major newspapers. Find out which days pull the most readers. Typically it's Sunday but some newspapers also publish "picture classifieds" on other days.
• Local newspapers. You can probably run a larger ad for less money that will more closely target those looking in your area.
• Real estate publications. Check on press date; can you wait?
• Every Web site you can find. Most online listings are free.

7. Direct Mail

If you're an unrepresented seller, you can buy mailing lists from list brokers. If you are represented by an agent, ask about a direct mail program. I prefer oversized four-color postcards because they are inexpensive to mail and eye-catching. Here are three places to mail:

• Neighbors. Everybody has friends and relatives who might want to move near them.
• Agents who represent buyers in your neighborhood.
• Buyers who live in other areas and often relocate to your neighborhood.

8. Open Houses

Not every home is suitable for an open house due to location or other factors, and sometimes the only way to determine that is to try it. If nobody comes, that's probably a good indication. However, if your home is located near a high traffic area where buyers often swarm, then it's a good candidate. Scottsdale Real Estate Listings

• Place open house signs throughout the area directing buyers.
• Advertise in the newspaper.
• Advertise open house times online.
• Invite the neighbors; they're going to come anyway.

9. Host Broker / Agent Tours

If you're planning to sell your home without representation, then skip this step. However, since most buyers are represented by an agent, it's a good idea to draw as many agents and brokers as possible to view your home.

• Agents who linger in your home will better remember details to later describe to buyers.
• The best way to entice an agent to hang around is food. Doesn't need to be expensive, sandwiches will suffice.
• As agents munch and network, the hope is they will admire your home and bring back a buyer.

10. Send E-Flyers

Technology has made it very easy to create and send electronic flyers. You can also include multiple photographs of your house. Costs vary but it's generally less than $100 to produce. Here are ideas for recipients:

• Scottsdale Real estate agents who sell in your area.
• Friends, family and coworkers.
• Out-of-area brokers and agents who represent buyers in your area.

For marketing your Scottsdale Real Estate Listings contact us here at REMAX ACHIEVERS 602-214-2675 or email us at info@scottsdalerealestate-az.com .

If you are interested to take a look at how we market Scottsdale Real Estate listings please visit www.scottsdalerealestate-az.com . Our advanced search will give you full access to all active Scottsdale Real Estate Listings.

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