Click on the link below to view BANK OWNED HOMES IN MESA FOR SALE as of November 18, 2009. The homes below are single family homes that have at least 1,300 square feet and a 2 car garage.
Buying a bank owned home is different from buying any other home and it is imperative that you have an experienced agent on your side.
If you are interested in seeing any of the below homes don't hesitate to call to schedule a showing.
These homes are listed with other brokerages.
SUNLAND VILLAGE COMMUNITY GARAGE SALE this Saturday, November 21st from 8:00 a.m. to 2 p.m. Sunland Village is located near Greenfield and Broadway. Hundreds of homes will be participating in this sale. Come find bargains on tools, household items, and much much more.
Please click on the link below to see current active listings for sale in Sunland Village.
Please don't hesitate to call me to see any of the above listings or if you are interested in buying in another area.
YOUR WAY HOME AZ PROGRAM for Buyers of Foreclosed Homes
Your Way Home AZ is a statewide program to assist home buyers purchasing foreclosed homes in select areas to help rehabilitate housing developments, and to stabilize neighborhoods. This program was established to encourage people to buy foreclosed homes. The state of Arizona, nine counties, and several communities have received more than $121 million dollars to help stabilize some of the hardest hit communities.
So what does this program mean to you? If one were to qualifiy, than a good example would be on a $150,000 house the buyer would receive a silent second mortgage of $33,000 with no monthly payments or interest. This means the subsidy is 22% of the purchase price. The borrower will have forgiveness of the repayment of the loan as long as they remain in property for the period of 5 to 15 years depending on the subsidy amount. The borrower needs to remain in the home for 5 years with a subsidy of up to $15,000, 10 years for an amount of $15,001 to $40,000 and 15 years for over $40,000. If a buyer qualifies for this program they can put as little as 3% down.
So what's the catch? (From the Arizona Department of Housing)
You can also go to yourwayhomeaz.com for a detailed step by step process form that outlines the program.
To find out whether or not you qualify go to yourwayhomeaz.com. You can also contact Scott Fenner with America's Mortgage at scott@scottfenner.com or 602-647-2555.
In addition, to find bank owned homes for sale that may qualify for this program please call me at 602-418-4412.
Hunt's Cafe at Sunland Village
Did you know that there is a restaurant right in Sunland Village called Hunt's Restaurant? Isn't it nice to know that you don't even have to go very far to meet up with neighbors and friends? Not many retirement communities have a restaurant located right within the subdivision. Many people walk or even ride in their golf carts to the restaurant. Hunt's Restaurant is a family-style dining & catering company. They provide traditional homemade pastries, pies, sandwiches, soups and more.
Sunland Village is located conveniently at Greenfield and Broadway. The community offers low annual homeowner association dues and boasts many activities and clubs.
Give me a call to find out more about Sunland Village and homes for sale.
Things to know when buying lender owned properties
Buying a lender owned property can lead to a great deal
Buying a bank owned property or real estate owned property can be a great investment. Often lender owned properties are priced below market value because of condition.
Patience is key when buying a bank property
After making the initial offer on the property, it may take 2-5 days to hear a verbal acceptance back or rejection. It may take an additional 5-10 days to receive a written acceptance back from the bank. The contract will not be binding until all parties sign the contract.
Banks may use additional addendums, or their own contract in addition to the Arizona Residential Purchase Contract. Please review all additional addenda because the terms of the addendums may alter the terms of the AAR contract. The bank addendums may even remove items that could be of concern to the buyer, such as earnest money being nonrefundable after a certain date.
Still have a home inspection even if the property is to be sold as is
Almost all banks that are selling real estate owned property will not provide seller disclosures and an insurance claims history. It is imperative that a buyer hires a qualified home inspector to perform a home inspection during the 10 day home inspection. Although many banks advertise their properties as is, it still may be worth a try to ask for any major repairs. Some types of loans will not close if certain items are not working. A buyer should also contact their insurance agent during the 10 day inspection period to make sure the property is insurable.
Beware of Liens
One other area of concern is liens. Ask up front if the bank will be paying any unpaid liens at closing. On some short sale transactions buyers have to pay for unpaid liens. Shortly after escrow is opened the title company will send out a preliminary title report. This report will list all liens on the property such as taxes, HOA fees, and mechanics liens. For example: my husband and I bought a bank property in December of 2008 and 3 days prior to our closing the sewer company in Apache Junction placed a lien on the property. Luckily it was caught in time and the bank paid the $600 lien, but it took an additional 10 days to close. It may be important to purchase additional title insurance to cover yourself from any future liens. Please talk to your title company for any additional information.
Do not plan your vacation right on the close of escrow date
Although all parties involved strive to meet the close of escrow date, many unforeseen issues that can arise. On one transaction I did earlier this year the buyer signed the documents at the title company on time but had to wait on the seller (lender) to send the original deed back to the title company. This held up the closing of escrow for 2 days. If one is planning to move from another property, it may be worth paying rent for an additional month to allow for unforseen issues that could delay you move. If one is trying to move across country allow additional time for furniture to arrive.
There are still great deals out there when it comes to buying a home or investment property. Don't hesitate to contact me with any questions. www.dawnbahr.com
Dawn Bahr is a full-time professional Associate Broker and training coordinator with UCI, Realty L.L.C.
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