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Arizona Trustee Sales – Arizona Foreclosure Auctions

Arizona Foreclosure AuctionsDepending on who you ask, the real estate bubble bursting is either a good thing or a bad thing. This really depends, not only on your perspective but your role in the real estate market. If you are a homeowner, depreciating property values, short sales and foreclosures are certainly a bad thing. If you are an investor, foreclosures are a good thing. They say the largest segment of wealth is transferred, not in a thriving economy but a down one. If this is true, there are a lot of people making a lot of money in the current housing market. Many real estate investors looking to buy Arizona Foreclosure homes for sale will bypass the Multiple Listing Service and instead buy Arizona trustee sales at the court house steps. Many of them will use a bidding company.

The red hot investor market has sprouted bidding companies like weeds. In Arizona in 2005 it was not uncommon to have your server at a restaurant provide their real estate agent business card up with the bill – everyone and their mother was in real estate. I used to say this was a time when even a blind poodle could sell a home. Today, the real estate agent business card analogy has been replaced by the bidding person or company. Seems like everyone knows someone who knows someone who can get you a property [well below market value] through a trustee sale or Arizona foreclosure auction at the court house steps and it will only cost you between $300 and $4000 to use one them!

Hey dude, you wanna buy a house?: It may sound like something out of “Bill and Ted’s Excellent Adventure”, but the mood at the court house steps of Arizona foreclosure auctions is totally chill dude. It is mostly professional buyer dudes in shorts, polo shirts and flip flops bidding against other professional buyer dudes in shorts, polo shirts and flip flops. Did I mention the walkie-talkies or cell phones?

Buyer be warned: Buying a Trustee Sale at the Arizona foreclosure auction requires a lot of work, paperwork, inspections and all that “stuff”. But as tempting as buying a home below market value is, Arizona foreclosure auctions ARE NOT for rookies. In addition to the buyer dudes in shorts, polo shirts and flip flops the pros have the resources to research and physically check out the properties BEFORE they bid. There is a good reason to “drive the properties”. There are plenty of stories about amateurs bidding on homes that have burned down or require so much work, the home should be burned down.

Whether they are $30,000 condos in Mesa or $400,000 houses in Scottsdale, the trustee sales are done quickly. If you are the winning bidder and pay your bill, the property is all yours. Not just the property, whatever the previous owner left behind – including tenants.

Here are some questions you should ask before retaining the services of any bidding company or “dude”.

  • What are the Fees?
  • How many people are on your staff and how many bidders do you have?
  • Will you Drive by the Property I want to bid on?
  • Do you bid in multiple Arizona counties? If NO, can you make a recommendation for outlying counties?
  • How do you handle multiple bids? What if there is one auction at Tiffany & Bosco at 10 am, Shapiro at 11 am and a 12pm at the courthouse?
  • Do you offer rehab services?
  • How to you handle deposit checks, do you require multiple checks per bid or just one? Also, do you put my money in an Escrow account when you get it?
  • How do you check on property information before we bid?
  • Are you licensed by Arizona Department of Real Estate (AZDRE)?

There is a lot of money to be made through a trustee sale for a savvy investor with the right connections but there is a lot to lose as well for the investors that don’t do their research or ask the right questions. These are just some of the questions you should ask a bidding company; the key is to make sure you have an experienced team working for you.

Looking for a referral to a reputable bidding company? Anthony Penna with Lawyers Title works with some of the top Bid companies in Arizona, he will be more than happy to refer you to someone that can help. Interested in flipping Arizona homes? Also ask him about the “Hold Open” policy Lawyers Title offers that can save the savvy real estate investor money when they purchase at Trustee Sale and then flip the property. For more information about Lawyers Title Hold Open policy or a referral to a reputable bidding company please contact Anthony Penna of Lawyers Title at 602.510.8848 or apenna@ltic.com

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Stephen

Hi I'm Stephen Garner, I'm just a guy in the title industry {in Phoenix} trying to change how real estate agents market themselves and their services. To that end, I teach my clients HOW TO leverage sales technologies like WordPress, Content, Video, Camtasia, Final Cut X, iMovie and indexable IDX solutions to convey value and help your ideal client find you online when they are most interested in learning about you and your services. I work for escrows. Hire me!

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