Home Buying Qusetions in arizona
 

Hello I wanted to know if any body could help with a couple of
questions I have.


1. What are the advantages and disadvantages to buying a foreclosed or
police seized home.'

2. What is the best way to accomplish this

3. what do you need to accomplish this

4. How much of a discount is there and is it worth it

5. What are the major problems that Arizona homes have most times that
are repo homes just A/C and floor and walls or what else do you have to
watch out for?


Thanks, Chris

"Chris" wrote in message
oups.com...

Hello I wanted to know if any body could help with a couple of
questions I have.


1. What are the advantages and disadvantages to buying a foreclosed or
police seized home.'

Advantages: lower price
Disadvantages: homes of this type are sometimes in bad neighborhoods.
Sometimes down the road, you might have "guests" show up that think the
former residents still live there. They might just "drive by", too.

There may be drug producing residue of a toxic nature left in the house.


2. What is the best way to accomplish this

Follow police sales, public auction notices, and contact a realtor.


3. what do you need to accomplish this

Motivation, tenacity, and money


4. How much of a discount is there and is it worth it

It can be a sell to the highest bidder public auction on the courthouse
steps, or sealed bid auction. Each case is different. There will be no
"discount". If it is a good house in a good neighborhood, there will be a
lot of high dollar bidders. No one is going to let a good house slide by
them in this market. If it is a fixer upper, or a derelict in a bad
neighborhood, you may have a better chance of snagging it, but are you sure
you want to live there?

5. What are the major problems that Arizona homes have most times that
are repo homes just A/C and floor and walls or what else do you have to
watch out for?

Everything common to buying a used home. Realize that you are not going to
get a true disclosure statement, and AS IS means AS IS. Public agencies are
not going to pay for evaluations, although, you may check and see if it has
been evaluated by HazMat qualified personnel for chemical hazards. Pay an
inspector, and figure it money well spent. Many times, homes that have been
used for drug trafficking, where suicides have taken place, where people
have died and lain in the house for weeks, and where serious crimes (like
murder) have occurred are not required to be disclosed. Check with the
realty broker in that area.

You can get deals. HUD houses, Fannie Mae houses, divorce sales, distressed
seller sales, whatever. You just have to have the cash ready, and move
quick. But try not to do anything really stupid in your haste.

Good luck.



Thanks, Chris

Go away we don't want anymore people here :-)

cm


"Chris" wrote in message
oups.com...
Hello I wanted to know if any body could help with a couple of
questions I have.


1. What are the advantages and disadvantages to buying a foreclosed or
police seized home.'

2. What is the best way to accomplish this

3. what do you need to accomplish this

4. How much of a discount is there and is it worth it

5. What are the major problems that Arizona homes have most times that
are repo homes just A/C and floor and walls or what else do you have to
watch out for?


Thanks, Chris

On Thu 11 Aug 2005 11:16:20p, cm wrote in alt.home.repair:

Go away we don't want anymore people here :-)

cm

Aw, let him go down and live in Queen Creek!

"Chris" wrote in message
oups.com...
Hello I wanted to know if any body could help with a couple of
questions I have.


1. What are the advantages and disadvantages to buying a foreclosed or
police seized home.'

2. What is the best way to accomplish this

3. what do you need to accomplish this

4. How much of a discount is there and is it worth it

5. What are the major problems that Arizona homes have most times that
are repo homes just A/C and floor and walls or what else do you have to
watch out for?


Thanks, Chris







--
Wayne Boatwright *¿*
____________________________________________

Give me a smart idiot over a stupid genius any day.
Sam Goldwyn, 1882-1974


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"Chris" wrote in message
oups.com...
Hello I wanted to know if any body could help with a couple of
questions I have.


1. What are the advantages and disadvantages to buying a foreclosed or
police seized home.'

Absolutely no advantage at all. They go for the same price as a home that
may not need all of the repairs.



2. What is the best way to accomplish this

I hope you have a LOT of time and have 100% cause banks and the county will
accept a cash deal over any that is fininaced.


3. what do you need to accomplish this

Try contacting realitors some specialize in this market.

4. How much of a discount is there and is it worth it

Absloutely no discount.


5. What are the major problems that Arizona homes have most times that
are repo homes just A/C and floor and walls or what else do you have to
watch out for?

Each home will have to be evulated on its merits or lack there of.

Thanks, Chris

Recently I found a bank repo decent area, South Mountain with great views.
Listing was 4 years old for 190k as is. $400 in back HOA dues.
Holes in the walls, doors missing, no appliances, dead landscaping, HOA, no
landscaping ever install in the back yard. A/C questionable it had been run
for some time with no filter, no window coverings and all of the flooring
had pee marks even the tile would have to be torn out because of the oil
stains. House needed painting inside and out and there was no garage door
opener. This house needed about 15-20k dumped into it and a lot of love.

I was up for a challenge. I sat down with my realtor and her broker and we
came up with a strategy. I was told that they should take 85% of listing
price. So I went in with that.
They had no offers in 30 days, offer REFUSED. No discussion no counter
I countered at 90%, offer REFUSED, no discussion no counter.
I countered at 95% offer REFUSED, no discussion no counter.
The listing agent was calling my realtor and apologizing for the situation.
The list was up and the listing realtor refused to re-list it.

The house sold 2 months later for $230k as is. Comps in the area were 180k
to 190k.

I bought a home near buy in another community, for 164k, no work needed and
vacant

Good luck, your going to need it.

Advantage: illegal $$ buried in cans in the back yard.
(This happened on our street)

1. What are the advantages and disadvantages to buying a foreclosed or
police seized home.'

2. What is the best way to accomplish this

3. what do you need to accomplish this

4. How much of a discount is there and is it worth it

Aw, let him go down and live in Queen Creek!

Pima County needs more taxpayers !!