About Short Sales

An Arizona foreclosure can provide just the right solution for many first time home owners or investors who are looking to buy a cheap property. It will take much effort and prior research, but the results can be highly rewarding. There are various benefits to be gained from buying a foreclosed property, especially in Arizona.

Foreclosed properties will usually sell at below market prices, and this is the biggest and most alluring advantage. It is common to see houses selling at thirty per cent less than their actual market value. Lenders who are very eager to see a quick return on their investments are often willing to cut other costs and fees as well, and provide various discounts.

Arizona is one of the best states for buying foreclosure properties, for a number of reasons. You are more likely to be provided the closing dates for the auction, removing the guesswork associated with some contingency-based transactions. There is also a legislative clause within the state that means that owners of a foreclosed property cannot reclaim their property. This is important to keep in mind when buying such a property.

The global financial crisis and various other influences have led to a rise in foreclosure incidences in Arizona. With more properties available on the market, it is easier to locate a suitable home. Often taking advantage of these bargain properties are those who would otherwise struggle to pay for their own home.

One of the great thing about foreclosures, especially for investors, is that they can be bought at heavily reduced prices and resold at market value. Their value increases significantly with even minor renovations. Purchasing a poorly maintained home, restoring and reselling it can offer big returns also.

Buyers should always be aware of the risks that can be involved in buying a foreclosed home. Inspections may not be allowed once it has gotten to the foreclosure stage. If the property has sat vacant for a while it may have fallen into disrepair. In cases where the homeowners have not left by the time of the auction, the buyer may have difficulty ejecting the original homeowner from the newly purchased property.

Be aware that foreclosure auctions are required to be advertised. You may face a lot of competition, particularly from experienced investors. In this case you may find that you often walk away from auctions empty-handed, or having paid more than the property was worth. Enlisting the services of an agent with experience in foreclosures can greatly increase your chances of success. This is because they have all the resources and information to help you find and purchase the right property for you.

Buying an Arizona foreclosure will come with its risks, and therefore needs to be carefully researched and considered. However, it has been the experience of many buyers that these properties provide an excellent opportunity to break into the property market, or to set up a good investment. Speaking to an agent can make a big difference, so take the time to find someone with a good background in foreclosures.

Get more details about the simple steps you can take to get the Arizona foreclosure you want today! When you see the huge selection of AZ foreclosures available, you will be able to get your dream home fast!

When you’re trying to close a sale, your actual starting point is that first meeting with a client. In the short sale business, that first conversation is your key to helping a homeowner in trouble.

If you’re going to be in sales, the first rule is to find out specifically what their issues and concerns really are before you try to sell them anything. When you understand their situation, you’re in a better position to help everyone get what they want. Every experienced salesperson does that.

A short sale investor’s clients are people in financial trouble who need to sell their homes. Their issue is pretty simple, right? They are in default on their mortgage payments, and the lender wants either the home or the money. When you look a little deeper, that doesn’t really tell you what their needs are. Different people are worried about different aspects of losing their home. Facts are important, but a short sale investor who wants their trust and their business will find out what they’re really worried about before moving on with the conversation.

Once you get to the emotional root of the problem, you can focus on creating the solution that will help them the most. As you’re listening to them talk about their problem, you need to be looking for that win-win somewhere in that awful situation. There is usually a win-win there for both you and the homeowner. Your job is to find it, and then help them see it.

Ask them questions before you try and teach them anything, and listen carefully to their answers. This is the time to let them have the floor. Let them tell you what’s going on and how they feel about it and why. When they finish answering your questions, then answer theirs by moving into the Positive Results Conversation.

The Positive Results Conversation opens the door for you to introduce yourself and your services. In this conversation, you can use what you learned from listening to them and explain how you can meet each one of their needs. As a short sale investor, you should focus on helping the homeowner understand the different foreclosure options and how each one might affect this specific situation.

After a good discussion of their options and alternatives to foreclosure, you and the homeowner should discuss the short sale process. Any short sale investor should be able to talk about how this works and why this can be their best option, but you should also be prepared to answer objections from people who don’t trust the system. Together, you can set realistic expectations for the outcome.

Managing expectations is the key to the success of the Positive Results Conversation. If you explain what can and can’t happen to their credit beforehand, that homeowner is able to make informed decisions based on facts instead of wishful thinking. If you don’t get to this part of the conversation, and something doesn’t happen according to Plan A, you could end up with a very angry, suspicious homeowner on your hands.

Finally, don’t try to wrap up the conversation before they hear everything, even if the seller asks you to. There is a reason that each one of your talking points is in your presentation, and you will do the homeowner a great disservice by leaving out part of it. You need to make the entire presentation for them to give your offer and your solution the full value it deserves. Without that, it will be much easier for the homeowner to cancel the deal for minor reasons or a slightly better offer coming along from the bank or one of your competitors.

Bring your own personality to the table, but stick to the script and keep the conversation under 90 minutes. By the end of your presentation, the homeowner should be able to see some positive results already: there is a knowledgeable professional in front of them who is willing and able to help, and there is a solution to their problem besides running away from it and watching what’s left of their credit rating go down in flames.

Want to see the entire Positive Results Conversation? Check out our website, and look for the original Short Sale Manifesto. Our experience has proven that covering every topic on the list really does get positive results for everyone. Then you can get ready to submit their short sale package to the lender.

Don’t forget that we put together the Positive Results Conversation from our own experience and successes in the short sale business. We know it works. And you’ll know it too, when other people in your area start asking you to help them with their problem property. You will be known as “the short sale guru”!

Need to learn more about talking to property owners in pre-foreclosure? Check out the Strategic Real Estate Coach resource page and learn our best short sale success strategies!

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A common theme among home buyers today is the need to find a “deal” when buying a home. Almost every home buyer brings that up during our initial conversation. That desire is more apparent now than ever. That has to do with all of the pain in the current real estate market. There is pent up home buyer demand because many of them are afraid of buying today and having it worth less in the near future. Essentially, most or all home buyers are trying to buy at the bottom of the real estate market. Here are 5 tips to help you find a good value when making a home purchase:

1) Be Realistic – Everyone wants to buy at a wholesale price but it does not happen often. I watch the market closely all day, every day and see only a few transactions where a property truly sells at a wholesale price. The real estate market is pretty efficient. Buyers need to be realistic about what they can purchase a home for. If you analyze the market and see 3 similar homes sell for $400,000, $410,000 and $395,000 then you probably going to have to pay around these prices for a similar home in the same neighborhood. The chances of you getting the same home for $300,000 to $350,000 are slim to none. If you are looking for that kind of discount you could be waiting a long time.

2) Hire a Good Realtor – Buying a home could be your largest ever transaction so make sure you have experience and knowledge in your corner. Hiring a good Realtor will not cost you anything so make sure you do this. They can help you get educated on the real estate market by sending you what is for sale, what has sold and what homes have expired or failed to sell.

3) Become a real estate expert – How will you know what a good deal is if you don’t know the real estate market? You could be presented with a fabulous deal but if you know nothing about the market then you won’t know what is considered a good opportunity. Have your real estate agent email you what has recently sold, what is for sale and what failed to sell in the neighborhoods you like. It pays to be educated on the areas that interest you.

4) Preparation is needed – Get all of your ducks in a row ahead of time. You don’t want to find a deal and then lose it because you are not prepared. For example, get your financing or cash arranged. Lending guidelines have changed so get pre-approved for a mortgage. Waiting to do this until after you find a good value might cause you to lose it. Ready – aim – fire, not fire – ready – aim.

5) Act Quickly – Do not procrastinate. If you are educated on the real estate market, have a good Realtor, have prepared and a sweet value comes up don’t him and haw around. Act on it. Do not let paralysis of analysis cause you to miss out on a deal.

Follow these five tips and you will be stand a great chance of finding a good home value. People who find great values became experts, accepted a dose of reality, hired good help, were prepared and then acted swiftly.

Marc Rasmussen sells Sarasota FL Homes For Sale