Phoenix home sales up in December despite downward price pressure

On January 5, 2011

December’s Cromford report has been released, and interesting sales data has been found (Please click here to view the report). The Bank of America foreclosure freeze is mentioned as a likely contributor to the slight decrease in median sales prices for the month. The volume of transaction closings were slightly up with a 2% increase but pricing still experienced downward pressure due to an increase of REO properties in proportion to regular and short sale listings in November. The first couple of days in 2011 have been extremely busy. We anticipate some fantastic buying opportunities over the next few months as last quarters postponements are rolled into 1st quarter trustee sale schedules. Notice of defaults will continue to hold steady as banks move to resume their foreclosure activities.

Many of you have requested micro-level geographical or neighborhood data. This report is broken down by zip code and is very useful in identifying trends by zip code month over month.

Don W. Juvan
(480) 444 – 6110
don.juvan@alliancebidservices.com

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Foreclosure Auction Results of Trustee Sales - Phoenix, Maricopa County

Wholesale Properties in AZ

Foreclosure Property Investments – Auction TIPS

1. First and foremost, find a source that is providing foreclosed property listings with 'comprehensive' information, and develop a system for filing.
2. Filter through the properties locating the real estate with built in equity. What is owed? Are there any junior lien holders?
3. Investigate the neighborhood comparables, comprise a list map, then get in your car and visit the properties.
4. Set your maximum bid price. This sounds simple and straightforward, however the fast-paced action of the bidding process can cause the most reserved person to hastily over-compete for a not-so-great piece of property.

Arizona Notice of Trustee Sales – LIVE Auction Bidding Process

1. 90 days has passed since the Notice of Trustee Sale is issued. Prior to sale, the Trustee establishes the opening or minimum bid to be accepted at auction by referring to the calculated Credit Bid Statement prepared by the respective Beneficiary.
2. On the 91st day, said property is put on the auction block. All bidding is open and verbal. $10,000 cashier check in hand is required by all parties bidding.
3. Highest bidder must present the funds in total to the Trustee by 5pm of the next business day in order to gain title.
4. Acceptance of funds results in the recording and conveyance of a Trustee's Deed; funds are disbursed to the Beneficiary.