Real Estate Investors Better off Heading to Auctions – REO's spike 15%

On November 5, 2009

A few modifications… a little less properties on the market… And REO properties jump…

While real estate prices are down as a whole for the first three days of November, prices in the foreclosure market grew over the same period, according to data from ForeclosureDataOnline.com.

Prices for real-estate owned (REO) property in Arizona jumped 15.51% to $285,257 for the first three days of November, compared to October’s average of $246,944.

California’s average price for REO properties increased 1.83% to $363,133; Nevada’s grew 1.45% to $310,943; Texas’ average REO price increased 1.27% to $134,125; and Florida had a 1.05% increase to $230,995.

Read the Rest of the Article by clicking the link below…

REO Prices Spike While Real Estate Market Prices Remain Low

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Strategy for Investing – Foreclosure Auctions

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.

AZ Auction Process – Trustee Sales

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.