The media bombard us daily with the numbers of homes which are in mortgage difficulties. Perhaps, you have wondered if you should get involved in purchasing such a property. The first thing you should realize is that the answer to that question depends on your patience and how much money you have to invest.
Typically, there are 4 steps involved in the foreclosure process and potentially you could become involved in any one of these steps. The typical 4 steps are:
1) Pre-foreclosure, when the property goes into default and the homeowner is given a 90 day notice to come current on the mortgage, work out a plan with the lender – possible “Short Sale” of the property or there will be a Trustee Sale.
2) Scheduled Trustee Sale – usually when this happens, due to restrictive rules involved in the sale, an individual could purchase it but the lender usually buys the property. For an individual to buy you have to pay $10,000 on the day of the sale and have a cashier’s check for the full balance of the sale by 5 p.m. the following day.
3) Lender Ownership
4) Sale on the Open Market- at this point you see properties advertised as Bank Owned or REO’s.
There are many of these properties currently on the market. What should you consider, if you want to buy one?
1) How important is location in getting the price you want? The best buys may not be where you want to live.
2) What condition do you want the property to be in-these properties are generally sold “as is” and may need substantial repairs?
3) How much cash do you have available? Down payment plus fix-up?
4) What is your timing? Much patience can be required in waiting for a response from a lender (particularly with a “short sale”) response time can be many weeks or months with no guarantee that after waiting you will even get the property. A bank-owned property can be a shorter wait time and a better possibility for your sale to make it through the process to completion.
With the abundance of inventory on the market, there is a possibility that you could negotiate as “good a deal” with an owner who is not in trouble but is anxious to sell.
One way or the other, whichever you choose, it is a good time to get involved and there are bargains to be had!!!!
North Scottsdale has parks for family and individual recreation. It is a pleasure to live in a community which has been willing to spend the time and effort to preserve some land for resident enjoyment. Personally, I use the facilities at the Scottsdale McDowell Mountain Ranch Park and Aquatic Center. For a minimal fee for residents of Scottsdale, full or part-time, the fitness facilities can be enjoyed with a full array of equipment to help get you into or stay in shape. A bonus is doing a workout and looking out the windows to see beautiful desert and mountain scenery. If you don’t have your own pool or just want to enjoy a variety of water features – lap pool, water slide, lazy river, etc. then the Aquatic Center offers all of that and more. If you want, just relax and sit by the pool or enjoy a snack at the snack bar. For more vigorous activity for young and older, use the Skate Boarding area. Unfortunately, I am sure that residents, who do not live in McDowell Mountain Ranch, may not have a clue that this facility exists.
If you do not live in North Scottsdale and are thinking of moving here, this is just another reason to help you in your decision-making process. It is also important to know that this is not the only Scottsdale Park in the North Scottsdale Area. For community activities and sports events, there is also a park near Princess Drive and Hayden. In addition, a new park is scheduled for Grayhawk for construction on 54 acres at the southwest corner of Hayden Road and Thompson Peak Parkway. This $8.9 million project is scheduled for completion by the fall of 2015.
It’s O.K. if I am promoting North Scottsdale this way, after all I am a member of the Scottsdale Chamber of Commerce.
Dogs, cats are being left behind by owners to fend for themselves in a vacant home or yard, in a neighborhood or on the street if the house which was their home has been foreclosed or the owners evicted. Unfortunately, some owners have believed that someone from the Lender or Real Estate company will quickly come to a home and rescue their pet. The visit to one of these homes may not be quick or soon enough for the pets to survive. Sometimes they are rescued and saved. Because of this up close and personal contact with pets in this situation, a group mainly made up of real estate professionals has been inspired to start a rescue group.
Lost Our Home Pet Foundation is a non-profit (501c) rescue group that rescues pets that have been left behind due to foreclosure, financial hardship or other reasons. Its mission is to rescue, foster, heal, adopt and advocate for dogs or cats who have been abandoned or left behind due to foreclosure or eviction. To provide options for families to keep their pets. To be a source for real estate professionals when they encounter a pet in need, while inspiring community action on their behalf.
If possible, the group helps families keep pets. They provide assistance for food and medical care if an owner has financial hardship. They provide information regarding pet friendly housing and if necessary, temporary foster homes until an owner can be reunited with their pets. If pets must be given up or have been abandoned, each pet is brought to a vet for shots, testing and spay/neuter, then placed into a foster home. From there they work with other rescue groups to facilitate the adoption process to get the pet a forever home.
The focus of he group is to concentrate on building a great network of fosters and significant fundraising to cover all medical expenses. The group wants community involvement and assistance. You can show your support by attending the “kick-off” fundraising event for the Lost Our Home Pet Foundation on Friday, October 24, 2008. You are invited to the Pasta, Poker and Pets Party to be held at the DC Ranch Community Center (Homestead) in Scottsdale, Arizona and will include beer, wine and “Mutt”inis, a delicious pasta dinner from Rigatoni’s, poker playing and a silent auction. There is a $50 per person or $85 for two people, donation for attending. There are also opportunities for sponsors for this event and ohers in the future, if you would like to become more involved.
For more information go to www.LostOurHome.org!