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Today’s buzz word in real estate: deal. It is a term that is carelessly used as people discuss how “deals” abound. In our estimation, there are good deals and there are bad deals; our role is to help buyers differentiate the good from the bad. Our careful research and unique tech tools help weed through the bad deals to help deliver information consistent with market value and your home buying requirements.
What are the Different Types of Home Purchases
Traditional
A traditional home sale includes a person or family or investor that is selling their home to another person or family or investor and can do so without approval from their lender. The owner wants to sell their home and have to compete with the availability of distressed properties (short sales, bank owned REOs and HUD government owned). Currently, in Maricopa County, 50% of available homes would be a traditional sale.
Short-Sale
Any home that is worth less than the current balance due on the combined debt is a short sale.
As a buyer, homes in the short sale process is confirmation that the home is in distress. Since this is the initial step of owner distress, in theory, this should be where you would have the best selection. However, although this is an option of distressed homeowners, only a small percentage take advantage of this option. All of that being said, short sales make up about 40% of available homes in Maricopa County.
Trustee-Sale
The final step in the foreclosure process is the Trustee sale. Every distressed property participates in this auction.
Typically, the lien holder (bank) will establish a “reserve” amount for the home. This is the minimum amount that will be accepted by the bank…not one penny less. In order to participate in the trustee sale auction, you must be prepared to place a $10,000 downpayment at the end of the auction, with the balance due the following business day. Bottomline, this is a cash transaction at the point of sale. Currently there are
Bank-Owned
Once the trustee sale has concluded, each home will fit into one of three categories:
1. At the last second a lien holder can postpone the sale of a specific home. This would most often happen if the home is in the middle of a short sale.
2. It SOLD and the deed will be transferred accordingly.
3. It does NOT sell or get postponed and becomes a bank owned | REO.
These properties completed the foreclosure process and are lender owned. Currently, in Maricopa County, bank owned homes comprise about 10% of available homes.
HUD
Once a home is bank owned, if the bank has “insurance” on the mortgage of that home via HUD or other government agency, they file a claim with that agency. Once the claim is processed, the bank is paid and the home becomes a HUD home.