Trustee Sale Homes
Prior to becoming a bank owned home, every distressed property is part of a auction called a trustee sale. Typically, the lien holder 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, you must be prepared to place a $10,000 downpayment at the ending time of the auction. The balance is due the following business day. Bottomline, this is a cash transaction at the point of sale.
Wandrych will assist with all of the due diligence required. All due diligence must be completed prior to the day of the auction to minimize your risk. Our services include:
1. Provide a Home Auction List: Our Auction List comes in two formats, an Excel Sheet and a Interactive Map. We also provide a Short List which eliminates many bad deals and will only show properties that have equity. We send out drop bids throughout the day via email.
2. Provide Inspection Report: Drive reports are available to all of our clients with no additional cost. Each morning our drivers will take pictures and write a report up so you can view before the auction. You can request properties the night before to be driven the next morning.
3. A Return on Investment Report: Based on the intent for the property, a Return on Investment Analysis will be included with each package. If the intent is to buy/hold, a three-year projection depicting a cash on cash return, along with an overall ROI when the property is SOLD. If the intent is to buy/flip, a projection of costs, servicing fees and realistic sale price projection will provide a estimated ROI.
4. We attend all auctions: We attend every trustee auction every day in Maricopa and Pinal Counties. Our bidding service consists of attending and bidding at auction, calling you on the phone while the auction is going, and we will also have a runner pay for your property at the trustee.
5. Every property bid is posted right away on Twitter.com/azforeclosures. We also tweet, postponements.
6. Hard money is always available to our clients. Typical terms consist of $900 up front, 18% interest rate, and 20% to 30% percent down payment.
7. Fidelity National Title checks lien positions, lis pendens, HOA liens, judgements. PostedProperties also checks for IRS Tax liens on every property.