Tucson Foreclosures Inspections in AZ

Tucson Foreclosures Inspections

Key things to look for when inspecting a distressed property in Arizona

You need to pay close attention to foundational issues which indicate if the house has a good sell or not. Also, look at the yard. Often the exterior condition is a good indicator of the interior condition. Broken windows could mean the house has been abandoned for a long time. Tarps on the roof indicate leaks. What does the rest of the Tucson foreclosure inspections neighborhood look like? Will you be able to recoup the cost of improving the property?

Any distressed house usually requires a great deal of work. People facing foreclosure often neglect maintenance and may have taken fixtures and appliances on their way out.

Quick access to cash is perhaps the biggest hurdle investors face when buying a foreclosure property. Banks will rarely finance a foreclosure property that is being auctioned on the courthouse steps. Buyers need other sources of cash, including private money. In order to bid at an auction in Arizona, you must come with $10,000 and once you buy a property, you have until 5:00 p.m. the following day to close with the remaining cash.

REO sales require the same thing. Deep pockets, a solid reputation among local bankers and strong financial backing changes the way banks will deal with you. Bankers want to know that you’re a real player or they will see you as wasting their time. Consequently, most banks require proof of funds before they accept an offer.

The sheer volume of bank-owned properties has made it impossible for banks to know what they have, what damage there is to a specific property, what it will cost to repair, or the required market-specific permits. So the buyer needs to educate the seller. This is why the relationship is so important. Always tell the truth about what is needed and the cost, and you will quickly build credibility with the banks and develop a long-term relationship.

Jeff Utsch, Realtor
JeffUtsch@MyOwnArizona.com
www.MyOwnArizona.com
(520) 822-6575