To serve a new wave of computer savvy real estate investors, an Arizona company, called Smart Arizona Foreclosures, has set up a website reminiscent of eBay, which offers online bidding for qualified cash buyers. Now you can bid on bank owned residential properties without even leaving your home! Sound too good to be true? We don't think so.
My associates at Smart Arizona Foreclosures have designed a streamlined website with a number of fail-safe devices (title search, photographs, minimum/maximum bids, etc.) to minimize the risk. In addition, my clients will have my assistance in double-checking property values, resale estimates, rehab charges, and other details.
Here's how it works:
• We have a preliminary conversation to establish your maximum purchase price, city/neighborhood preferences, ‘hold-and-rent' or ‘fix-and-flip' intentions, etc.
• You send $10,000 to be held in escrow for each purchase. (You also need to be able to wire the balance within 24 hours of a successful bid.)
• You sign up at the website for a buyer name and log in. You are now ready to select from a short list of properties coming up for auction in the next couple of days. (I will work with you to establish your parameters and set up your search.) We will request a title search and photos of the selected properties at this stage.
• When you find a property that fits your specifications, you enter your starting bid and your maximum bid, click ‘submit' and wait to see if you are successful. Monday's bids will be auctioned on Tuesday, Tuesday's bids on Wednesday, etc.
Of course, this opportunity is not for everybody but this is a way for ordinary investors to get access to the ‘county steps' auctions of bank owned properties which are normally not accessible to the general public. Bidding at these auctions has historically been a closed shop, with participation limited to a few experts who take all the spoils.
If you're interested, email me at pwalsh@kw.com or call me at 602-369-3224.
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