I DO NOT WANT TO PURCHASE A HOME FROM THE ARIZONA TRUSTEE SALES IF THE HOME IS OCCUPIED
It was another busy day at the Arizona Trustee Sales this week. We were in swift competition with one of the main bidders when going after this one house. Well, we were the successful bidder. Did you know it was occupied? Yes, I knew the home was occupied because I did my homework upfront. I informed the past homeowner that we won the bid. How long will it take for them to remove themselves from this home? Well, she was hoping the current owner would rent it back to them. I informed them that this was not an option. He intends to do a Phoenix Fix and Flip with this home.
I know many real estate investors only purchase vacant homes at the Arizona Trustee Sales. They are passing up the best deals at time. One needs a professional Realtor like myself to understand how to free up the home in the most cost effective way so we can place the home on the market to make a profit. Did I say profit? Yes, I did say profit because this is a business model.
How do you get the home owner out of the house? First, one must be totally humble and listen to their needs. Many of these people have lack of resources. Plus, it is very upsetting to lose ones HOME. There are many family memories. So, I listen to them. Then, we determine an acceptable move out date between the new owner and previous owner. It has been my experience that most people need five to ten days to move out of the house.
WHAT IF THE HOUSE WAS RENTED OUT?
I have found that some people think they can stay in the home just because they have a lease. Well, that is true to a certain extent. There is a law stating that the new owner needs to owner a legitimate lease until it expires. However, I do my homework upfront before bidding on the home. Here is a litmus test if the residential lease has any weight to it
- See if the lease has been signed by the correct parties
- Tenant must be paying FAIR MARKET RENT
- Show proof that tenant has been paying rent for the last six months
CONCLUSION:
Real estate is a team sport. I live by this philosophy on a daily basis. I have developed a global network of professionals to assist in the game of real estate investing. There is no "I" in "TEAM." Purchasing a home from the Arizona Trustee Sale can be very rewarding when it is done right the first time.
PHOENIX FIX AND FLIP READY TO GO
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