Phoenix Arizona Foreclosures. Phoenix Arizona Bank Owned Homes. Phoenix Arizona Real Estate.

Real Estate Agent with DeLex Realty
Phoenix Arizona Foreclosures.  Phoenix Arizona Bank Owned Homes.  Phoenix Arizona Real Estate.

How to buy real estate (bank owned homes, foreclosures, pre-foreclosures, short sales), in Phoenix, Glendale, Peoria, Surprise, Buckeye, Avondale, Goodyear, Paradise Valley, Scottsdale Arizona.  Or the Valley of the sun.

Provided by Daniel McCarthy 623-628-7372
View Bank owned homes at or email:

I am writing this for you; the potential real estate buyer in Arizona; this is an explanation of what you can do working with me as your real estate agent or any of the other 50,000 real estate agents in Maricopa County Arizona.  This is a guide for you the buyer, to get the best service and the best experience when you are buying a foreclosure or bank owned home in Maricopa county Arizona, Phoenix, Glendale, Peoria, Surprise, Buckeye, Avondale, Goodyear, Paradise Valley, Scottsdale Arizona.  Or the Valley of the sun. 

I think many people have dreamed about owning their own real estate business and I think that many people have dreamed of just owning a business period.  At a young age I was very ambitious, I have always been very money driven.  I remember shoveling driveways for money when most kids were having snow ball fights.  I was cleaning out my father's apartment complexes with gloves and mask on from the time I can remember.  I remember helping my uncle john out with his construction business summer after summer, while working other jobs.  I remember a time when my uncle said to me when I was 17 "you are the hardest working person I have ever worked with".  Well folks I am writing this to tell you I have worked just as hard in real estate and I have paid my dues.  I have worked hard at learning the business.  I have had my bumps and burses.  I have spent/wasted a lot of stress trying to get ahead in real estate.  That is why I feel like it is time for me to give a business update of who we are, and explain why I am so passionate, and relentless about mastering real estate.  I am now to the point where 8 months has gone by since we have opened the only residential real estate office inside Wal-Mart, in Peoria Arizona.  We made that move for many reasons that I will discuss later.  We have sacrificed the church, the vacations, the family time, the wife and I alone time, the relaxation time, and I have done it all for you, the potential client.  Now I am not taking this opportunity to say "oh poor me", I am writing this for you to read and to understand what you can do to have the best experience buying a bank owned or a foreclosure home in Maricopa County Arizona (Phoenix, Peoria, Glendale, Surprise, Avondale, Buckeye, etc..).  I promise I can help you get the best experience. 

I just want to reiterate something; I am writing this for you the potential real estate buyer in Arizona, this is an explanation of what you can do working with me as your real estate agent or any other 50,000 real estate agents in Maricopa County Arizona.  This is a guide for you the buyer, to get the best service and the best experience when you are buying a foreclosure or bank owned home in Maricopa county Arizona. 

Sometimes when I am blogging I feel like I am in an abandoned house after a large nuclear attack and all that is left is a few real estate agents trying to pick up the pieces.  Ok maybe the last statement was not the best analogy, but what I am trying to say is our real estate market was hit hard by many different problems.  Bad lending practices, bad appraisal practices, bad real estate practices.  If you were not aware of what happened in the real estate industry I will give you a short explanation.  In 2004, 2005 the prices of real estate climbed so high because people were able to get into financing options that were very dangerous.  When those loans became due, the homeowners could not get out of them.   Now the money is shifting back into the banks hands and the money is shifting to different banks completely.  Lenders are closing the doors.  Other lenders are growing and making money hand over fist.  There is more to that story of the 2004-2005 real estate market but that is not what we are discussing today.

The last paragraph was very short and is meant for readers who have an idea of how bad our real estate market is and how are real estate market got in this position in the first place.  Now I am going to move on for you readers out there that are trying to buy some of these homes.  The first thing we need to do is evaluate how pre-educated you are as a home buyer.   I am going to list a series of questions and I want you to answer them honestly, and then continue to read.   

Are you a first time home buyer?  Have you ever purchased a home in Arizona?  Have you ever purchased a bank owned home?  Have you ever bought a bank owned home in 2008?  Have you ever bought a short sale?  Do you know what a short sale is?  Do you know what your first step should be before thinking of looking at any homes?  Do you know how real estate agents get paid?  Do you know what the true benefits are of owning a home?  Would you remove a cavity from your mouth?  If somebody offered you 1 million dollars to design a bridge to support 100,000 cars a day would you do it with no prior knowledge of building a bridge?

Next I am going to explain the answers to these questions and I would like you as a potential home buyer to read them, I am spewing from my heart here (that was corny).

Are you a first time homebuyer? 
If the answer to this question is yes, you have to understand what you are getting into.  As a first time homebuyer, more than likely you are very nervous and see buying a home as a huge undertaking.  You see this as a burden and your stress level is high from the things you have heard in the news and from co-workers.  Buying your first home is important, it is important for your future, and it will give you the opportunity to invest in your future.  Here is why.  If you buy a home with a 30 year fixed mortgage, if you do not sell or re-finance you are going to own a piece of real estate in 30 years that could potentially be worth 2 to 3 times what you bought it for.  But let's just imagine that your home decreases in value after 30 years.  Guess what?  You own it free and clear, and can sell it for whatever it is worth.  Don't worry about owning a home, people do it all the time.  Owning the home is not the problem it is what terms you own it for.  Meaning that owning a home is amazing for your financial well being, but what you have to do to own your home could cripple you. 

Have you ever purchased a home in Arizona?
If the answer is no to this question please read on, coming from New York, I can assure you owning real estate in Arizona is much different, especially in Maricopa County which is Phoenix, Glendale, Peoria, Surprise, Buckeye, Avondale, Goodyear, Paradise Valley, Scottsdale, etc... Arizona real estate puts a lot of responsibility on the real estate agents.  Having a real estate agent in Arizona is imperative.  In Arizona the use of an attorney is not mandatory.  We use title companies and they act as the mutual third party in a transaction.  Going off on a tangent for one second can I ask you the reader a question?  If you were a company and a client came to you and said I am going to hand you so much work your head will spin, you are going to make more money now then you ever have.  Would you feel loyal to that person or company?  For example when buying a bank owned home, the bank decides what title company you have to use.  The banks happen to use the same title company over and over.  DO you think that Title Company wants to help you as the home buyer who they will never work with again, or do you think that Title Company would like to impress that bank that is bringing them deal after deal?  I am not insinuating anything; I am just expressing my concern over the relationship I am starting to see between title companies and banks.
Now that I am done with that I am going to say one more time, consult a real estate agent when buying a home, bank owned or otherwise, in Arizona.

Have you ever bought a bank owned home?
Good question.  Bank owned homes or cooperate owned homes make up a huge amount of inventory on the market.  If you have never bought one before I can tell you that it is a different beast.  When buying a bank owned home in Arizona, you are going to be playing by a different set of rules.  I look over a bank contract every day.  None are exactly the same.  This is not like filling out a contract on your terms.  The banks own the homes, they need them off their books, they price the homes to sell, and you have to play by their rules or they will find somebody else who will.  I know the banks rules and I understand what they are trying to do.  I understand that these banks are taking loses that are unfathomable.  Bank owned homes have different contracts, different penalties.  In closing, I am not suggesting that bank owned homes are a problem for you the home buyer.  In many cases the banks have been much better to work with then the homeowners themselves, but I as a real estate agent I have paid my dues, I know what the banks want to see.  I have built relationships with many of the bank real estate agents, and they know that when we are working with home buyers it is a good deal.  I know how to help you buy a bank owned home in Arizona.

Have you ever bought a bank owned home in 2008?
Banks have a lot of inventory in 2008.  They are having meetings everyday about how to handle selling these homes, while salvaging the most amount of money.  Once again, this is not a bad thing it is just what is going on right now.  These people know in 2008, home buyers are having a harder time getting financed.  They now that oil prices are climbing so more foreclosures are coming.  You have to understand that the real estate market is a complete mess that will not be figured out until it is cleaned up.  In the future I will promise you that many people will be talking about the 2005-2010 real estate market. 

Have you ever bought a short sale?
Buying a short sale is much different than buying a bank owned home.  Short sales are tough to understand because you are working with the bank even though they do not own the home.  If you have bought a short sale, and you wanted to buy another your experience, I can guarantee, would be much different.  What I am trying to say is buying a short sale can be hard work, and no two short sales are the same.  If you have not bought one, and want to know more about buying short sales call me please I can give you the run down. 

Do you know what a short sale is?
So you like to read and you didn't go looking for my phone number after that last paragraph, let me just tell you what a short sale is.  A short sale is when a homeowner needs to sell due to foreclosure, or because they are in need of relocating, but owe more money against the home than what it is worth in today's real estate market.  For example let's say you bought a house in 2005 for 200,000, and today it is worth 140,000.  What are you going to do?  Unless you have 60,000 dollars to give to the bank, you are going to want to short sale.  Short sales are very complicated.  Short sales involve a lot of paper work and patience.  If you are looking to buy or sell short sales, please consult a real estate agent (preferably me). 

Do you know what the first step should be before thinking of looking at any homes?
Let me make this easy for you.  You are thinking of buying a home, the thought crosses your mind.  First things first, you need to understand what the pros and cons are for buying a home for your short term and long term living standards.  Are you trying to buy a home to life in for the rest of your life?  Are you trying to buy a home to sell in a few years, in hopes of buying something bigger and better in the short future?  Here is my suggestion, buy a home if it fits this criteria:  If you had to you could life with that home for the rest of your life.  Why I am suggesting this is because you do not want to buy a home with the intentions of selling it, you want to buy a home to life in and own as part of a long term financial wealth.  If you own a home already, and you want to establish a portfolio of real estate that is a different concept.  Buying an investment home is an undertaking.  You have to be willing to roll with the punches and I still suggest no matter how sweet the deal is you determine if you could comfortably own that home for the rest of your life.  Real estate is a long term agreement, unless you are buying the property cash.  Unless that cash is being leveraged from another investment that you do not own, and then again buying real estate is a long term agreement (depending on where the cash is coming from).  If I didn't lose you there here are the steps:  Determine short and long term goals.  Determine what you are comfortable paying for a home month after month.  Determine if you have enough money saved to cover that monthly payment in the event you got injured or something dramatic happened in your life.  Talk to a bank, loan officer, or mortgage broker about the amount of money you qualify for and have that person or corporation determine if you are completely qualified for a home loan.  Interview and contact multiple real estate agents.  Discuss and really talk to your real estate agent about your goals and have that real estate agent give suggestions.  Listen and discuss real estate agent suggestions.  Have your real estate agent educate you on what to expect when buying a home, bank owned, short sales, everything.  Discuss what the real estate agent has told you about the buying process.  Go buy a home and have fun!

Do you know how a real estate agent gets paid?
Most real estate agents in Arizona work with a great system called ARMLS (Arizona regional Multiple listing service) otherwise referred to as MLS (Multiple listing service).  Real estate agents that use MLS are referred to as Realtors because we are also guided by a higher set of rules, and follow the code of ethics.  Realtors are granted access to MLS by following these rules.  It is a privilege to be a realtor in Arizona, not a right that you have as a real estate agent.  Realtors get paid like this. 
John Doe wants to sell his home.  He calls a realtor and signs an agreement for that realtor to sell his home.  In the agreement John Doe signs and agrees to pay a percentage of the sales price to that realtor when the home sells.  That realtor than typically as a service for John Doe would put his home on MLS (MLS is computer based) for the world to see.  That realtor would include the amount of compensation for the realtor representing the buyer for that home.  So if you are a home buyer, and you think you are going to save money by just calling a realtor who has the home for sale, I would suggest you understand that the realtor representing John Doe is trying to sell his house.  If the agreement is signed for that realtor to sell john does home for a commission, it does not change.  That realtor representing John Doe gets all the commission.  Also it is dual agency, which is a different story all together.  Do you think he has your best interest in mind?  I suggest working with a buyer agent because most of the time it is free and most, not all, buyer agents can save you money when buying a home.  For example:  I had a young couple, first time home buyers who fell in love with a home I showed them.  They wanted to buy it.  We drafted up an offer and sent it to the home seller and real estate agent.  We drafted the offer lower than the asking price.  The home sellers counter offered us back and the buyers were ready to take the deal.  But I smelt something funny; I could tell that the home owner would take less money.  So I suggested that we send another counter offer.  Guess what my intuition was right.  The homeowner took our counter over and I saved the buyers a lot of money (thousands).  Now you are a home buyer.  You love a home.  You want a realtor who knows how to play the game.  I get my hands dirty with my home buyers.  I love the negotiation.  I will draft an offer where ever you feel comfortable (as long as you respect my opinion and take my advice).  Tell your realtor if you love the home.  Do not buy a home you do not love!

Do you know the true benefits of owning a home?
Owning a home has a lot of benefits, financial and mental.  Buying a home can save you money on your taxes (please ask your tax advisor); you can actually invest every month into something you can sell much higher.  What a great concept.  Also it feels good to walk outside in your backyard, or clean your garage.  Do not take offense to that if you do not own a home because trust me you can life without the feeling, but it does feel good.  It is a great way to benefit from something you have to do.  Meaning you have to life somewhere, you need a roof over your head; it feels good knowing it is an investment.

Would you remove a cavity from your own mouth?
Good question, no you would go to a dentist, so when you are buying a home remember it can be painful, find somebody that knows how to make buying a home a painless experience.  Consult a professional.

If somebody offered you 1 million dollars to design a bridge to support 100,000 cars a day would you do it with no prior knowledge of building a bridge?
When buying a home you may not feel like you are building a bridge but you are.  Buying a home is a bridge to your future and short term financial goals.  Do you think you could build a bridge?  Because you may not be supporting 100,000 cars, but you will be supporting your family, which can feel like more pressure than a few cars.  Do not build a bridge, contact a professional to help.

If you have gotten this far you are tired, bored and hungry (or at least I am hungry) and you do not want to read any more.  I do not blame you, I am tired of writing.  Press on I am going to close this up and what I am about to write is important.

I have paid my dues.   Not just me though.  My wife first of is also a realtor whom without her, none of this would have been possible.  We have both sacrificed too much time and too much stress (which you can tell by me looking older than I am) in helping people buy and sell real estate in Arizona.  She seen a vision and still pursues it every day.  She (Lexi) is always there and works harder than anyone I know.    My brother who has tried, and succeeds at becoming something he is not which is a public servant (just kidding mike, I know you love this job).  Also all of my team mates, broker, and friends who have watched us work all day every day, and helped beyond imagination. 

We are ready for your business in 2008, we know who is selling, we know how to handle bank owned homes and foreclosures, and we do it every day.  In addition we are building something the likes of which have never been seen before in real estate.  For the last 8 months we have set our office inside Wal-Mart the largest retailer in the world.  The reason for that move is to build a real estate team that will spread to other Wal-Marts with the purpose of convince and innovative marketing for our clients.  When you decide you want us to sell your home, we are inside Wal-Mart (store #1533) 65 hours a week, and that is mandatory from Wal-Mart cooperate.  We love this for our clients because you can see us and get us face to face practically anytime you want.  Also there are thousands of people who can see your home for sale inside our office by just walking by.  Take that Remax (just kidding Remax has some great qualities).   If you decide you want us to help you buy a home, once again we are there 65 hours a week, come in and see us, talk to us about the market, look at MLS with a actual real estate agents.  If you buy a home with us come on in and talk to us about what is going on in your transaction anytime.

In closing the point of this blog was to help you as a potential home buyer or home seller make the transaction stress free, simple, easy, whatever.  I cannot answer for every real estate agent, but I can tell you we are trying everyday to make your transaction better.  We are ready for you to trust us as your real estate agent.

Long winded,
Daniel McCarthy     

Daniel McCarthy
Branch Manager/Realtor
Metro North Realty
7975 W. Peoria Ave.
Peoria AZ, 85345

Office:  (623)776-2353
Mobile:  (623)628-7372
Fax:  (623)321-1316


Office Hours:
Monday - Saturday: 8:00 AM - 6:00 PM
Sunday: 12:00 AM - 5:00 PM

"Smart people know other smart people"


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