Home Buying Qusetions in arizona

Hello I wanted to know if any body could help with a couple of questions I have.
1.    What are the advantages and disadvantages to buying a foreclosed or police seized home.'
2.    What is the best way to accomplish this
3.    what do you need to accomplish this
4. How much of a discount is there and is it worth it
5. What are the major problems that Arizona homes have most times that are repo homes just A/C and floor and walls or what else do you have to watch out for?
Thanks, Chris
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Advantages: lower price Disadvantages: homes of this type are sometimes in bad neighborhoods. Sometimes down the road, you might have "guests" show up that think the former residents still live there. They might just "drive by", too.
There may be drug producing residue of a toxic nature left in the house.

Follow police sales, public auction notices, and contact a realtor.

Motivation, tenacity, and money

It can be a sell to the highest bidder public auction on the courthouse steps, or sealed bid auction. Each case is different. There will be no "discount". If it is a good house in a good neighborhood, there will be a lot of high dollar bidders. No one is going to let a good house slide by them in this market. If it is a fixer upper, or a derelict in a bad neighborhood, you may have a better chance of snagging it, but are you sure you want to live there?

Everything common to buying a used home. Realize that you are not going to get a true disclosure statement, and AS IS means AS IS. Public agencies are not going to pay for evaluations, although, you may check and see if it has been evaluated by HazMat qualified personnel for chemical hazards. Pay an inspector, and figure it money well spent. Many times, homes that have been used for drug trafficking, where suicides have taken place, where people have died and lain in the house for weeks, and where serious crimes (like murder) have occurred are not required to be disclosed. Check with the realty broker in that area.
You can get deals. HUD houses, Fannie Mae houses, divorce sales, distressed seller sales, whatever. You just have to have the cash ready, and move quick. But try not to do anything really stupid in your haste.
Good luck.

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Go away we don't want anymore people here :-)
cm

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On Thu 11 Aug 2005 11:16:20p, cm wrote in alt.home.repair:

Aw, let him go down and live in Queen Creek!

--
Wayne Boatwright **
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Pima County needs more taxpayers !!
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Absolutely no advantage at all. They go for the same price as a home that may not need all of the repairs.

I hope you have a LOT of time and have 100% cause banks and the county will accept a cash deal over any that is fininaced.

Try contacting realitors some specialize in this market.

Absloutely no discount.

Each home will have to be evulated on its merits or lack there of.

Recently I found a bank repo decent area, South Mountain with great views. Listing was 4 years old for 190k as is. $400 in back HOA dues. Holes in the walls, doors missing, no appliances, dead landscaping, HOA, no landscaping ever install in the back yard. A/C questionable it had been run for some time with no filter, no window coverings and all of the flooring had pee marks even the tile would have to be torn out because of the oil stains. House needed painting inside and out and there was no garage door opener. This house needed about 15-20k dumped into it and a lot of love.
I was up for a challenge. I sat down with my realtor and her broker and we came up with a strategy. I was told that they should take 85% of listing price. So I went in with that. They had no offers in 30 days, offer REFUSED. No discussion no counter I countered at 90%, offer REFUSED, no discussion no counter. I countered at 95% offer REFUSED, no discussion no counter. The listing agent was calling my realtor and apologizing for the situation. The list was up and the listing realtor refused to re-list it.
The house sold 2 months later for $230k as is. Comps in the area were 180k to 190k.
I bought a home near buy in another community, for 164k, no work needed and vacant
Good luck, your going to need it.
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Advantage: illegal $$ buried in cans in the back yard. (This happened on our street)

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