Presidential Realty

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REO/Bank Owned

Bank Owned Properties

Open Current List of Foreclosures in a Full Window



What is a Foreclosure and Why would I buy one?



Foreclosure is actually a process banks use to reclaim a property when an owner has defaulted (or stopped making payments on their home loan).  In Arizona, the banks use a process called a trustee sale (a specific type of auction ) in which anyone is welcome to bid on that property. If no bid is accepted or if the bank out-bids all other bidders, then the property goes back to the bank, meaning, the bank owns the property. Now this piece of real estate is officially a bank-owned property. This is where the acronym “REO ” comes from: Real Estate Owned.

Even though these words don’t all mean the same thing, we often use them or hear them used interchangeably. No matter what you call it: REO, bank-owned, foreclosure, etc..an REO can be an excellent purchase for investor’s , second home buyer’s, seasoned buyer’s or even first time home buyer  because the banks goal is to get rid of this property as quickly as possible at a fair price! In fact some banks even have community initiatives  driving their motto to HELP people own their own home.

Presidential Realty is a leading expert selling hundreds of bank-owned properties every year; Let us dispel some myths and see if buying a bank-owned property can be right for you:

Myth 1: Buying a bank-owned property takes too long (takes as long as a short sale )

Truth: Although banks sometimes reserve a 72 hour response time, REO’s still generally close within the same time frames as non-REO properties. Cash deals can even close in as little as 2 weeks.

Myth 2: Buying a bank-owned property means I’ll have hidden (or not-so hidden) damages and repairs that will just cost me more money in the end

Truth: Not all REO’s have been destroyed! Even though REO’s are sold in “AS-IS” condition, banks will still grant an inspection period so that the buyer has time to have a professional look at any and all aspects of the property. It is always recommended to get a home inspection. After the buyer reviews any inspection reports, they can still ask the bank to make repairs or cancel the contract. Any seller, even a bank, has the right to agree to the requested repairs or disagree.

Myth 3: Buying a bank-owned property is too risky

Truth: Bank-owned properties are sold on the open retail market so that by the time they are marketed to the public, the bank has already taken care of the risky issues such as back taxes, eviction, securing the property, liens, even some repairs, etc. In addition, many banks still negotiate and agree to the same types of terms that a buyer can get with any other NON-REO property for example seller paid buyer closing costs or a seller paid home warranty.

How can I take advantage of a foreclosure opportunity? Let us do the work for you!

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Testimonials

We had our home listed with an agent for more than 198 days with little traffic and no offers…..we hired the Presidential Realty team …after a short time their unique marketing approach paid off! We received 98% of our asking price.

~ Darin R, Scottsdale

About Me

The Presidential Realty REO Division works directly with banks, mortgage lenders and asset management companies to assist in the sale of their bank-owned properties. The division also works with families in financial distress to help them sell their properties before foreclosure becomes the last resort as well as assists local investors in finding foreclosed properties available to rehab or rent. Read More…

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About Us

Presidential Realty is your real estate professional brokerage for homes and Real Estate services in the Phoenix area including Mesa, Chandler, Gilbert, Tempe, Ahwatukee, Queen Creek, Apache Junction, and Gold Canyon. With your best interests as our number one priority, our team of agents are willing to do what ever it takes to get the job done fast and dependably.We have the support of a thorough, professional office staff and we work as a team to make your real estate experience a positive one.

Office Locations

Please feel free to stop by and talk to us in person.

Mesa 4856 E. Baseline Rd #106 Mesa, AZ 85206

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