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Foreclosures & Short Sales Category

The Right or Wrong of Strategic Defaults. . Which Side Are You On?

Feb 09

filed under: Foreclosures & Short Sales, Real Estate

Strategic Default Jingle KeysThe other day I went out to preview some properties for a cash investor in the Queen Creek area. This client is looking to purchase a single family home in an area where he feels he can easily rent the property he would purchase. I quickly learned from one new home developer that was closing out his project that this would not be a problem. He had one investor that recently purchased three properties and had rented all three of them out before he closed escrow. He continued to tell me “his buyer had rented them out to homeowners that had purchased in the development some 4 or 5 years earlier and had made the decision to walk away from their homes, but wanted to stay in the neighborhood”. Read the rest of this entry »

Written by Howard Harris

When Buying A Foreclosure “AS IS” Means “Forget About It”

Jan 10

filed under: Buying A Home, Foreclosures & Short Sales, Real Estate

As Is Foreclosure ContractBuying a foreclosure property in an “As Is” condition can be synonymous with, how do they say it in New York. . “Forget About It”. The Arizona Association of Realtors® “As Is” addendum provides the parties (that’s you and the lender) agree that the property is being sold in its existing condition and the seller (the lender again) makes no warranty to the buyer, except that the seller agrees to maintain and repair the premises so that at the earlier of possession or close of escrow, the property will be in substantially the same condition at the time of contract. All this is well and good if Read the rest of this entry »

Written by Howard Harris

Think You’re Free and Clear of Delinquent HOA Fees In A Foreclosure

Jan 04

filed under: Foreclosures & Short Sales

Resized-Past-DueJust because you lose your home/condominium through a foreclosure Trustee’s sale does not mean you are free and clear of paying any back Home Owner Association (HOA) fees that you were not able to pay because of your distressed financial situation. A homeowner needs to know that the foreclosure will eliminate the Lien on the unit but will not relieve you of the liability to pay the fees that were due and payable before the day and date of the foreclosure Trustee’s sale. Be aware many HOA Associations are filing suit to collect the past due HOA fees from the prior owner. So if you think you’re free and clear of delinquent HOA fees in a foreclosure, you may want to think again.

Written by Howard Harris