Arm Boom
Arm Boom
Forclosure Sales: Boom or Bust?
Now that banks are having to repossess homes from delinquent mortgagors, some buyers are asking, "should I buy a bank owned property"? Even with years of real estate experience and knowledge, the best answer here is still: "It depends." Shopping around and knowing the particulars of each sale are still vital as they can vary widely from one house to the next. Arming yourself with some basic information on these types of transactions should also help to give you an idea of the risks and potential gains involved.
SHOP AROUND
Bank-owned or REO (real estate owned) properties can vary in condition from damaged to excellent, and be priced properly (at market) or be a great value. You just need to shop around. I have some clients that have found absolute gems priced 10% to 20% below market.
Even after you shop around though, there's still a fair amount of risk involved in buying this kind of property. Most of the homes in this category are sold in "AS-IS" condition. In some cases, you won't even be able to inspect the house before you buy it. Banks won't make repairs or be held liable for damages, mold or the like so be prepared to sign lots of addendums exonerating them from any responsibility after the sale. Also the bank tends to place a per diem clause that may cost you $100 per day if you're late in closing.
If you're prepared to accept these conditions, I say "Make an offer" and see what happens. Basically, there are three types of foreclosure sales:
AUCTION
This is the riskiest way to purchase bank-owned property, but can also net the greatest financial gain. Some estimates say 25% off the original purchase price is common. If you want to play the auction game, you'll have to pay cash and you'll have to forego any kind of inspection. Auctioned homes are truly "AS-IS." There is also no way to avoid the fact that you are profiting from someone else's misfortune with this option. People who are losing their homes may refuse to move out or may damage the property in anger
SHORT SALE
This isn't really a foreclosure sale, but a sale the homeowner makes in order to ward off foreclosure and do some damage control. Also known as pre-foreclosure, this is when you buy from a homeowner before the bank intervenes. You can inspect the house before you buy when you go this route, but be warned - many of these deals are stalled or squashed by the banks before they're closed.
REO
This is when you buy a foreclosure from a real estate company. REO presents the least risk of all three options. You have clear title, right to inspect and can get your financing in line first. You won't get as great a deal as you could by buying at an auction but for many buyers, the reduced headache is well worth it.
One thing I can say for certain: banks NEVER want to own these REO properties, they just want to lend money and collect mortgage payments. When a property becomes bank owned, it's because the borrower has forced the bank to foreclose, that is it. What this usually means for buyers is a clear chance to purchase a home from a very willing seller.
About the Author
Scott Baxter is a licensed real estate agent specializing in Prescott Arizona real estate. If you're looking for a home in Arizona, Scott can help with negotiating the deal in your favor and closing on time. Contact him for personalized, incisive, and economically sound advice or visit www.prescottscott.com.
 |
 10X 20X STEREO BINOCULAR MICROSCOPE BOOM ARM LIGHT  US $179.95
|
 NEW 20x High WorkDist Binocular Microscope w Light US $219.97
|
 STEREOZOOM 4 MICROSCOPE BAUSCH LOMB NEWLY REFURBISHED US $525.00
|
 NIKON SMZ1 STEREOZOOM MICROSCOPE SMZ 1 STAND LIGHT US $575.00
|
 AMG Broad Range 7 60X Trinocular Stereozoom Microscope US $850.00
|
 7X 45X BINOCULAR INSPECTION BOOM MICROSCOPE RING LITE US $439.85
|
 35X 90X TRINOCULAR STEREO BOOM MICROSCOPE RING LIGHT US $516.98
|
 35X 90X STEREO MICROSCOPE ON BALL BEARING BOOM LIGHT US $659.00
|
 8M CAMERA 35 90X STEREO BOOM ZOOM MICROSCOPE US $1,429.00
|
 7X 45X STEREO ZOOM INSPECTION MICROSCOPE 80 LED RING US $469.00
|
 35 45X BINOCULAR STEREO ZOOM MICROSCOPE 3D BOOM STAND US $494.58
|
 35 90X STEREO INDUSTRIAL INSPECTION BOOM MICROSCOPE US $494.00
|
 QUICK CLEARANCE HEAVY DUTY BOOM STAND FOR MICROSCOPE US $218.90
|
 NEW High WorkDist Binocular Stereo Microscope w Light US $199.94
|
 Dino Lite MS35B Digital Microscope Table Top Stand US $99.99
|
 5X 10X 15X 30X STEREO BINOCULAR BOOM STAND MICROSCOPE US $399.98
|
 Dino Lite MS36b Table Top with Extended Arm Stand US $169.99
|
 Leica Stereo Zoom 4 w Dolan Jenner Fiber Lite Exc Cond US $1,999.00
|
 187 OLYMPUS MICROSCOPE Manuals on 2 cds $29 US $29.95
|
 BAUSCH LOMB SZ7 MICROSCOPE HEAVY DUTY SK BOOM STAND US $1,250.00
|
 VWR VistaVision Stereo Zoom Microscopes 11389 225 US $3,763.92
|
 Motic Instruments Stereo Zoom Microscope SMZ Series US $536.99
|
 Motic Instruments Stereo Microscopes K Series Motic US $536.99
|
 LOMO SF 50 Stereo Microscopes Configuration SF 50TS US $395.00
|
 LOMO SF 50 Stereo Microscopes Configuration SF 50BA US $345.00
|
 3X 90X ZOOM STEREO TRINOCULAR DUAL ARM BOOM MICROSCOPE US $864.99
|
 3 90X STEREOSCOPIC ZOOM DUAL ARM BOOM STAND MICROSCOPE US $724.99
|
 VIDEO ZOOM INSPECTION BOOM STAND MOUNTED MICROSCOPE US $599.99
|
 Zoom Stereo Universal XYZ Stand Microscope w USB Camera US $999.99
|
 Correct Pentax Seiwa Trinocular Microscope Head w Arm US $299.00
|
 Lot of 5 CARL ZEISS Lab Boom Arm Microscope Stand Parts US $224.99
|
 Zeiss Axiotron Microscope w Nidek 6 150mm Wafer Loader US $6,499.99
|
 BOOM STAND FOR STEREO MICROSCOPE US $169.00
|
 MICROSCOPE BALLBEARING STAND US $249.00
|
 OC WHITE ProLite SZ 42 BINOCULAR 3D BOOM MICROSCOPE US $1,250.00
|
 NEW LOMO SF 50 Stereo Microscope with SF ARM 24x 472X US $345.00
|
 Wild Heerburg Leica M5A Stereo MicroscopePrecison Boom US $2,999.99
|
 LEICA BAUSCHLOMB STEREO ZOOM 4 MICROSCOPE US $650.00
|
 Hund Wetzlar W AD Microscope w CCD Video Camera NEW US $995.00
|
 PCB Zoom Stereo Boom Stand Microscope 90x w Live Camera US $999.99
|
 |
Square Base Ball Bearing Boom Arm Stand Sale Price: $565.00  |
|
Flexbar Square Base Ball Bearing Boom Arm Stand; Ideal for use with Flexbar Digi-Zoom and SMZ Series Microscopes. Features vertical pole diameter 1.4"/36mm. Width and length of base 12"/300mm. Focusing pole diameter 1... |
 |
Table Clamp Articulating Arm Boom Stand Sale Price: $498.00 |
|
Flexbar Table Clamp Articulating Arm Boom Stand; Ideal for use with Flexbar Digi-Zoom and SMZ Series Microscopes |
 |
Table Clamp Ball Bearing Boom Arm Stand Sale Price: $565.00 |
|
Flexbar Table Clamp Ball Bearing Boom Arm Stand; Ideal for use with Flexbar Digi-Zoom and SMZ Series Microscopes. Features vertical pole diameter 1.4"/36mm. Width and length of base 12"/300mm. Focusing pole diameter 1... |
 |
Square Base Articulating Arm Boom Stand - 12" x 12" Sale Price: $498.00 |
|
Flexbar Square Base (12" x 12") Articulating Arm Boom Stand; Ideal for use with Flexbar Digi-Zoom and SMZ Series Microscopes. Features vertical pole diameter 1.4"/36mm. Focusing pole diameter 1.25"/32mm... |
 |
PP extractor arm, 2-1/2" dia with bracket and swivel boom Sale Price: $265.00 |
|
Simply pull an extractor arm over to the source of fumes, odors, or dust. Air-borne contaminants are pulled away from the operator and exhausted outside. Innovative extractor arms flex, expand, contract - and hold their position for optimal ventilation... |
|
PP extractor arm, 3" dia with bracket and swivel boom Sale Price: $297.00 |
|
Simply pull an extractor arm over to the source of fumes, odors, or dust. Air-borne contaminants are pulled away from the operator and exhausted outside. Innovative extractor arms flex, expand, contract - and hold their position for optimal ventilation... |
