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Helping Hands Realtor® Richard McCusker, Diamondback Realty LLC
Interested in Buying? Selling? Investing?
In Residential Real Estate please click here
As your Realtor®, I am making a commitment to fulfill my professional code of ethics and professionalism to my clients. My goal is to help you achieve your goals so that you complete the transaction with satisfaction and confidence to refer me to your friends, family and co-workers.
A Real Estate Professional is ready to help people with all their real estate needs; short sales, bank owned properties, trustee sales, standard sales, Investing.
Contact me for your FREE consultation and assessment of your needs.
The benefit of building a relationship with me as your Realtor®, I offer a directory of professional trades that are invaluable to each buyer and seller. Therefore, it saves you time and you will be able to focus on your goals.
As your Realtor®, I am making a commitment to fulfill my professional code of ethics and professionalism to my clients. My goal is to help you achieve your goals as well as stay within the limits of the law and eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profession.
As an investor of Real Estate your success can be measured by effectively marketing and getting highest return on your investment. Whether you are ready to be a buyer or seller of real property, you are investing in my knowledge and experience in the real estate industry.
Please review the scope of my business plan and when you are ready, we will schedule our first brief meeting to do an assessment on what your needs are and I will present to you in detail what services and resources I have to offer.
Sellers
Meeting to complete needs assessment
Inspection of property to determine action needed for marketing property
Establish timeline of completion of action
Continuous updates to seller on results of marketing
Marketing Plan
Exposure: Signage, MLS, Internet Advertising, Community, Open Houses
and Networking with other Professionals
Buyers
Meeting to complete needs assessment
Develop plan and establish when the best time to preview properties
Pre-Qualification – Determine method of available budget
Creation and continuous updated lists of available properties
- Short Sales, Trustee Sales, Bank Owned
Submitting offers/bids on properties
Trustee Sales
Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.
Investment Requirements
Sample Model
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*Purchase Price
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Variable
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$50,000
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Down Payment
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Constant
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$10,000
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Other Acq. Costs
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Constant
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$3,000
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Cash In >
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$13,000
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Trustee Cash
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$40,000
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**Up Front Deposit to Bid Services
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CASH
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$5,000
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Success Bid (Due Immediately)
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Cash to Trustee
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CASH
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$5,000
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Cash to Bid Services
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CASH
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$3,000
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Sub Total
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Cash In >
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$13,000
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***Cash to Trustee – Within 24 Hrs
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$40,000
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* - Purchase price is based on Investor’s highest and best offer ($50,000 is used on model as Sample)
Variable – Purchase Price set by Investor (Up to max price set by Investor, successful bid may be less than Max Bid set by Investor, depending on competition at time of Bid)
Constant- This investment amount never change and are for EACH property purchased
Trustee sets opening minimum bid (See Sample on Report)
As your Realtor® I will provide CMA (Comparable Market Analysis) on properties:
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS
Tax Records: What is on County Website, Investor to verify information
It is recommended that the Investor contacts Title Company for report on property for any liens (Tax, HOA, etc) Prior to Bidding
All properties are sold “As-Is”
** - Deposit is Refundable in event no successful bid on property
*** - Cash to Trustee within 24 hours of successful bid may be financed as long as you get the remaining money to Trustee within 24 hrs.
CASH – May be paid in the form of Cashiers Check, Personal Check
One option is to finance it with hard money. Terms of hard money loan to be negotiated between investor and hard money lender. Most require at 10% - 20% down at a higher interest rate (15%-18% interest rate)
Short Sales
A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.
Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.
Once the seller has accepted your offer, it is sent to the lender for approval. You do not have a deal until the lender accepts. Some lenders submit short sales to committee, but most can make a decision within two to three months.
Short Sales are usually found on MLS and as your Realtor® can provide you list of these homes available on the market. As the Buyer, in most cases, you will be able to preview the home prior to making offer.
Depending on the area and price of the home, it is becoming very competitive with Investors to purchase these properties. This could result in Bidding Wars with other Investors/Buyers right after the home is put on the market (Input into MLS).
Most lenders will require Buyer to sign Affidavit that property will not be resold within 90 days of purchase date. This time frame could vary and should be considered prior to purchase of the home.
Most Short Sales are purchased AS-IS condition and it is recommended that Investor does Property Inspection once the Inspection period starts, at time of receipt of Agreement Notice from Seller or letter from lender(s).
Offers are written up on standard Arizona Association of Realtors® forms and submitted by myself (as your Realtor®) to the listing agent.
In addition, when making an offer on these properties, Buyer must show Proof of Funds if buying cash (Current Bank Statement) or if Financing, Pre-Qualification letter from lender to be included with offer package.
Bank Owned
An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank.
Each bank/lender works a little differently, but they all have similar goals. They want to get the best price possible and have no interest in "dumping" real estate cheaply. Generally, banks have an entire department set up to manage their REO inventory.
Banks always want to sell a property in "as is" condition. They will allow you to get all the inspections you want (at your expense), but they may not agree to do any repairs.
Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct.
These homes are found on the MLS and as your Realtor®, I will provide you with list of these homes based on your criteria of the type of properties you are looking to purchase.
Offers are written up on standard Arizona Association of Realtors® forms and submitted by myself (as your Realtor®) to the listing agent.
In addition, when making an offer on these properties, Buyer must show Proof of Funds if buying cash (Current Bank Statement) or if Financing, Pre-Qualification letter from lender to be included with offer package.
Thank you,
Richard McCusker, Realtor® Diamondback Realty LLC
1490 S Price Road, Suite 111, Chandler, AZ 85286
Cell: 623.363.6100 | Fax: 480.248.3574 | Office 602.504.1100
Email: richard@diamondbackrealty.com | Facebook
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