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What's the scoop on foreclosed homes? I know we have all heard much about t

I know we have all heard much about the large increase in the number of homes that have been foreclosed upon by banks, mortgage companies and other lending institutions. Here in the Arizona real estate market they are a fact of life and thus can be found in ALL neighborhoods...from those mansions on the hill to the little condo they exist and they are often a great value for the buyer.

There are a few things that you need to be aware of as you enter into the foreclosure search and purchase process:

1. As always, you must be prequalified for your loan and be in possession of a fully executed LSR (Loan Status Report) in order to have your contract be presented on your behalf. You CAN use your own mortgage provider but be prepared that certain foreclosures may also require that you complete ANOTHER loan qualification with "Their guys" as well. It's not a big deal...just another hoop to be jumped through to prove your credit worthiness.

2. Be prepared to complete many more documents than you would in a standard transaction.Again, the financial institution that has foreclosed upon the house you wish to bid place has many of of's on corporate documents...it's just part of the territory. You do not have to worry though as I will be with you every step of the way and make sure that you are well represented and your best interests protected.

3. Be aware that the foreclosed property is going to be sold in an "AS IS" condition so what you see is what you usually get. Rarely will the financial institution make or pay for repairs . It is precisiely for this reason you will have an independent home inspection so that you can make a sound decision to process or cancel. The choice is yours . It's a bit of a cliche "the best surprise is no surprise" and when you are considering the purchase of a foreclosure the inspection period can be your BEST FRIEND!

4. Once you have decided to continue the transaction after all inspections are made the process will be similar to most other standard home purchases...with just some extra paperwork...again!

IT IS MY JOB AND PLEASURE TO BE YOUR GUIDE THROUGH THE ARIZONA REAL ESTATE PROCESS AS YOU MAKE YOUR HOME PURCHASE AND I WILL BE DILIGENT IN MY RESEARCH TO NOT ONLY PROVIDE YOU AN ACCURATE LISTINGS OF THE FORECLOSED HOMES THAT FIT YOUR WISH LIST I WILL BE ABLE TO PROVIDE YOU WITH MUCH OF THE HOME'S FINANCIAL HISTORY AS WELL AS A CURRENT MARKET ANALYSIS.

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Testimonials

To Whom it may concern: --- Joani is our one and only Realtor in Sun City. She helped us find our perfect 'first house' in Sun City and after our first year we love this area so much we are becoming 'year rounders'. So we called Joani to help us list this house and to find a new one. After several weeks of searching (patiently by Joani) we found our new home, we then listed our current Sun City house and with Joani's 'staging' recommendations we sold it in 10 days for full price and with two offers! We love Joani and would certainly recommend her for anyone considering Sun City or Sun City West areas. Richard & Yolanda Hobbs March 2016
Joani Frankel, a realtor with Realty One Group, asked me for a reference regarding the professional services she provided to my wife and me when we were searching for real estate properties in the Phoenix, Arizona, area. I was a client of Ms. Frankel in the spring of 2009, when my wife and I were searching for a home after our move to the Phoenix area, and in the fall of 20 IO when we were looking for a home for our daughter and her family. When it crune to purchasing our home, Ms. Frankel's role was critically important. We were new to Arizona and unfamiliru; with the many neighborhoods in this sprawling metropolis. We were uncertain as to where we could find the best neighborhood within our price range in which to purchase a home and the best value for a home. Based on her incredible knowledge of the area, she immediately started us in the right direction and we were quickly able to find the perfect home. Once we did, she stayed with us throughout the entire process from negotiating the contract to accompanying us during the walk-through where she was most helpful in bringing to our attention any issues with the home. She anticipated our every need and was readily available whenever we required her services. When we were back in the market searching for a home for our daughter and her family, because of the outstanding service she had earlier provided us, we again called upon Ms. Frankel to assist us. Working with both us and our daughter and son-in-law, she once again showed her professionalism in helping us locate and make an offer on a home. This home was a foreclosure so it required that she draw upon her experience and knowledge regarding such sales to lead us in making the proper offer. As a result of her efforts, we were able to obtain the home at an extremely good value. Our daughter and her family thoroughly enjoy their new home. Perhaps the best indication of Ms. Frankel's efforts on our part is the fact that even though the Phoenix market at the time of our purchases was going through a most difficult time and housing values here were still in decline throughout the area, the homes she directed us towards not only retained their value but have actually increased in value. We have and will continue to recommend Ms. Frankel to others we come across who are in the market for a home. If we reenter the housing market for any reason, she will be the one we will use. She will get us the best value for our money and fully protect our interests throughout the process. Sincerely, Kenneth L. Smith
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