Arizona Commercial Investment Real Estate – How To Find HUD Multifamily Properties For Sale

Arizona Commercial And Investment Real Estate – Finding HUD Multifamily Housing

HUD is more than single family homes . . . if it was FHA financed and foreclosed, it will be made available for sale via HUD’s streamlined, automated and information-rich systems.

And that means multifamily housing — even large apartment buildings.

If you visit the HUD website each Wednesday, you’ll be updated with a list of HUD Multifamily properties available for bidding.

Each property has a link to an Info and Bid Kit (Here’s an example of an offering) with property info, instructions and the location of the auction.

Registration with HUD’s Active Partners Performance System is required.

Registration to use HUD’s APPS and Secure Systems is a multi-step process. You will need to follow the Instructions for registering for both “Secure Systems” and APPS on the Active Partners Performance System (APPS) web site in order to login to APPS through Secure Systems.

You can see a list of recent sales here, nationally searchable.

Here are sales in Arizona.

Check out a couple of recent sales in AZ, and the deals these principals got on units:

VISTA VIEW APARTMENTS — 75 units
2002 EAST FORT LOWELL RD. , TUCSON, AZ 85719
Purchaser: FT. LOWELL VIEW, LLC, 002 N. CAMPBELL AVE, STE. 200
Sale Date: 05/02/2011
Sale Price $25,000.00

CAMPAIGE PLACE — 300 units
209 W. JACKSON, PHOENIX, AZ 85003
(purchaser not disclosed)
Sale Date: 08/01/2011
Sale Price $2,455,000

If you want to be placed on HUD's mailing list for available properties of this kind,
you can sign up here.

GREAT opportunities for those wanting to invest in
Arizona commercial and investment real estate.

MORE GREAT opportunities for those wanting to invest in
Bullhead City, Fort Mohave and Mohave Valley commercial and investment real estate.

Here's what's available . . .

"They Didn't Counter So I Overpaid" And Other Nonsensical Buyer Perceptions

Public perception is a funny thing. We elect naked Emperors, uphold Size Zero as a beauty standard and buy more than we can afford to pay because we think we can instantly turn a profit without breaking a sweat.

The things I hear from people are just baffling sometimes.

Here are some of my favorite consumer real estate perceptions:

“They didn’t counter so I overpaid.” Overheard in Trulia Voices this past week. Buyer felt she overpaid because the seller didn’t counter. Upon (pro) inspecting the property, in addition to some valid habitability issues (such as roof) this buyer ‘discovered’ that the property also needed paint and flooring–and wanted to cancel the transaction and put in a new offer, knocking off a few thousand for those items.

BUT BUT BUT: Didn’t you view the property prior to purchase? Could the property have been priced fairly to begin with, taking the condition into account? Could the seller have felt your offer was fair, and being serious about selling, did not feel the need to counter? Do you understand that paint and flooring are cosmetic items? Do you really think the seller should pay for you to redecorate?

“Making an offer on an unlisted property is asking for a beating price-wise.” The very educated person who made this statement shocked me. He felt that if an owner doesn’t have a property listed, it’s not for sale–and to make an offer on such a property could never result in a favorable deal for the buyer.

BUT BUT BUT: Do you KNOW the owner’s story? Might the owner not even remember they own the property? (This happens ALL THE TIME in resort areas–the reminder comes 2x/year at tax time but otherwise, it’s collecting dust. Land particularly.) Might the owner have tax or abatement liens on the property he can’t afford to pay? Could the owner actually be in need of some additional cash? Might the owner not know the true value of the property? Perhaps they know and are aware of the market, and see the offer as nothing short of a miracle anyway. The owner may have wanted to sell the property but never got around to hiring a REALTOR to help. Everything’s negotiable, and a win-win is not that hard to bring about in most cases.

“I know there’s not much for you (the REALTOR) in this.” This statement was made by someone who wanted to make an offer to lease-option a property. We hear this also from people wanting to make ‘small deals’.

BUT BUT BUT: We will either accept or not accept a client based on a number of factors, but price/commission dollar amount is not usually anywhere near the top. (Saleability and client cooperation are!) A lease-purchase takes longer to close, but the commissions on a sale on a listed property were agreed to when the property was listed. An erroneous public perception that we’re all in it for a quick buck. If that were only true! Real estate at its best is not ‘in the moment’ but a long process. If the deal is good for our clients, it’s good for us. If we are doing it right, YOU will be our CLIENT longer than THIS will be a TRANSACTION.

“That’s listed way over market/that’s not what the comps say.” I heard this a couple of days ago when a prospect called on a property that I have listed at HALF of land value according to the active, pending and closed sales in our Regional MLS. When I asked what comps the caller used and from where…duhhhh…well that’s just something he ‘heard somewhere’.

BUT BUT BUT: I would be happy to provide you with the same comps I used to set the price AND a copy of the disclosure where the seller told me to list it low to SELL IT. Zillow, Trulia and RealtyTrac are NOT always current or accurate and do not account for many of the intricacies that a local market expert would know.

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Before you make a move or adopt a mindset, it might be a good move to ASK and REVIEW the CURRENT documentation.

Happy to help…with the FACTS…