« Las Vegas Condo Project – Member Post -PENDING Nevada Bank Commercial REO List – July 6 »

Arizona Multi Unit Apartment – PENDING

Just received this from a principal seller. It will undoubtedly be sold quickly,

Asset Description & Procedures:

-240+ Unit apartment complex
-50% 1 bedroom and 50% 2 bedrooms
-Monthly income of $129,000 all individually metered
-60% occupancy
-Average size of each unit is 726 square feet
-Property sits on 7.87 acres
-Property Has Community Pool!
-Type of Home: Apartment Complex
-Roof Type: Built up
-Construction Type: Frame wood
-Stories: 2
-Year Built: 1985
-Lot Size: 7.8730
-Occupancy Description: Occupied with Tenants

*Retail Price: $4.89mm
*Wholesale Price: $3.49mm

Submitting an offer: Offers should be delivered via e-mail . Once you have made initial contact & signed the affidavits required (NCND & Compensation Agreement) you may submit on the standard AAR sales and purchase contract, we will send our “as-is” addendum. We transfer title via Quit-Claim Deed.

Cash Purchase: If you are purchasing a property for Cash, we do not require an Escrow or Policy of Title Insurance but if you feel the need for a policy of Title Insurance we are agreeable to it, provided the cost of that policy rests with you.

Debt Required: If you are purchasing a property and a loan is required, you will most likely want to submit your offer on the standard AAR form contract. Along within your offer, please submit a pre-approval letter from the Lender who will be providing your funds.

Arrangement for payment:

Occupied Properties: Arrangements for Payment on Occupied Properties should be made at the time the Offer is accepted. Buyers may use cash for their purchases or financing through one of our hard money lenders.

Response Time: We can generally respond within hours to any offer we receive. Offers are considered in the exact order received.

Addendums: We have standard addendums that are a requirement for closing. These are very similar to “Bank Property” addendums. They are for liability purposes. Once we receive your offer, we will prepare the addendums and fax the documents back to you for countersignature. All of this taking place after initial contact is made. Please contact my partner below & you will be on the phone with the principals immediately, this asset is off the market and a fresh bank asset. You MUST be the principal or buyer representative with signatory authority. This asset with go quickly, so please do not waste time.

Nevada Bank Commercial REO List – July 6

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