You may have heard the rumors about Arizona being in a
You may have heard that the Phoenix Metro area is a buyer's market.
Both true!
Foreclosures are worth looking at either for investment, 2nd home or up-sizing.
A foreclosure or sometimes called REO is a dwelling that is bank owned. In today's market, either the bank took the home back due to missed payments, or the owners just walked away from it, unable to sell the home for what they owe on it. Many folks may have purchased the home in the market boom of 2004-2005.
I have shown many foreclosures and there are a few things to keep in mind when shopping around:
GOOD:
1. Foreclosures can be smokin deals
2. Foreclosures generally get responses within a week (verses short sales 4-6 weeks)
3. The banks set the prices, so we know that a full price offer SHOULD be accepted, and serious offers will be considered. (
BAD:
1. Generally foreclosures are not move in ready. They usually need some work, usually, but not limited to painting and flooring. (I have personally seen foreclosures that have had counters, sinks, tile and even the air conditioner removed!
2. Some deals are so good that there are multiple offers on them which create a bidding war. Homes with pools and extraordinary curb appeal not only appeal to you, but others as well!
3. There is a not a whole lot of protection with warranties. The bank will tell you that they haven't lived in the home, so they are not aware of any structural defects. A 3rd party inspector working for US is a MUST!
Posted by Brian on 11:11 PM •
(0) Comments •
(0) Trackbacks •
Permalink •
Email This Post
