Phoenix Foreclosures-Deal or No Deal | Phoenix Real Estate
August 11th, 2008 categories: For Buyers, Phoenix Foreclosures, Real Estate News
Many home buyers in the Phoenix area are looking for a “good deal” as prices 
continue to decline and foreclosures soar. Many buyers, think that buying a Phoenix Foreclosure may be the way to get a “great deal” and they may or may not be right.
CNN posted an article “How to buy a foreclosed home“ that is worth reading if you are looking to buy a foreclosed home.
Here are some key points to remember if you are considering buying a foreclosure:
- “As-is” - you will in most cases be required to purchase the home in it’s current condition. The bank most likely will not make any repairs. **Note: if the house is very bad condition and you are seeking financing using an FHA loan- you can read more about FHA’s Repair Conditions
- Property Inspection: This is a must when purchasing a foreclosure by a qualified home inspector. At first view, the home may appear to be in acceptable condition, however a good inspector will be able to find any issues with electrical wiring, plumbing etc. Two of the most expensive items to repair/replace in Arizona, that most buyers always ask about- the roof and the air conditioner. While a home inspector looks at all system’s- if the inspector recommends further inspection by a qualified HVAC technician or Licensed Roofer- it is worth spending a few more dollars to ensure you are not faced with expensive repairs.
- Cost of Repairs- If several repairs are needed- make sure you investigate the cost of the repairs- Yes the home may seem to be a “deal”- but if you are faced with expensive repairs- your savings on the purchase price of the home may be eaten up with costly repairs.
- Title- ensure the the property has a clear title-free of tax liens, mechanic liens, HOA assessments, etc.
image courtesy of Downtown Blue
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Mike
http://realtorlinkback.com/