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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Buy and Bail- Is this the new real estate trend?
June 11th, 2008 categories: Phoenix Foreclosures, Real Estate News
Here is an interesting article from azcentral.com.
With prices continuing to decline in the Phoenix Real Estate Market , ARM’s adjusting, resulting in increased payments, homeowners with good credit are looking for homes to purchase, at half the value of their current home. After they close on their new home, they simply walk away from the home that is now upside down in value.
What do you think of this emerging trend?
| Discussion: 3 Comments »
