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Foreclosed and Short Sale Homes A Good Deal for Buyers in Scottsdale Arizona

In the current real estate market, prospective buyers are looking to cut costs and discover deals wherever they can. With an uncertain economic future and the fiscal cliff looming just on the horizon, a safe, cheaper purchase is going to be the best move for buying a home. Although the housing market is beginning to turn, the prices still aren’t what you would want from a market that is sitting on such a high inventory. What is the best move for a family looking to settle in a new home in Scottsdale or anywhere in the country?

Home Foreclosures

The answer could be in foreclosures. Foreclosed property provide a great opportunity for a families to aquire a beautiful home at fractions of the cost. For a quick review, a foreclosed property is property that the owner can no longer continue to make mortgage payments on. The owner must sell the house off quickly via a short sale, or the bank itself resells the foreclosed home at heavily discounted rate. There are a few pros and cons to purchasing foreclosed homes that we will quickly go over.

First of all, a foreclosed home comes as is usually. This means that repairs and maintenance will often fall upon the person purchasing the home. Often these repairs are minimal, but unless the new home buyer is actively inspecting the foreclosed home, they could end up with more repairs than they had bargained for. However, we at Glenn Real Estate, do not believe that this will not doom the purchase.

Foreclosures

The nature of a foreclosure sale is that just about all of the parties want the sale to happen quickly and incident free. The seller wants to wrap up the deal before their bank forces the foreclosure, in the instance of a short sale home; thus, speed is extremely important. In the case of a foreclosure in, the bank usually just wants to turn over the property as soon as possible, so they will be more willing to concede on price points and liability for repairs, within reason of course. Also, a bank will frequently absorb the fees and secondary costs required to a make the sale; anything, within reason, to expedite the deal. We suggest you keep this in mind and use it to get the best deal that you can.

With lower prices and increased motivation to make a deal work, it seems that for a new family looking to establish itself in this unsure market buying a foreclosed or short sale home in Scottsdale is the way to go. If you would like assistance in this endeavor please contact us at Glenn Real Estate in Scottsdale today!