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Once again I am discussing Maricopa County, Arizona. Let me paint a picture for you. You have been looking for homes for a few days, you have been completely pre-qualified and you fall in love with a bank owned home. Good price and great home. The key is to only look at homes you can buy. You do not want to look at bank owned homes that have contracts on them that are being looked at by the bank or investor. These homes that have offers that are almost accepted by the bank, will still show active on MLS. Also many bank owned homes are priced low, so you have to be ready to go through some hurdles to actually get it under contract because many home buyers are going to be looking at it fast when it is priced low. Many homebuyers for one home could increase the actual sales price of the home, which means it could sell for more then asking price. Next many banks are not willing to fix any repairs no matter the extent of the property damage. So you are buying a home as-is in most cases. So knowing all of this (must be ready to buy, must make sure it is available, buying it as-is) you must be ready to move. To summarize you should not even look at bank owned homes unless you are ready to buy and are fully capable of going all the way through it. You have deposits, fees, and most importantly time at risk. Take your time, find a lender of your choice, have them explain their fees and have them get you fully qualified. You have to be fully capable of obtaining a loan and comfortable with the payments prior to trying to buy a home.
Have you ever purchased a home in Arizona?
If the answer is no to this question please read on, coming from New York, I can assure you owning real estate in Arizona is much different, especially in Maricopa County which is Phoenix, Glendale, Peoria, Surprise, Buckeye, Avondale, Goodyear, Paradise Valley, Scottsdale, etc... Arizona real estate puts a lot of responsibility on the real estate agents. Having a real estate agent in Arizona is imperative. In Arizona the use of an attorney is not mandatory. We use title companies and they act as the mutual third party in a transaction. Going off on a tangent for one second can I ask you the reader a question? If you were a company and a client came to you and said I am going to hand you so much work your head will spin, you are going to make more money now then you ever have. Would you feel loyal to that person or company? For example when buying a bank owned home, the bank decides what title company you have to use. The banks happen to use the same title company over and over. DO you think that Title Company wants to help you as the home buyer who they will never work with again, or do you think that Title Company would like to impress that bank that is bringing them deal after deal? I am not insinuating anything; I am just expressing my concern over the relationship I am starting to see between title companies and banks. Now that I am done with that I am going to say one more time, consult a real estate agent when buying a home, bank owned or otherwise, in Arizona.
Have you ever bought a bank owned home?
Good question. Bank owned homes or cooperate owned homes make up a huge amount of inventory on the market. If you have never bought one before I can tell you that it is a different beast. When buying a bank owned home in Arizona, you are going to be playing by a different set of rules. I look over a bank contract every day. None are exactly the same. This is not like filling out a contract on your terms. The banks own the homes, they need them off their books, they price the homes to sell, and you have to play by their rules or they will find somebody else who will. I know the banks rules and I understand what they are trying to do. I understand that these banks are taking loses that are unfathomable. Bank owned homes have different contracts, different penalties. In closing, I am not suggesting that bank owned homes are a problem for you the home buyer. In many cases the banks have been much better to work with then the homeowners themselves, but I as a real estate agent I have paid my dues, I know what the banks want to see. I have built relationships with many of the bank real estate agents, and they know that when we are working with home buyers it is a good deal. I know how to help you buy a bank owned home in Arizona.
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