Since a decade prices have never been so depressed. Lenders are selling houses for peanuts in Phoenix and this is attracting buyers by the hundreds.
Most of the units are bank reo ones or about to enter foreclosure according to Cromford Report. The latter is engaged in collecting area wise data on real estate. It is anticipated that sales will pick up more speed in the coming months as the moratorium placed on the process has drawn to a close.
The most sought after houses are those priced below $100,000. The best can be located in West Valley – south of Phoenix proper and in Pinal County. These regions have been worst hit by the foreclosure tide.
Realtors calculate that it needs about $15,000 to $20,000 to make the house habitable after attending to all the essential repairs. Bob Ortega bought a house for $90,000 in Queen Creek in 2008. The same type of unit, not in foreclosure, had a price tag of over $150,000. He had to spend money buying stove, frig, washer as well as dryer. Then repairs and carpeting had to be done. He thought the previous owners were mad to have done this much of damage. Despite the expenses Ortega is satisfied with the deal. But what is worrying him is that more houses in the locality are ending up being foreclosed upon and this is telling on the health of the neighbourhood. The prices too have been going down to $10,000 and sometimes even $20,000 less than what he paid for his unit.
A foreclosed house can be purchased either directly from the lender, by negotiation with an agent or at a foreclosure auction. The choice of the agent is important – it should be someone who has the experience of talking with lenders. Most of the lenders themselves are in a fix and they have cut down on their staff. As such they might take time in responding.
Generally all the details and even photographs of the houses can be got from the website of the auction firm. Sometimes these companies hold open houses so that one can have unlimited view of the chosen units. Buyers are allowed to get it appraised themselves and then use this data to open talks with the lenders. Lenders are right now being overwhelmed with offers.
Most of the purchasers are paying cash because there are hardly any mortgages being granted by the battered lending lobby. For cash deals lenders are offering further discounts. It is a buyer’s market out there!
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