Considering a Foreclosure Property?
The metro Phoenix market  has  record breaking home inventory levels.  Some experts say that over 40 percent of active listings are bank owned properties. 

If you are looking for a deal on a foreclosed property consider the following:

Foreclosed homes aren't being given away:  Typically, they are priced 10 to 15 percent below the non-bank-owned properties.

Banks have a selling strategy:  The banks are skilled at analyzing marketing conditions and often lower the price after a home has been on the market for 30 days.

Houses are priced attractively to create bidding wars:  Expect plenty of competitive offers.

Factor for repairs: Consider the repair costs before making an offer. While a buyer is still entitled to an inspection period, the seller most likely offer the home "as-is".

Have your financing in place:  Get pre-qualified because your offer won't be accepted without proof of financing.  Consider borrowing from the bank that owns the property, it could lower the price.

Cash is king:  Enough said.

Make sure the property has a clean title: Any outstanding liens and fees incurred by the original owner could be transferred.

Beware of foreclosure concentration: If there is a high number of foreclosures in a neighborhood, consider this area to be declining in value.

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