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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