{"id":2903,"date":"2008-04-05T07:36:33","date_gmt":"2008-04-05T14:36:33","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2903"},"modified":"2008-04-05T07:37:26","modified_gmt":"2008-04-05T14:37:26","slug":"looking-for-a-bargain-in-phoenix-real-estate-add-some-elbow-grease-to-your-money-and-go-for-a-bank-owned-home","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2903\/looking-for-a-bargain-in-phoenix-real-estate-add-some-elbow-grease-to-your-money-and-go-for-a-bank-owned-home\/","title":{"rendered":"Looking for a bargain in Phoenix real estate? Add some elbow grease to your money and go for a bank-owned home"},"content":{"rendered":"

This is my column for this week from the Arizona Republic<\/i> (permanent link<\/a>):<\/p>\n

 
Looking for a bargain in Phoenix real estate? Add some elbow grease to your money and go for a bank-owned home<\/b><\/p>\n

Last week we talked about how home sellers can command a premium price in the current Phoenix real estate market, even if they are competing with nearby foreclosure properties, by putting the home into turn-key condition.<\/p>\n

So what’s the counter-strategy? If you’re a buyer looking for the best possible price, what should you do?<\/p>\n

Go for the bank-owned homes, of course. Trying to buy a short sale can be heart-rending. The price listed in the MLS will be meaningless. The lender will decide what price to allow. Still worse, lenders drag their feet on short sales. If they have any hope of keeping the loan alive, they won’t let the house go. Meanwhile, your own interest rate could be spiking, rendering you unqualified for the deal if and when it finally comes through.<\/p>\n

By contrast, bank-owned homes (you might hear them called REOs, for “real estate owned”) can race through the escrow process. Once a bank has foreclosed on a home, all it wants is to get it off its books and recover whatever cash it can, as quickly as it can. In consequence, your offer might be approved in just a couple of days, with the bank rushing the closing date any way it can.<\/p>\n

Because of that, your loan qualification matters a lot. If you look shaky to the bank, it might pick a lower offer from a stronger borrower just to be assured of getting whatever money it can out of the deal.<\/p>\n

And then there is the condition of the home. People  losing their homes sometimes let the daily maintenance slide. Expect to see filthy carpets, scuffed-up paint, damaged doors. The air conditioner might have been removed and sold, or the water heater — or even the kitchen sink.<\/p>\n

In most cases, the bargain price you get for the home is going to be offset somewhat by the money you will have to put into it. But if you are handy Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This is my column for this week from the Arizona Republic (permanent link):  Looking for a bargain in Phoenix real estate? Add some elbow grease to your money and go for a bank-owned home Last week we talked about how home sellers can command a premium price in the current Phoenix real estate market, even […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5],"tags":[],"class_list":{"0":"post-2903","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-marketing","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4880,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4880\/if-you-have-cash-or-can-qualify-for-a-mortgage-this-could-be-the-ideal-time-to-grab-a-bargain-priced-home-in-the-phoenix-area\/","url_meta":{"origin":2903,"position":0},"title":"If you have cash or can qualify for a mortgage, this could be the ideal time to grab a bargain-priced home in the Phoenix area","author":"Greg Swann","date":"October 11, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0If you have cash or can qualify for a mortgage, this could be the ideal time to grab a bargain-priced home in the Phoenix area The Phoenix area is hosting a wave of real estate investors like\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5374,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5374\/restoring-a-bargain-priced-lender-owned-home-is-easy-if-you-have-cash-but-a-hud-203k-rehab-loan-makes-it-easy-even-if-you-dont\/","url_meta":{"origin":2903,"position":1},"title":"Restoring a bargain-priced lender-owned home is easy — if you have cash — but a HUD 203k rehab loan makes it easy even if you don’t","author":"Greg Swann","date":"November 1, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Restoring a bargain-priced lender-owned home is easy -- if you have cash -- but a HUD 203k rehab loan makes it easy even is you don't Last week we talked about troubled homes and how they can\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3324,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3324\/musical-chairs-you-can-buy-a-home-on-leased-land-for-a-bargain-price-but-you-must-be-prepared-to-sell-before-the-music-stops\/","url_meta":{"origin":2903,"position":2},"title":"Musical chairs: You can buy a home on leased land for a bargain price, but you must be prepared to sell before the music stops","author":"Greg Swann","date":"July 5, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Musical chairs: You can buy a home on leased land for a bargain price, but you must be prepared to sell before the music stops We're preparing to list a condominium that sits on leased land. Land\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10574,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10574\/a-brief-glimpse-into-the-lender-owned-real-estate-market-in-phoenix\/","url_meta":{"origin":2903,"position":3},"title":"A brief glimpse into the lender-owned real estate market in Phoenix","author":"Greg Swann","date":"December 16, 2009","format":false,"excerpt":"From my email:The bank has chosen 2 offers to move forward with. They are in the middle of the countering process. If something does happen with any of those, then I will place yours as backup along with the other 16 offers.Emphasis added -- alas.","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2851,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2851\/if-you-dont-have-to-sell-into-the-current-phoenix-real-estate-market-dont-but-what-if-you-do-have-to-sell\/","url_meta":{"origin":2903,"position":4},"title":"If you don’t have to sell into the current Phoenix real estate market — don’t. But what if you do have to sell…?","author":"Greg Swann","date":"March 29, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link): \u00a0If you don't have to sell into the current Phoenix real estate market -- don't. But what if you do have to sell...? Here's a piece of real estate marketing advice that should be obvious: If you\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1972,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1972\/looking-for-a-bargain-priced-home-if-you-dont-flinch-the-seller-will\/","url_meta":{"origin":2903,"position":5},"title":"Looking for a bargain-priced home? If you don’t Flinch!, the seller will","author":"Greg Swann","date":"September 28, 2007","format":false,"excerpt":"This is my column this week from the Arizona Republic (permanent link): \u00a0Looking for a bargain-priced home? If you don't Flinch!, the seller will Let's talk a little bit about buying strategies. Last week's rate adjustments by the Federal Reserve Bank may have scared up a few buyers. 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