Yes, you can negotiate on a foreclosure – but usually not by very much. The housing market in Phoenix has changed considerably in the last 6 months. Last year you could realistically offer 10-15% below list price for a foreclosure and expect to get it. These days the sharks are out! The word is out that homes in Arizona are crazy cheap and the sharks are out. Everyone is trying to buy a foreclosure suddenly. The best foreclosures – those that are clean, with appliances and in “move in” condition – sell within 2-3 days of being put on the market. They generally have multiple bidders and sell for list price or very close to list price. It is no longer possible to get a good foreclosure for much less than list price. Of the last 10 foreclosures we have put bids on during the past 2 months, 90% of those homes ended up with multiple bidding wars between the buyers. Luckily many of those bidders put in unrealistically low offers so our clients were often the winning bidder with a realistic price. Most foreclosures are priced at 50-60% off the previous purchase price. So paying full list price, you are still getting the deal of the century. That is the big picture you need to keep in mind when making your bid. Those bidders who want it even less are just unrealistic and will not be successful in the end.
We are foreclosure specialists. We sell more foreclosures in a month than most Realtors in Phoenix sell in a year. Check out our foreclosure deals page on www.ThePhoenixExperts.com for more information about foreclosures currently available.
Marc Brodeur, Realtor
The Phoenix Experts
www.ThePhoenixExperts.com
1-800-300-0263
