The foreclosure market in Phoenix is moving FAST right now. The word is out that our market is almost at the bottom and foreclosures are insanely cheap. It seems that everyone is suddenly here to buy a foreclosure property. Months ago, foreclosures would sit on the market for weeks or months before being bought. Since, there was less activity and interest, the bank would entertain offers 10% or more below list price. Since December, the best foreclosures are snapped up within days of being put on the market. There is usually MULTIPLE bidders. This creates a bidding war situation where each buyer is told by the bank to give their “highest and best offer”. They look at all offers together rather than negotiating with the person who give the first offer (which used to be the norm). As a result, foreclosures have been selling for 99.7% of list price. Some go over list price, some go under.
When you see a foreclosed property that interests you, it is in your best interest to make an offer. If you wait, another more decisive buyer will get the deal. You will have 2-3 days during negotiations, and 10 days after your offer is accepted to thoroughly weigh all the options and determine whether it is the right purchase for you. You can change your mind and get your deposit back at anytime during this inspection period.
We are foreclosure experts. See more information and view foreclosure properties on our Foreclosure Deals page at www.ThePhoenixExperts.com or call us at 1-800-300-0263 to start your search for a foreclosure.
Marc Brodeur, Realtor
www.ThePhoenixExperts.com
1-800-300-0263
