Foreclosure homes for sale in Maricopa, AZ
Buying a foreclosed home can sometimes be a great investment move or a nice deal for your next primary residence. Sure the homes aren’t as low as they were a few years ago in Maricopa but it’s still an active real estate market.
Let’s go over what a foreclosure is. When a mortgagor (the homeowner) fails to keep up with their mortgage payments the lender takes back the mortgage property and then tries to sell it. You may think you will get a great deal since you know the lenders don’t want all of these properties sitting around in their possession. Here are 5 tips to buying a foreclosure in the city of Maricopa.
6 Tips to Buying Foreclosure homes for sale in Maricopa AZ…
- Don’t come in with ridiculously low offers
When you see a foreclosure hit the market the bank usually has it priced based on their research of its value. If you see one hit the market and put in a low offer within a few days, chances are it won’t be accepted. The banks have rules and a lot of the time they will lower the price after 30 days or so.
- Watch for Bidding War Tactics
Sometimes a real estate agent will list foreclosure homes for sale in Maricopa, AZ lower than its value knowing multiple offers will come in and result in a bidding war. You could still get a good deal if you win a bidding war but make sure you ask your real estate agent about recently sold homes in the area that are comparable to the one you want so you can get an idea of what the value is.
- Get prepared prior to the foreclosure hitting the market
Once a foreclosed home goes live, and if it’s a good deal, multiple offers will probably come in quickly. To be ready to compete and be aggressive to get an accepted offer you should already have all your ducks in a row. You’ll want to know the area so you can determine if you really are getting a good deal. It is also recommended to have your pre-qualification ready to go, unless you are paying cash. Be ready to act fast. The early bird gets the worm.
- Pay Cash if you Can
Cash is certainly king, especially in real estate. If you are paying cash for a house it will make your offer stronger. When paying in cash you can close sooner, sometimes as soon as 10 days, and not have to wait up to two months for the financing to be set up. If friends or family will let you borrow the money that is a good way to go. Then you can secure a mortgage after the fact to pay them back. However, make sure you qualify beforehand.
- Write Strong Offers and the Bigger the Deposit the Better
When lenders look at an offer they want it clean. The simpler it is, the better. As you know, offers can get rather messy with lots of requests from the seller, paying concessions, being contingent on the sale of your current house, etc. It’s best to keep in mind that you want a tidy offer and a bigger down payment is always going to be attractive.
- These Homes are Sold As-Is
Remember when looking at foreclosure homes for sale in Maricopa, AZ that when a home is vacant is can accrue more damage than your average house. Plumbing seals can dry up, bugs can infest the property, was it winterized, has the unkept landscaping caused damage, etc. The longer it sits the worse it can be. Try to take into consideration what repairs may be needed to get it into shape. This needs to be considered whether you are buying as a primary residence or an investment.
To Buy or Sell a Home in Maricopa Contact:
Jason Bechtold, Realtor
The Maricopa Real Estate Company
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