Bank Owned Foreclosed Homes For Sale In Fountain Hills, AZ
Fountain Hills, AZ Bank Owned Foreclosed Real Estate
September 21st, 2012 Posted by Mark Gridley TecKNOW Real Estate Agent specializing in Fountain Hills, AZ Real Estate
The first thing a Real Estate Investor, New Home Buyer or a Vacation Home Seeker needs to understand about the Fountain Hills Real Estate Market is that Fountain Hills is a unique Real Estate Market. When buying or selling a Fountain Hills Home you need to be working with a Real Estate Agent that specializes in Fountain Hills. Bank Owned, REO, Foreclosed Homes Condos and Apartments for sale is extremely challenging. Most of them are selling in a matter of hours, over the listing price and multiple offers. Highest and Best is the norm. I have 2 examples that I recently represented in Fountain Hills, AZ.
The 1st was a Condo in Balera at Firerock Country Club.
The day it came on the market, my client and I visited it at 8 am. It was a Bank Owned, Foreclosed Condo listed at $227,900. It was in reasonable condition and mostly needing some updating and touch up. By noon we submitted an offer at full price, cash and a 2 week COE. The Listing Real Estate Agent had already received multiple offers on the Condo and was asking for Highest and Best to be submitted by the end of the week for the Banks review. My Client and I did Comparables and came to the conclusion that the Condo was probably valued at $275,000 to $325,000. The Condo would need about $20k in updating to be worth the higher end of the market. Having lost out on a few deals before and wanting to beat out flippers, they decided to go in strong and we offered $265K, As Is, No Appraisal, an Inspection, Cash and a 2 week COE. Our offer was accepted and my client is going to be a proud owner of a fantastic Balera at Firerock Country Club Condo by the end of this month!
The 2nd was a Duplex in Mirage Cove, Fountain Hills, AZ
The situation was almost identical except my clients are relocating to Fountain Hills rather then looking for a vacation home. They are moving to Fountain Hills in April and have been looking for the right home for over a year and half. Time was running out when we found the perfect home for sale in Fountain Hills and they just happened to be in town to look at homes for sale when it hit the Real Estate Market. Just like the Balera Condo, we previewed the Mirage Duplex at 8 am the day it came on the MLS. It was perfect for them! Again we submitted a full price offer, cash and a 2 week close and again we were challenged with a similar result. Multiple offers and highest and best situation. After much thought and deliberation we decided to offer $225,100, Cash and a 2 week close on a bank owned foreclosed duplex listed at $197K as our highest and best offer. WE LOST OUT! Not only did we loose out, but we lost out to a what I thought was a lower bid of $225k. The bank took an offer that was $100 less but would close 1 day earlier and had more earnest money in place. My people were sick and upset! They easily could have put up more earnest money and closed a couple of days earlier then the accepted offer.
The Lessons to be learned about the Fountain Hills Real Estate Market.
- First off don’t assume that you can buy a home for less then the listing price.
- Make sure that you have your finances in order, particularly if your financing.
- Close of escrow and earnest money matter to Bank Owned, Foreclosed Homes for Sale.
- When you find a home for sale that you like be prepared to act fast.
- Deal with a Real Estate Agent that is local, and knows the market so that you don’t end up paying more then you should just because it’s a Bank Owned, Foreclosed Home.
- Bank Owned, Foreclosed Homes for sale are targeted by flippers and investors. An experienced Real Estate Agent that know the market can guide you through how much to pay for a home.
- Explore all the homes for sale. Sometimes you can find a traditional home sale that is priced like a bank owned home.
Bank Owned Homes For Sale In Fountain Hills, AZ
I’m Mark Gridley, a Real Estate Agent that lives in Fountain Hills, AZ. I specialize in homes, condos and apartments for sale in Fountain Hills. I also service Goldfield Ranch Horse Property and Rio Verde.
If your looking to buy or sell a home in Fountain Hills, Rio Verde or Goldfield Ranch I’m your go to guy.
Please visit my websites for more information on homes for sale in the Town of Fountain Hills.