What to Expect With A Foreclosure

Foreclosures can be an enticing way to leap into real estate in Phoenix but also quite complex. This realty scenario has many rules and best practices to be aware of before jumping in with both feet. Here’s what you need to know for a successful foreclosure-buying experience!

Banks

Foreclosures are owned by financial institutions and each will have its own set of rules governing the sale. Some want a tight deadline for closing otherwise the sale could be forfeited or require their own proprietary forms as part of the offer or purchase paperwork. An easy way to make sure you are complying with any process rules is to work with an experienced realtor and obtain pre-approval for the loan before making offers. 

Offers

Making an offer on any real estate in Phoenix can be exciting, but a foreclosure may be even more so. The market is hot and foreclosures do not last long, typically selling within 48 hours of listing. If you love the property, work with your realtor to submit a competitive offer without hesitation. The idea of submitting a “lowball” offer is not likely to be successful in Phoenix today.

Be Prepared

Most foreclosure real estate in Phoenix is sold on an as-is basis. That means that you are buying the home in its current condition. Be sure to do a thorough walk-through before making an offer. While some issues are hidden, some are quite obvious.

If you make an offer that is accepted it is important to purchase a home inspection from a licensed home inspector. A structural, general and pest inspection should be performed and a full report provided. While the bank may or may not choose to remediate problems or apply any discount to offset repairs, you’ll be prepared for the expense or can back out of the sale without financial penalties.

The same should go for purchasing an appraisal, even if paying cash or if your loan company does not require one. Paying more than the home is worth could mean that you may not ever see a return on your investment.

Purchasing foreclosure real estate in Phoenix can get you a great deal on wonderful property. Navigating these challenging waters is just one of the things that RooPho Realty does. Contact us today to get started on your search!

Should I Remodel My Home Before Selling?

If you own real estate in Phoenix and are thinking of selling, a number of thoughts may come to mind. A common question involves whether to remodel before attempting to sell. There are certainly circumstances when you would want to make updates, but those decisions should be made carefully to ensure adequate return on your investment.

Basic ROI Strategy

ROI, or Return on Investment, should be your main factor when deciding whether you should remodel your home. How much will the market bear for resale with and without the remodel work?  Will it help gain a sale more quickly? If you do not gain significantly from the expense and time spent, it may be best to pass on the project or do less expensive facelifts. A trained real estate professional can help with this analysis before any decisions are made.

Cleaning and Staging

Fresh paint is the least expensive way to make your real estate in Phoenix absolutely shine. Touch up baseboards and trim as well and be sure the home is very clean. Eliminate any clutter and clear off counters and flat spaces. The home should be immaculately clean both inside and out, including windows. A thorough window cleaning can give the home a completely different feel to buyers. Landscaping should be neat as a pin. Another helpful sales technique is to use a professional staging service to arrange furniture, rugs and décor perfectly.

Dream Kitchens

A major kitchen renovation should be considered if the room hasn’t been updated in a long time or is in disrepair. Trying to sell a home with a shabby kitchen will be an exercise in futility and may cause major delays in receiving a satisfactory offer. Cabinetry should be replaced if it is damaged or poor quality. While new cabinets are a lovely addition to your real estate in Phoenix, you may get away with applying a high quality paint to provide an inexpensive facelift. Since the kitchen is the main selling point of a home it makes sense to invest a little more to make this room shine.

Bathrooms

Are any of the bathtubs chipped or unsightly? Old grout also tends to be an eyesore when trying to sell real estate in Phoenix so should be remediated before trying to sell. You may be able to use a bathtub refitting service to put an overlay product on the existing fixture, saving time and money.

Flooring

Damaged carpet or tile should generally be handled before listing the property. If the carpet can be cleaned successfully, you may offer a flooring allowance as a negotiating tool. If the carpet is ruined it is generally a best practice to have it replaced with something in a neutral color.

Selling real estate in Phoenix can be very lucrative, but it’s important to know what investments you should or should not make to make to the property before listing. For more expert advice, contact us today!

Summer Housing Trends 2015

The real estate market in Phoenix is ever-changing and growing. This summer is no exception! Chris F. Campbell of RooPho Realty gives his predictions on hot housing for 2015. 

A few new trends have begun to emerge this year, which Chris expects to blossom this summer.  Chris states, “Move-in ready homes and condos in urban areas are popular this summer. Society has been changing.  More people live in cities than rural areas than ever in American history.  Incomes are greater in metro areas than in small towns for the same job.  In addition, young professionals, empty nesters and retirees are wanting more to do within walking distance or via public transportation.”

Another big movement in the real estate market in Phoenix is house flips. “There are some good Fix and Flip homes out there,” Chris says. This idea of acquiring an inexpensive home that needs some work can be a great investment if done correctly. Investors typically look for a structurally sound home as a start, improve them and resell them with a much higher price tag. The projects should be chosen strategically to return the highest profit for the time and cost invested, and work should also reflect the designs and styles of the surrounding neighborhood.

“Buying downtown and midtown continues to be popular in the Phoenix real estate market,” Chris informs. These areas boast great dining and entertainment plus healthy employment statistics. Commuting is a dream and there is great enjoyment to be had in these neighborhoods.

As far as trends go, Chris’ recommendation depends upon your short and long-term goals. “Following the trends is probably a better investment but there will always be plenty of people living in the suburbs with a pool in the backyard. Some groups, such as young families, aren’t moving into urban areas,” Chris observes. “Do what’s right for you and your family. If you are looking for a property to buy and move out of in a few years, following the trends is probably the better investment.” 

Real estate in Phoenix can be complex and challenging to navigate. No matter what real estate strategy you’d like to execute, RooPho Realty is an expert guiding hand. Contact us today to start your search!

3 Benefits of Having an HOA

If you know someone who owns real estate in Phoenix, they have probably mentioned having a Home Owners’ Association (HOA). While your friend may have had a complaint or two revolving around their HOA management, it’s more common that HOAs are of great value to investors and residents! Here are a few reasons you want an HOA.

Neighborhood Order

We’ve all driven through neighborhoods that have residents of questionable habits. Some let their weeds grow feet high, store miscellaneous bulky items everywhere or maybe even have a long-term broken vehicle (or two!) in the driveway. They may let their dog roam unsupervised to leave gifts in random neighborhood yards or throw their trash anywhere.  An HOA helps prevent those types of activities from occurring. The result is a much more attractive and comfortable neighborhood that you’ll be proud to live in.

Common Areas

Many areas with HOA-controlled real estate in Phoenix have beautiful common areas such as parks, pools, ramadas and areas that all residents can enjoy. These lovely landscapes are not only provided by the HOA but are also maintained well, all without you lifting a finger. Streets are cleaned regularly and the curbside landscaping is well kept. Some HOAs also host events for the residents so that you can get to know people nearby, both for safety and for socializing.

Preserving Home Values

One of the most important benefits that an HOA provides is realized when you are ready to sell your real estate in Phoenix. Because HOAs are strict about cleanliness, maintenance and overall neighborhood attractiveness, your home will hold its value and most likely grow your investment. You won’t have to worry about a rogue neighbor painting their house a terrible color or erecting a giant statue within eyesight of your property, driving your home value down.

Home Owners’ Associations provide many positive perks. When purchasing real estate in Phoenix, ask if the property is under an HOA and be sure that you read the rules of that HOA. By knowing the expectations and requirements, you’ll be happy and comfortable in your new place. Talk to us about your next home and whether an HOA neighborhood is right for you!