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!

Arizona's mortgage delinquencies rate falls to 5.18%

Arizona had the sharpest decline in home-loan delinquencies in the U.S. in 2012, pushing its overall rate to slightly less than the national average, according to a report from TransUnion, the credit-reporting and information-management company.

Read the whole story

As delinquencies fall the housing economy will level out.  Contact RooPho Realty if you're thinking of buyer or selling to see if it's the right time for you.

Foreclosures lowest since 2007 in Metro Phoenix

Foreclosures and foreclosure starts are at their lowest levels since 2007.  According to the information market, 1339 homes were forecloses on in January.  Many months from 2009 to 2011 were from 4000 to 5000 per month. The Phoenix housing market is no longer driven by the foreclosure market and there is no shadow market. 

Check out AZNativeProperties.com for a great selection of Urban Properties in Metro Phoenix.http://www.aznativeproperties.com/

Resale home sales are up again for November.

Although this may be a slow recovery, we have momentum that is expected to stay with us in 2013.  Phoenix continues to be out front with values going up more than any other major metro area. 

By Christopher S. Rugaber-Associated Press
U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates. The report was the latest sign of a sustained recovery in the housing market.
The National Association of Realtors said Thursday that sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That’s up from 4.76 million in October.
 

Short Sales are selling more than Bank Owned Properties

If you're in a distressed situation with your mortgage, meaning you own more than it's worth and your payments have gone up, you may benefit from short selling your home instead of letting the bank foreclose.

Banks have finally realized approving a short sale is better for both them and the home owner.  In the past year, banks have been approving short sales much faster and willing to negotiate a little better than previously. 

Approved short sales have gone up 65% over the past year nation wide and is expected to continue. 

If your property is in the foreclosure process and you're not sure what to do, Contact me and we can discuss your options.

Chris@RooPhoRealty.com or www.AZNativeProperties.com
602-224-0554