Considering to buy a home in the East Valley? (Phoenix: bank owned, for sale)

[gtbguy]

Lots of interesting threads regarding real estate in the metro area. I'm trying to decide where to buy in the East Valley? I've looked at several web sites showing the different areas and prices for homes and its really confusing as to where to go. I'm looking for a 3 bedroom, 2 bath house, with 1800-2000 square feet. We have $150K cash and don't want to spend any more. We currently have family in Mesa so that is why we are considering the East Valley. Initially we would like to rent out anything we buy for another five years until I retire and then we will live in it part time and go between our other properties we own. I can see us owning this home for probably 7-10 years.

Considerations/questions:

1. Any particular areas that you would recommend for us?

2. Which areas are probably better for rentals?

3. Areas with good school districts? (We don't need to worry about this but renters sure do).

4. Of course good access to and from restaurants, medical facilities, shopping, etc. is important so I would image areas too remote wouldn't be good.

5. Recommend homes with a swimming pool? I realize lots of liability and additional expense here but not having a pool in Phoenix area is almost as bad as not having a garage!

6. Buying a home at the courthouse or an auction, is this really advisable?

7. Last but not least, any good realtor recommendations?


Any advice would be very helpful.

RL

[Captain Bill]

RL,

Any place in Gilbert will fit all your requirements. Also an area in east Mesa south of hwy 60 fits them.

I would advise against a pool for a rental home. There is too much expense involved and as you mentioned, there is that liability factor. Many of the HOA's have a community pool, so as strange as it may seem, a pool is not a requirement here.

Buying a home at the foreclosure auctions is not as easy as some think. There are pitfalls to be aware of. If you decide to go that route, then learn a lot about the areas, and do a lot of research on trustee sale procedures so you will know what you're doing.

There are several good realtors on the Phoenix forum, so you can check us all out and contact one of us.

Good luck with your project.

[sh9730]

Capn Bill -

As usual I agree with most of your post - but can someone really get something decent in Gilbert for 150K or less as the OP set as a high end limit?

[apexin]

Get ready for a very frustrating experience. I have been looking for a home in the East Valley since Jan. I dont have cash like you, but have a decent down payment so i dont have to go FHA.

The problem Im finding is there are very few homes to buy. Most people think Phoenix is a wide open buyers market, but its as far from that as can be. Its a Bankers market. Not to get off subject, but this whole world is starting to be run by the big Banks!!!!!

Anyway, the problem is about 95% of the homes on the market are short sales. No big deal if you are sitting in an apartment with a month to month lease. But for a family with 2 young children that close on there home in the midwest in 2 weeks, its not the perfect set up. To buy a house in Phoenix, you have to make it your full time job. Search the MLS at least 6-10 times a day and hope you catch the few homes that hit that are actually for sale (I dont really consider a short sale a home for sale) and are priced correctly. Ive probably walked through 100 homes in the East Valley since Feb. 1st and the only one I would consider sold the first day on the MLS. You visit homes that are trashed, that people still live in and are there as you view (which in my neck of the woods is unacceptable). How are you supposed to view a home when the kids are sleeping in one room and the others are eating Mcdonalds watching TV in the Family room. Unreal! You guys in the west must have had a real boom this past 10 years to think you would ever sell a home shown like that.

Mod Cut: Unnecessary.

You might find a completely different experience than I have as you have cash and are looking at a lower price point than I, but this has been one of the most stressfull searches in my life. I have bought and sold homes in Missouri, Georgia, North Carolina and Illinois (Yes, my job seems to move me around a lot) and never has it been so hard.

Oh, one last thing, don't take anyone's word that all schools in one District are good. Check them out and you will see that even Gilbert has some low scoring schools. If you don't check this out now, someone else will and you could have a harder time renting down the road.

[rjrcm]

Originally Posted by sh9730

Capn Bill -

As usual I agree with most of your post - but can someone really get something decent in Gilbert for 150K or less as the OP set as a high end limit?

There are currently about 40 non-short sale homes with the OP's parameters and with no pool less than $150K in Gilbert south of 60 and north of 202. Probably have to stay closer to $150K for best odds of one in decent shape. The best ones sell fast.

[sh9730]

RJ

Thanks for the info. Didnt think anything up there worth living in was that low..I mean even down here in CG with some exceptions, anything that doesnt need alot of work is still 125K plus. There are lots less than that...but all foreclosures with no landscaping and most dont have appliances etc...

[apexin]

Hey rjrcm,

How many non shorties do you see in Gilbert with these paramaters:

$ 250,000 - $300,000

4 bd
3 car gar.
pool
larger than a 7500 sq ft. lot ??

Im just curious to see if I am seeing the same things as others.

[rjrcm]

Originally Posted by apexin

Hey rjrcm,

How many non shorties do you see in Gilbert with these paramaters:

$ 250,000 - $300,000

4 bd
3 car gar.
pool
larger than a 7500 sq ft. lot ??

Im just curious to see if I am seeing the same things as others.

At the time I checked, there were 13 in Gilbert.

[rjrcm]

Originally Posted by sh9730

RJ

Thanks for the info. Didnt think anything up there worth living in was that low..I mean even down here in CG with some exceptions, anything that doesnt need alot of work is still 125K plus. There are lots less than that...but all foreclosures with no landscaping and most dont have appliances etc...

I'm sure several of the 40 I found would require work, especially on the lower price end. Most are lender owned.

[gtbguy]

Originally Posted by apexin

Get ready for a very frustrating experience. I have been looking for a home in the East Valley since Jan. I dont have cash like you, but have a decent down payment so i dont have to go FHA.

The problem Im finding is there are very few homes to buy. Most people think Phoenix is a wide open buyers market, but its as far from that as can be. Its a Bankers market. Not to get off subject, but this whole world is starting to be run by the big Banks!!!!!

Anyway, the problem is about 95% of the homes on the market are short sales. No big deal if you are sitting in an apartment with a month to month lease. But for a family with 2 young children that close on there home in the midwest in 2 weeks, its not the perfect set up. To buy a house in Phoenix, you have to make it your full time job. Search the MLS at least 6-10 times a day and hope you catch the few homes that hit that are actually for sale (I dont really consider a short sale a home for sale) and are priced correctly. Ive probably walked through 100 homes in the East Valley since Feb. 1st and the only one I would consider sold the first day on the MLS. You visit homes that are trashed, that people still live in and are there as you view (which in my neck of the woods is unacceptable). How are you supposed to view a home when the kids are sleeping in one room and the others are eating Mcdonalds watching TV in the Family room. Unreal! You guys in the west must have had a real boom this past 10 years to think you would ever sell a home shown like that.

Mod Cut: Unnecessary.

You might find a completely different experience than I have as you have cash and are looking at a lower price point than I, but this has been one of the most stressfull searches in my life. I have bought and sold homes in Missouri, Georgia, North Carolina and Illinois (Yes, my job seems to move me around a lot) and never has it been so hard.

Oh, one last thing, don't take anyone's word that all schools in one District are good. Check them out and you will see that even Gilbert has some low scoring schools. If you don't check this out now, someone else will and you could have a harder time renting down the road.

Thanks for the heads up apexin. I had a very similar experience in Vegas trying to buy something. Noting for sale out there either. Lots of short sales and the bank owned end up getting multiple offers. In fact the builders are now getting busy in Vegas, go figure with the current state of the economy and now we are beginning another building boom (maybe not a boom but who'd expect all this)!

I am hoping to have better luck here.