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We live in Flagstaff. My husband wants to buy a bank owned in scottsdale. There are older condos available for under 100K there, but I was hoping for under 75K, but still quite nice area. Any suggestions? Are there bad areas of scottsdale?
Also, I would like to buy a super cheap banked owned condo/apt for my soon to be 18 year old son. I mean something for $25K or less. What areas of Phoniex might be very inexpensive but still safe - I do not want to get him in a high drug or high gang area.
We don't mind doing cosmetic work on a place.
Someone told me advertised prices are not accurate because of bidding wards. What percentage of bank owned have bidding wards down there? Are there certain bank owned less likely to have wars?
We have excellent credit and will have a preapproval letter - not cash.
Unless Scottsdale has changed a whole lot from when I was there in a couple of winters back-- I can't imagine that you can find something habitable for $25K. Even in Phoenix that would be a pretty sad little place, and safety would probably be iffy. Ask that in the Phoenix forum for more current feedback...
If you do go shopping for ANY condo that is bank owned anywhere you MUST be certain that the complex is NOT so very vacant due to overbuilding that lenders will NOT write a loan. I suspect the places under $75K are going "cash only" but personally I would avoid these as odds are these places are going to be NIGHTMARE with tons of absentee landlords all balking about spending a dime on the HOA / reserve funds. Sure recipe to ghettodom...
goal is under 75k in scottsdale and under 25k somewhere else for teen boy. I know it's a long shot, but wondered if it is possible. We purchased a bank owned here for the low 400s - it was originally listed at 1.25 million by owner, (down to 700K when bank owned and when we put our offer in)
You don't think 75K in southern scottsdale for an old condo is possible? Even if I can get something for under 50K for my son that would work. He doesn't need to be in a 'nice' family neighborhood. he just needs to be somewhere where he will not get 'jacked' by gangs or drug dealers
Bidding wars, not wards. Price listed is lower than market to it induces several buyer to bid over asking price.
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