Buying New Vs Buying foreclosed/SS ? (Tempe: short sales, foreclosures, buying a home)

[amjay]

We are planning to buy our first home, our budget is approx 150K, we are looking for 3+ beds & 2+ baths, work location is near ASU so 10/15 mile radius from there. It should be a safe family location. Keeping the above criterion in mind what would you suggest, should we look for new houses or foreclosed/SS?

[rjrcm]

Well, 10-15mi radius gives you flexibility, but if you want something much closer to ASU in Tempe, then you will be unlikely to find a new home for that budget. Traditional resale, foreclosed, or short sale homes may be your best options.

[observer53]

Originally Posted by rjrcm

Well, 10-15mi radius gives you flexibility, but if you want something much closer to ASU in Tempe, then you will be unlikely to find a new home for that budget. Traditional resale, foreclosed, or short sale homes may be your best options.

Yes, there are some resales in the Tempe areas nearest ASU, as you noted here:https://www.city-data.com/forum/phoen...-near-asu.html

[christiner81]

i wouldn't do the short sale thing, we bought a foreclosure 2 years ago and while it needed a lot of work, we now have a nice bit of equity, which is a bit unusual nowadays around here. Moderator cut: snip

[Captain Bill]

Originally Posted by christiner81

i wouldn't do the short sale thing, we bought a foreclosure 2 years ago and while it needed a lot of work, we now have a nice bit of equity, which is a bit unusual nowadays around here. Moderator cut: snip.

Just to clarify, the buyers agent does not communicate with the bank. The buyers agent can only communicate with the listing agent. The listing agent (or his/her assigned negotiator) is the only one the seller authorizes to communicate with the bank.

[Captain Bill]

Originally Posted by amjay

We are planning to buy our first home, our budget is approx 150K, we are looking for 3+ beds & 2+ baths, work location is near ASU so 10/15 mile radius from there. It should be a safe family location. Keeping the above criterion in mind what would you suggest, should we look for new houses or foreclosed/SS?

My suggestion is to look at all homes meeting your criteria, and decide which house as you find them.

[bgray9]

Originally Posted by Captain Bill

My suggestion is to look at all homes meeting your criteria, and decide which house as you find them.

Agreed. You could find a short sale, foreclosure, or traditional sale that happens to fit the specifics of what you're looking for. We just finished buying a home, and looked at all three kinds, recognizing the tradeoffs inherent in each option. If you are considering foreclosures and short sales, I'd just suggest doing some reading/talking to people to help you understand what they involve.