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Old 08-22-2009, 07:50 PM
 
91 posts, read 304,336 times
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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.

Thanks.
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Old 08-22-2009, 07:53 PM
 
Location: Phoenix
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I don't think even bank owned properties would be that cheap...especially not in a good neighborhood in Scottsdale or Central Phoenix. In Phoenix, especially the central area, many houses and condos have actually held their value and have seen VERY modest increases unlike the suburban areas. But good luck in your search, I'm sure someone can give you more insight if there are condos to be had for $25k or less but I HIGHLY doubt it.
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Old 08-22-2009, 07:58 PM
 
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hmmm... i've been looking at mls search for bank owned homes and see quite a few for under $75. Also many under 25K in less desirable areas. Do think the site is wrong?
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Old 08-22-2009, 08:21 PM
 
Location: Phoenix
3,995 posts, read 9,391,386 times
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Quote:
Originally Posted by nowannamove View Post
hmmm... i've been looking at mls search for bank owned homes and see quite a few for under $75. Also many under 25K in less desirable areas. Do think the site is wrong?
If it is a less desirable area then probably not. But you asked for good neighborhoods, etc which you won't find that type of pricing. I'm sure a realtor will pop in here soon to point you in the right direction. But if you want a good area, you won't be paying $25k and $75k will be a stretch in Scottsdale as well. When it is a banked owned property they usually low ball a price but this incites a bidding war for the property which has been quite prevalent in this market surprisingly.
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Old 08-22-2009, 08:32 PM
 
91 posts, read 304,336 times
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oh - bidding wars? don't want to do that. I think I need to find a good buyers broke who is well adept at bank owned negotiations. We did that up here and got a super good deal on our home. Maybe I'll ask our agent up here if he can suggest an agent down there. I know lots of agents claim to handle bank owned purchases, but only a few are truly good/seasoned negotiators at it

Anyway, thanks for your response
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Old 08-22-2009, 08:39 PM
 
Location: Phoenix
3,995 posts, read 9,391,386 times
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Quote:
Originally Posted by nowannamove View Post
oh - bidding wars? don't want to do that. I think I need to find a good buyers broke who is well adept at bank owned negotiations. We did that up here and got a super good deal on our home. Maybe I'll ask our agent up here if he can suggest an agent down there. I know lots of agents claim to handle bank owned purchases, but only a few are truly good/seasoned negotiators at it

Anyway, thanks for your response
No problem, also, I think there is a realtors section here on city-data where you are SURE to get a huge response and tons of info...I would post there to get much more detailed information. This would be the best thing to do since realtors have to be careful regarding the info they post on this particular area of the forums.
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Old 08-23-2009, 08:30 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 13,884,959 times
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Quote:
Originally Posted by nowannamove View Post
oh - bidding wars? don't want to do that. I think I need to find a good buyers broke who is well adept at bank owned negotiations. We did that up here and got a super good deal on our home. Maybe I'll ask our agent up here if he can suggest an agent down there. I know lots of agents claim to handle bank owned purchases, but only a few are truly good/seasoned negotiators at it

Anyway, thanks for your response
Times have changed since before April 2009. We are now in a Sellers market in most of the valley. The inventory is down; the sales have increased; and for the past few months the prices have leveled and begun to increase in some areas.

What you are looking for is going to be virtually impossible to find today. Last year you probably could have found it The best negotiator in the world is not going to be able to help you buy what is not available.

On the outside chance that it does become available, and that bargain price appears, everyone else looking for it will be putting in offers. If you want that property, you cannot avoid a multiple offer situation.

The banks work like this: They receive several offers. Then they ask each buyer to submit their highest and best offer. There is no negotiating at all. They just want the highest and best price. You determine the maximum price you will pay and submit that offer, and hope for the best. That's it.

You will have no idea of what the other offers are. They may (most likely not) have lower offers than yours. That's why you only submit the maximum amount that you feel the house is worth to you.

Typically they will accept a cash offer that is lower than an offer financed with a conv mtg.

They will accept a conv offer with 20% down lower than an FHA financed offer asking for seller help with closing costs.

How much lower depends on the bank. But that's what they mean by highest and best. If one offer is cash, it may not be the highest, but it may be the best in the banks eyes because they know it will have the best chance to close escrow, and they will accept it.

What you need to do is decide what area you wish to buy, and find a realtor in that area who will send you info on properties that meet your criteria.

I can't help you because I don't work the Phoenix and Scottsdale area except for special occasions. I work the Chandler, Mesa and Gilbert area.

However, I have purchased 10 bank owned properties for my own account to rehab, and numerous others for my buyer clients, as well as having listed bank owned properties. So I know very well how to work with the banks.

I own one 2br 2ba condo in Mesa on University that I got at a bargain price from a bank at $22k last year. Today I can't buy the same unit in that community for less than $35-40k. Rents in there are around $700.

I like this community because it's in a good area of Mesa with a good mix of middle class renters and owner live-in; some singles; some couples, and some children; a few snowbirds. So I keep watching and making offers hoping to buy a few more units in there.

Some of these units sold for 70k in 2000, and for 80k in 2003. During the bubble went up to 120k. Now they're down to half the price they were in 2000. To me that shows a drastic undershoot of prices. That's why I want to buy more in there, fix them up while labor isn't too busy, and hold for a few years.
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Old 08-23-2009, 09:09 AM
 
Location: Living on the Coast in Oxnard CA
16,290 posts, read 29,555,011 times
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Good points Captain Bill,

Just wondering, In Surprise I see homes listed for under $100,000 while the developer is marketing the same home for $180,000 or more. Does depend on the home I guess, but does the buyer get more from the developer than they could get from buying a similar home that is 5 years old? For example the home we bought sells for the same price. Why would a buyer want to purchase a new home when they can buy a near new home for less?
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Old 08-23-2009, 09:16 AM
 
Location: Sierra Vista, AZ
17,461 posts, read 22,787,822 times
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Short Sales are a racket, they are advertised for $80k, you put in a bid, then they tell you they have a higher bid, so you have to bid more. This goes on for months and you wind up over $100k. Even a used car dealer has to say "only one at this price".

REOs have totally dried up. You may find something but I think you have missed the boat
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Old 08-23-2009, 04:43 PM
 
91 posts, read 304,336 times
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Thanks for the info captain bill
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