Wouldn’t pictures go better with this post, Jonathan
Of course they would, my friends, but I don’t want to be accused of advertising (or anti-advertising) anyone’s listing. Oh, and I didn’t have my camera and this is a post in lieu of Monday morning writer’s block.
On Saturday, aside from the new build communities in Surprise Farm, my client and I also toured three bank-owned homes in Litchfield Greens. One of my mantras has been to wait for a short sale to revert to the bank because that’s when the banks are motivated – list prices are competitive (and legitimate), response times are shorter, etc.
But there’s also a risk to that strategy – the risk that the soon-to-be former owners take out their wrath on the home itself.
We visited three homes – two priced around $270,000 and the third around $250,000. All were the same floor plan, just over 3,500 square feet.
With one house, it was clear that the owners had lived hard over their two years in the property – carpets were stained, there were some dings in the paint on the walls, counters were scratched. With the next, the full wrath was on display – a microwave torn roughly from the wall leaving gaping holes, a missing stove, faucets, apparent water damage down one wall, multiple holes on the wall – all as if it were the house’s fault.
The third house was the most shocking of all – fresh paint, new carpet, appliances intact and apparently in working condition – in short, move-in ready with only some backyard landscaping needed.
And the biggest shock? It was the lowest price of the three.
I’m often asked if bank owned homes are a good deal. Like most everything else, the answer really is: it depends. In the case of this third house, absolutely. In the case of the others, where the bank hasn’t placed a realistic list price on the home and thousands of dollars of work is needed just to make it inhabitable, not so much.
I’d still lean toward new construction, specifically a spec home, if it’s available in the same area in most cases … but that also is not an absolute.
[tags]Phoenix real estate, bank owned homes[/tags]