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Quick Notes on Phoenix Bank Owned Homes

Quick Notes on Phoenix Bank Owned Homes

avatarthumbnail.jpgAnother day, another several hours spent touring the Phoenix real estate market’s bank owned homes.

I do this for a living and see these homes all the time and continue to be either amazed, amused or disgusted … I only can imagine what those unrepresented buyers who are trying to do this alone must be thinking.

In any event, at the end of another 12-hour day, here are some random thoughts:

1) It’s really neat that some agents have started asking for agent IDs when giving out the lockbox codes for the REO properties they have listed as an extra precaution. But would it not make more sense to:

a) Use a SUPRA lockbox requiring an electronic key to enter (they’re costly, but isn’t the security of the home worth the expense?)

b) Not use the same three codes that every other agent in the Valley is using on their REO properties?

2) Want proof of number 1b? The home across the street for me is a foreclosure that has yet to be placed in the MLS. I was able to open the combination on the second try because one of the seemingly standard three codes had been used. Nice security, kids.

3)  If you’re selling a home with a pool, go ahead and leave the electricity on and have the pool equipment running a couple of hours a day. Nothing leaves a buyer guessing like a deep green pool whose bottom can’t be seen.

4) Homes are priced for a reason. If two or three properties you’re viewing in your price range all seem to back to major roads, that’s because you’re looking at homes priced at the going rate for “noisy backyard” properties.

5) Vacuum the dog hair. Really. Just do it.

6) Tell the bank when you see termites, listing agents. I mean, really. We counted 23 tubes in the garage of one home today. Yes. 23. Michael Jordan. Two past a blackjack. That’s a new record.

7) Lastly, there needs to be an Arizona Regional MLS status created for homes that technically are active but not really because the bank’s verbally accepted an offer and not sent the paperwork back. If you’re not actively taking offers because the bank’s already made the decision, change the status. Even Active With Contingencies would help. But both you and I have far better things to do than waste time on homes where an offer can’t be submitted for consideration.

At least, I’d like to think that you do.

[tags]Phoenix real estate, bank owned homes[/tags]

1 Comment

  • I completely agree, but most especially on the last point. I will NOT show any more short sales without calling the listing agent first to find out how many offers there already is on the home. It’s just not worth my time. Why can’t they at least update the comments section?