Hello,
I am Chris Dunham, The Original Real Estate Guy! I have been in Arizona since 1973 and have been a part of the Real Estate Industry since the late 90's, I am entering into my 14th year in the Arizona Housing Market, and although the market has changed quite a bit over the years, its still essentially the same.
There are 4 types of Home for Sale in todays market:
- Govt. HUD Homes.
- Bank Owned Homes.
- Short Sales.
- Owner Occupied Homes.
Of the 4 types of homes listed above, the greatest value, in my opinion, are the Govt. HUD Homes. These homes are Inspected, Appraised and Checked for Termites before they are offered to the General Public. These homes also are priced well below market value. This means once you close on your home, you are assured to move in with instant equity. I call this "Buying a Home Right Side Up!"
Bank Owned Homes can offer home buyers a pretty good deal on entry level pricing, the only catch is the Banks Come back with whats Called "Highest and Best" offers. What this does in essence, is create a higher price for a home, that you have already placed an offer on. I don't really like messing with Bank Owned Houses for this reason. Why let the bank dictate the final price?
Short Sales: Historically difficult to close, longer than normal escrows. These houses are typically bought directly from the owner, so you're not buying the home AS-IS and all the inspections are allowable and you have the opportunity to Inspect for repairs, termites and other items you deem necessary.
Owner Occupied Homes: A Rare find in today's market, but when you find one, jump on it! Nothing better than a Traditional Sale in this sea of Foreclosed Homes!
