The foreclosures and short sales in prestigious Paradise Valley are enough to wet the appetite of even the most standoffish of real estate investor. As you decide whether the time is right to buy in to the real estate market, do not be misled by the pessimistic talk that is going on out there. The worst of the real estate market's days are behind it, and it is up to you to act now in order to take advantage of bottom dollar prices before the recovery kicks in full gear. Here are some things to keep in mind as you set out to secure that foreclosed or short-sale home.
1. An agent means a lot for your success.
Don't try to go it alone when it comes to the foreclosure and the short sale. While you could very well save money purchasing a for sale by owner home in normal conditions, there is a lot of hassle that goes with it, and a higher likelihood that you leave yourself vulnerable to unforeseen legal ramifications. An agent can help you through the real estate contract. He can ensure that the deal you end up with is the one that protects your best interests. And in the case of these special circumstance real estate transactions, he can make sure that your offer gets seen before all others. It is highly important that you put your offer out there as soon as humanly possible. If you don't, there is a good chance that the house will be sold before you even know it is on the market.
2. Construct an offer worth accepting.
Just because a home is consider foreclosed or short-sale, that doesn't mean you can get the price at an insulting price, especially in a market that has shown significant signs of recovery. Instead of trying to get greedy, work with your agent to devise an offer that saves you money and secures you a property at well below its market value, but keep in mind that you will most likely be competing with other eager buyers, and when it comes to this style of transaction, it is seldom that one gets a chance at a counter offer. It is simply too competitive.
3. Resolve to be the best homeowner you can be.
By taking care of your financial house, you go a long way in ensuring the lender or seller that you will be the kind of neighbor that the neighborhood needs. Only by putting your best foot forward, keeping your credit score and finances in order, and being realistic and prepared, can you land a home like this, which most will agree is the very best kind of investment you can make in the market at this time, especially in Paradise Valley.