Oct. 2, 2012
Do you feel as though the good real estate deals have passed you by? If so, that's a mistake, and one that could be costing you thousands and thousands of dollars. Instead of lamenting the fact that more and more real estate investors are getting in to the game and starting to buy up properties, you should instead take charge of your goals and pursue some of the short sales and foreclosures that are still on the Scottsdale market. Scottsdale, as you know, is one of the most lucrative markets in all of Arizona for real estate, and it is a hotspot for the investor, who is looking for a great home at a great price. If you are wanting to get the best possible price, then you need to act fast and do the following:
1. Get the financial house in order.
Lending standards have tightened since 2008, but they are starting to show a little more leeway. Nevertheless, you will need to make sure that your credit report and debt to income ratio are working together to make you a great candidate for a deal. The less high interest debt that you have, the better interest rate that you will qualify for, and you really should be thinking about a mortgage even if you have the money to pay for the house outright. Homes are great tax shelters over the long haul, and as Congress continues to consider higher rates across the board - whether out of preference or necessity - you need to take advantage of every tax shelter that you can for as long as it remains out there.
2. Find an agent, but not just any agent.
Most real estate agents can help you if all you are looking to buy is a home. But when the home is a short sale or a foreclosure, it takes a little more finesse. After all, one's inability to pay for the house is not a downgrade on the home itself. Many buyers get interested in these homes because they know this, and they also know that the lender will want to unload the home to a new buyer, who is capable of paying as quickly as possible. An empty house is one that costs its owner money. What an experienced real estate agent can do in these cases is find the deals before they go public. They can help you construct an offer that protects your interests while also attracting the interest of the seller. They can, in other words, get you a great home at bottom dollar pricing.
The real estate market is in recovery, and Scottsdale still has many great short sales and foreclosures, but time is running out. Hurry and make your offer today!