Lender or bank owned homes are still available in the Phoenix metro area market. These homes are also known as REO (Real Estate Owned) and have gone through a trustee auction process and have been forelcosed on by the lender. These available listings are down from last year but are still there for a buyer looking for a deal. Prices for these homes are typically lower than a short sale or a traditional sale. These lender owned homes are typically sill very low as compared to historic selling price highs in 2005 and 2006. To see the lender or bank owned REO homes currently for sale in the Phoenix metro area market:Â http://link.flexmls.com/ub1j02wnwdn,12
Lender owned homes in the less than $150,000 price range are the hottest and often result in multiple bid situations the first week they are on the market. Cash buyers have an advantage in this $150,000 price range. The lenders selling these properties do not have to wait for buyer lender appraisals and approvals. However, financed deals are completed in more than 1/2 of the purchases in this less than $150,000 category. Buyers that finance with an FHA loan, for example, can apply for an FHA 203K loan to help with home fix up costs which are often needed.Mortgage rates are still near record lows making buying a lender owned home an interesting possibility.
Feel free to contact me with any comments or questions.Jeff Masich, Realtor, GRI, MBAHomeSmart RealtyScottsdale, Arizonahttp://ArizonaHomesLand.comÂ