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René G. Salinas' Blog

By René G. Salinas | Agent in Phoenix, AZ

Arizona MLS

Buyers want discounts. That’s great. I shop like that all the time. Two for ones, 50% off and whatever else they can come up with. Problem is those don’t apply to houses. The closest you can get to those are Phoenix HUD Homes. How close you ask? Well, call me and I’ll let you know.

Don’t get ripped off or tricked into another overpriced property. Look on the Arizona MLS, Redfin, Trulia, look everywhere you need to, but I can guarantee you a discount on a Phoenix HUD Home. How much? Well, call me and I’ll let you know. Let me go over some other real estate you can probably get a discount on.

REO’s

  • War of the Bidders:

Are you ready for a war? Some agents are some aren’t. In the end it’s a waste of time and usually causes the price to rise past the desirable range. The best thing that can happen is the agent has a relationship with the other agent and will deliver the offer to the lender as soon as they receive it. Not really going to happen though.

  • Price Changing Much:

Don’t fall into a war. You will end up overbidding on the property you want and buying way over market value. Remember you don’t want to win this war you want a discount. Doesn’t usually happen in a drug war.

Short Sales

  • Could you hurry up?

You know what the problem with short sales is, they take too damn long. They take anywhere from 2 weeks to 2 years to close, depending on how far the process is into negotiations. The only thing that can help is an agent with tons of negotiation experience, but even that usually doesn’t help.

  • Profit in my pocket:

Banks care about one thing and one thing only. Money and profit. You don’t have a chance without an expert negotiator, but even then things won’t be that easy.

Foreclosures

  • My misery, your gain:

What a world? One person loses their home, the other one starts theirs. In a regular foreclosure one may never have the opportunity to inspect the property prior to ownership, but in a Phoenix HUD Home the government has done the inspection for you. You don’t need to go to the regular market when HUD Homes are just too good to pass up.

  • Cash is King:

In auctions, you need cash. Cash you do not have unfortunately. One option is hard money, but that comes with a high interest rate. Don’t do it. The other option is Government Foreclosures called HUD Homes where you can get a FHA loan at a great rate right now. By the way, you can refinance the hard money loan after a certain amount of time, but you will still have to pay those ridiculous payments until you can.

You know how I love to repeat myself. In this current market a Phoenix HUD Homes is the best bet. Don’t stop looking until you find what you want. Don’t step into something unless you’re ready. Until next time.

Arizona MLS

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