There are a number of reasons homes are vacant.
1. The area was priced too high at one point and now many units/homes have gone into foreclosure
2. Rents are not covering the mortgage and the sellers have let them go so they sit vacant
3. Banks have taken back the property and have not listed them for sale yet
4. Could be crime rate but with so many vacant, prices drop, and sooner or later prices catch up to demand and the property and area will sell
5. High HOA Dues is an issue here in the valley and if the other owners in the complex do not pay the dues and fees are delinquent banks might not lend. Many big banks will not lend on 15% and over delinquency for the whole complex.
What unit/property or area are you looking at? Feel free to call or email me and I will try to figure out the issue.
American Associates Real Estate
Homes | Condos | Investments
Spanish and English speaking Realtor
8930 E. Raintree Drive Suite 200
Scottsdale, AZ 85260
Office 480-458-8007 | Fax 480.767.7200
TEMPE REALTY CO. http://www.tempehomescondos.com/
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