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West Phoenix : Real Estate Advice

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  • Home Buying3
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Activity 4
Thu Apr 30, 2009
The Urban Team answered:
As a renter, you should have many options in the W. Phoenix area. Lots of investors have moved into this market and there are a lot of homes to choose from.

If you are a real estate investor, the west side has pluses and minuses. There are some fantastic purchase opportuniites. The competition is getting more fierce so expect multiple offers and the final sales price may well be above asking.

The region is pretty saturated with rentals so you'll need to be price competitive. Also, the turn-over rate of rentals in the W. Valley can be high, depending on location. Since vacancy and rehab are costly, you'll want to factor this into your CAP rate calculations.

If you need more information, we have a bunch on our investment blog site. There is not obligation on your part, just have fun and, hopefully, learn something new. http://www.greatinvestmenthomesaz.com.
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Sun Jul 13, 2008
Catherine Kolodin answered:
Amygdala,
We are asked this question on a daily basis and it an excellent question. We are investors as well in residential and commercial properties.

This pertains to any investment, it is not what you can sell it for, it what you can buy it for.

We had a client that wanted to buy a townhouse/condo and we bought it for $100,000 under market. It was in an excellent location with potential for a great upside. Was that a great investment, yes!

I hope that you find an excellent agent that can represent you. In any new development, the agents in the development represent the seller and will negotiate hard for them. Your agent will negotiate for you and can typically (by a large percent) receive a much better deal than you, had you entered the development alone.

I wish you luck. E mail me if you have any questions about investing, this is my great passion and I have had success.

Catherine
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Fri Mar 21, 2008
James Wehner answered:
Contact a real estate attorney for the best advice especially if you are considering taking legal action. It may be possible that the seller your wife purchased the home from had no clue that the balcony was not permitted. If that's the case, I'm not sure there is much you can do. However, if the seller knowingly withheld material information, your legal counsel can help you take action.

Good luck.
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Sun Mar 9, 2008
Randy Curnutt answered:
First and foremost.......what do you want to do? Is it important that you buy this particular home, or are you thinking of simply buying instead of renting in general? Why did you decide to rent vs. buy in the first place?

Don't get me wrong.....I think it's a great time to buy, and am usually a fan of buying vs. renting, but it's not always the best solution for everyone at all times.

If you are certain you want to buy as opposed to renting, congratulations, that is the first step! The next step is to determine if you can buy, and if this truly is the right property for you? Just because the home is in the foreclosure process, doesn't automatically make it a great deal/the best purchase. There are so many factors to consider.

Do you have an idea of what the home is worth and if you can afford the payments? Do you have a downpayment available, or are you looking to put little to no money down? Have you spoken with a lender to see if you might qualify and how much home you qualify for?

So......if all the stars are aligned, and you can qualify to purchase this home and it truly is the right home for you, the next question is if it is a possibility. For starters, who did you sign the lease agreement with....the owner? If so, will your lease payments and deposits help them to become caught up and current on their mortgage? What stage is the home in foreclosure? Have you discussed the pending foreclosure with the seller? Do you know if the seller is aware of their options (short sale vs. foreclosure)?

I would be happy to discuss this with you and help guide you through the process if you would like some assistance, as I am sure the answers to the above questions will breed more questions! Feel free to contact me directly at randy@buyanewhomeinaz.com.
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