Pam's Prescott Blog

You want to buy, but you don't want to make the mistake of buying too high and losing money on your investment.  You should have already read my advice about waiting for the market to "hit bottom."  (When you know it's bottom, it will be too late.)  With that said, however, you do want to get the best value for your money, am I right?  Foreclosures and short sales are certainly one way to do it, but read these tips first. 

1.  Work with a Realtor.  Realtors understand the process, the contracts, the lending and title process and can help you get a better deal and make sure your interests are protected. 

2. ANY REALTOR can help you find foreclosures.  Don't automatically run to the guy who has the foreclosures listed; we all have access to the same information, and no, he won't get you a better deal.  Work with someone you trust who can represent your interests and ONLY your interests to the bank.  The Realtor who lists for the bank, works for the bank, too.

3. Banks are ready to wheel and deal.  Feel free to make a low offer.  Banks are non-emotional, so you won't hurt anyone's feelings.  If someone else makes a much higher offer when you do, the bank will probably take it instead of yours, but if the offers are the same, they may ask for your "best and highest" offer.  Frequently, you have no competition, and the bank will take your price, as long as...

4.  You have good credit, are fully approved for a loan, and have a substantial amount down.  (The more the better, but 10% is doable.)  Your Realtor will help you get pre-approved.

5. Remember, the home will be AS IS, but a Realtor will help you make sure you have full rights to inspections.

6.  In a short sale, you must think more like an investor.  You cannot be too emotional, because the short sale process can be long and frustrating.  (See my earlier blogs about Short Sales.)  Short sales are not short and they are not easy, but they can work to your advantage.  You really MUST have a Realtor representing you in a Short Sale.  To go into one without a Realtor would be a little crazy, in my opinion.

Are there great Short Sale and Foreclosure deals in the Prescott area?  YOU BETCHA! (To borrow from Sarah Palin, or Tina Fey, for that matter.)  Give us a call and we will find just what you are looking for.