Foreclosure Homes for Sale in Power Ranch
The average price of homes for sale in Gilbert right now is $294,995! Finding a distressed property can really save you some money and help identify a home you can make your own. Currently, there are 4 Foreclosure homes for sale available for purchase in Power Ranch. This really shows that the market of finding a home extremely under market value is a thing of the past. A Foreclosure or REO property is where the Seller is a Bank or Hedge Fund. How does a foreclosure make it onto the market? When the homeowner gets foreclosed on, the bank sends the property to auction. If it doesn’t sell at auction, then the bank has to acquire the asset and list it for sale. Although the buying process can be drawn out for Short Sale Homes, the buying process for REO Properties can take as little as 10 days!
Usually when you submit an offer on a REO property, the Bank has already done a BPO or Broker’s Price Opinion on it and has a pretty good idea of what the home is worth. Although the majority of the homes for sale in 2010 – 2012 were distressed properties, Foreclosure transactions are now just a fraction of the market. The reason for the change are due to several factors including: most of the home owners who were upside down have already been foreclosed on, and the upswing in Gilbert Housing Prices. In 2013 and 2014 we saw a huge increase in Gilbert Housing Prices, especially in Power Ranch. In 2012 the average listing price was $219,041 while now it’s $287,405.
We had a shortage of homes on the market, and investors came in from out of state to purchase investment properties for large hedge funds, and private investors alike. The lack of inventory created more of a demand which in turn, created the housing prices to increase. While housing prices increased, home owners who were under water were now seeing a smaller and smaller gap in what they owed left on their mortgage, and what their homes were now worth. Many who bought after 2007 were still purchasing on the down swing of “the Bubble” and by 2010 were under water, now that housing prices were on the rise, many held on to their properties to help recoup the losses. Something to consider when purchasing a Foreclosure Home for Sale in Power Ranch, is that because the seller is the Bank, they are usually trying to recoup losses and will not provide repairs, but depending on the situation they are better about price negotiations.
Depending on the condition of the home, it might only be able to be purchased via cash or conventional loan because the bank won’t be willing to make the repairs necessary to meet FHA or VA guidelines. Although there are fewer and fewer Foreclosure Homes for Sale in Power Ranch, finding one can really be a good deal, and although sometimes a bit rough, can be the perfect home with some elbow grease!
Recent Comments