Bank Owned Homes for Sale in Val Vista Lakes
Although there are currently 40 Bank Owned Homes in Gilbert, there is only 1 Foreclosure Listing in Val Vista Lakes. Although Bank Owned homes were very prevalent several years ago, the distressed market only makes up about 20% of Phoenix’s housing market. Even during the distressed market’s height, there were only 6 foreclosure sales in Val Vista Lakes the entire year. This really shows that the homes in Val Vista Lakes hold their value, and even though there are ups and downs in the market, owners choose to stay here because they love the community so much.
The reason why Bank Owned Homes have diminished is because the way REO homes are created is no longer an issue. When a home owner is 90 days late paying their home, the bank will set an auction date for the home to be sold on the steps of the courthouse. On the auction day, it comes up for bidding, and if there is an interested buyer there they can purchase the home. Purchasing at auction is very competitive, and they only accept cash. If you are the winning bid, you need to give them a $10,0000 down payment and then pay the rest of the balance in 24 hours. If the home doesn’t sell at auction, then the bank has to acquire the home as an asset.
Once the asset is acquired it gets assigned to a representative at the bank. Real estate agents have relationships with the banks and get assigned the properties once the bank acquires them. It is their job to visit the home, make sure it is vacant, take pictures, assess repairs that need to be done, and get contractors out to the home to make the repairs. During this time, the REALTOR will tell the asset manager what they think the home is worth. Once all of the repairs and discussions about price are completed the Agent will list the property in MLS. This is when the public gets to see the property for sale. The listing get aggregated to thousands of websites where people look at the photos and are able to schedule showings.
Making an offer on a Bank Owned Home can be confusing if you haven’t done it before, but is simple to explain. Just think of it like a normal home being sold but instead of negotiating with an actual person your agent is dealing with the bank. Because they are a large corporation they usually have already done extensive research as to what the home needs to be priced at and are not always negotiable with the price or repairs, as most of the necessary ones have already been done. If a home needs extensive repairs the listing agent will let you know in the MLS that certain loans will not qualify because of the work that needs to be done. In some cases the home has already been appraised so the price you see is what an appraiser has already decided the home is worth.
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