Buying Sedona Foreclosures – The Basics
Foreclosure Myth
The media and the scuttlebutt on the street seem to be urging everyone to buy a foreclosure these days. “They’re great Deals…” or “…You only want to look at Foreclosures” seems to be everyone’s slogan. While we agree there are some great Sedona Foreclosure Deals, some caution is needed when looking to purchase one of these great value pieces of real estate.
Buying a foreclosure can be one of the most shrewd real estate moves a person can make in their lifetime. It could also be one of the biggest mistakes a person could ever make if they are uniformed about their risks. Look over the remaining info to determine if buying a Sedona Foreclosure is the right move for you.
Current Sedona Foreclosures
What To Look For
There can be a lot of unknowns when purchasing a foreclosure. The person who lived in the residence most recently is typically no longer in the picture. The most recent history of the home is unknown; therefore a lot of uncertainty can cause some major grief. By law, the previous owner in a typical transaction must disclose anything pertinent to a potential homebuyer that may affect the decision whether or not to purchase that property. No previous owner means – no previous property information. How can you minimize this risk?
The most important task when buying a foreclosure is to determine what work needs to be done on the residence to make it habitable and to resolve any defects prior to the purchase. The majority of our Sedona Foreclosures are in good condition. Some may need more work than others, but overall the majority of the residences do not live up to some of the horror stories of other foreclosures throughout the nation.
However, we highly recommend a home inspection be completed with each purchase in order to have an independent party determine what issues may arise after move-in. Multiple inspections may be more necessary than what is typically needed for a traditional property purchase. Remember the amount of potential savings on the Foreclosure’s Purchase Price can more than make up for the increase in inspection fees. In addition, any major repairs needed after the fact may negate the savings incurred from the purchase as well.
Things to focus on during inspections:
- Plumbing
- Roof
- Electrical
- Water Damage
- Deferred Maintenance
- Appliances
Builder By Trade
One thing that Rob can bring to the Foreclosure Buying Process is his experience as a custom home builder. As a builder by trade, some of the issues that buying a Foreclosure may uncover can be addressed immediately with Rob’s expertise.
For some issues of room additions or better ways to improve living areas, Rob has experience in remodeling and many contacts of reputable local companies for pricing quotes. In addition, he has a relative high knowledge of building regulations and can help you determine the right avenues to pursue if city and county approval is needed for your Sedona Property alterations.
Learn more About Rob & Pam.
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What Your Payment Will Be
Do you know what you can afford? Take a look at our Mortgage Calculator to determine what the monthly mortgage payments will be for your new Sedona Property.
Change the purchase price, down payment amount, interest rate and the length in years of the mortgage. Have a good idea of what your payment will be going in to your search so there won’t be any surprises when you find the perfect piece of Sedona Real Estate for you.
