Welcome to a new consumer based series. Every day, my fellow agents and I trawl through the murky depths of our respective Multiple Listing Services to unearth the very best values for our clients. In this pursuit, I frequently encounter the winning combination of property and price that makes my jaw drop. Naturally, the amazing deals that I discover are not always perfect matches for my current clients, and I am left furiously spinning my mental wheels as to whom I should notify. Some opportunities prove so exceptional and unique that it infuriates me to watch such properties sell without my involvement. It is an indescribable feeling of accomplishment to find such bargains, and to get there with a client before the roving hordes of low end investors do. No more impotent scrambling to find that friend of a friend of a friend who is shopping for investment property.
I am launching a weekly series in which I isolate one such smoking deal every 7 days.
Mind you, I retain the right to alter this construct. Should I stumble across two or three such piano droppers over the course of a week, I'll address them all. If you are even vaguely interested in taking advantage of the current market conditions to purchase that rental you have long considered, you'll want to keep your eyes glued to this blog. No need to wade through all of the clutter and step over winos in run down crack houses in pursuit of that elusive winning property. I'll do it for you.
One thing that bears mentioning is that there will be no time for foot dragging, and there will be little, if any, room for negotiation on these particular properties. This is the one segment of the market that is actually alive and well, with multiple offers and bidding situations in many instances. For example, I fully expect the property I have my eye on this morning to have several offers on it by the time I hit "submit" on this post. Another thing to be cognizant of is that the ultra cheap properties often need such extensive work that conventional financing will be difficult to obtain. For the home that is a couple hundred thousand dollars under market because it has been completely gutted, cash, private financing or construction financing might be the only options.
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The Scottsdale Foreclosure Value of The Week is a 4 Bedroom, 2000 Square Foot home with a pool in one of the most desirable neighborhoods in South Scottsdale. Listed at the obscenely low price of $184,900, this one is a steal. It will require someone with no aversion to a total reconstruction project, but the upside potential on this one (in a neighborhood which routinely commands in the $300-400ks) is off the charts.
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For more Scottsdale foreclosure bargains,
Contact me at: Paul@RayandPaul.Com
(480) 220-2337
Your source for Scottsdale Real Estate since the dawn of time ... or thereabouts.
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Excellent plan, Paul! I hope you get some smart buyers who'll appreciate your knowledge and hard work finding these deals.
Cheers,
Robin
Paul - What a smart marketing idea you have there! I hope some savvy buyers hurry up and call you before this home is no longer on the market.
Paul- I know this post was directed to the consumer but I just had to comment. What a great idea, I would call this a marketing niche. Please post your results later!
I hope you attract some buyers. I know I look forward to seeing the deals and if I come across anybody ready to snatch one up I will send them your way.
Paul - Good deals are somewhat easy to find, but great deals are scarce. I know exactly how you feel when you find one and can't quickly locate a buyer. One quick point for buyers...Get pre-qualified! Banks won't consider an offer (especially in a multiple-offer situation) without a pre-approval letter or proof of funds.
Good idea Paul! It is nice to see you making positives out of negatives. Now, is certainly the time to find some good Piano-Droppers! I started highlighting random foreclosures on my website a few weeks back and the interest is definitely there. GOOD LUCK!
This is amazing... Are you going to email this to your sphere also, so the word gets around...
Robin - Thank you. I'll still go to the rolodex first, but too many of these great deals leave me scratching my head for possible buyers. Time to move the mountain to Moses, as it were.
Sandra - As suspected, this one already has multiple offers on it.
Eric M - I appreciate that. I'll find the deal, you find the buyer ... everybody wins!
Erik H - Thank you for making that important point. If you are not already conditionally qualified for a loan (you'll need an "LSR" - Loan Status Report - from the lender to attach with your offer), or have proof of funds for cash offers, you'll want to do that prior to moving on one of these properties. With the feeding frenzy that the really great deals can incite, you'll never even get a foot in the door without demonstrable financial ability to close a transaction.
Leesa - Great minds think alike! There is always a market for the quality homes at quality prices, but the real action right now is on the bargain basement stuff. It's not for the faint of heart, nor likely for the first time homebuyer as a primary residence (who typically have more restrictive resources and experience with rehab), but those investors who can afford to dabble in Real Estate right now have an unprecedented opportunity. I am not one for hyperbole, but this is the type of market which presents very real opportunities for future wealth.
Judy - Absolutely. I have several on again, off again investors who I run such possibilites past first, and then it's on to shouting from the rooftops. I'd encourage anyone who wants a headsup to such bargains prior to posting to contact me directly. The general public can also subscribe to email notification of new posts with the feedburner subscription form just under my grinning mug. Thanks for giving me the opportunity to plug that :)
What a fantastic idea. Wish I lived in your area so I could take advantage of your knowledge.
Thank you, Beth. Now, more than ever, there is an urgent need for quality lenders, so the feeling is mutual.
Paul I like the format for your series on the best deals in Scottsdale. Hope you find a buyer willing to take a look:)