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Country Club At Dc Ranch Homes for Sale is found in sunny Arizona real estate territory. Arizona homes for sale is some of the best real estate in the country. Find out more by calling an RCP Arizona Real Estate agent.
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Should I consider buying Arizona short sales?
What are the pros and cons of Arizona short sales and should I consider buying one?
Let’s examine the pros and cons of Arizona short sales vs. a regular sale transaction:
1. The asking price on Arizona short sales are often less than that of a typical real estate listing.
2. The homes are usually occupied and are well taken care of.
3. Depending on your current market conditions, short sale listings may be all that are available.
1. The asking price is a little ambiguous. Remember the bank has to be okay with the asking price in the end before they give the approval. If the banks appraiser comes in higher than the list price, then the bank can say they want you to pay the appraised amount.
2. The homes are occupied and are harder to view.
3. The bank may reject the short sale after a few months of waiting. The bank still qualifies the seller to make sure they cannot pay the difference between the asking price and the mortgage amount. Also the price may be too low.
4. Short sales can take a long time. Short sales have been know to take up to a year for approval. Usually it is around three months.
Back to the original question: Should I consider buying Arizona short sales? Well, all in all, it depends on what kind of buyer you are. If you are not in a hurry, and are looking for the best possible deal, then Arizona short sales can be a great way to build wealth or find your dream home.
Arizona Real Estate and Buying With Creative Financing
Creative Buying of Arizona Real Estate With RCP
Buying With Creative Financing-
If you are looking to buy a home and can’t seem to qualify for a loan, but have some cash to put down, RCP real estate is experienced in all sorts of creative financing creative real estate transactions. What are your options?
1. Lease with the option to purchase- also known as lease option. With this type of deal you can move into your home and not worry about a landlord kicking you out because you have a contract. You don’t own the house yet, but you have the option to buy it within a certain time-frame.
2. Lease purchase- also known as rent to own. In this option, you are renting and at the same time putting a portion of your rent toward the future purchase of the house. This allows you to not throw all your money away with rent, but put some toward the house as you go.
3.Wrap mortgage- also know as wrap around mortgage. This option you don’t have to qualify with the bank, but rather with the seller. You make your monthly payments to the seller and he makes his payments to his bank. This can be risky and you’ll want a consultation before seriously exploring this option.
4. Seller Carry- also known as owner financing. In this option, you purchase and make payments directly to the seller–no bank is involved.
5. Seller Carry-back -Also known as partial seller carry. This option you would get a normal loan from a bank and the seller pays some of the down payment or more and the buyer pays him back monthly.
6. Purchase Option -also known as option to purchase. This is where a seller accepts a nominal fee to allow the buyer to buy the house at a specified price (or maybe not) for a determined amount of time. No rent or monthly payments, but you don’t take possession either.
You can combine mix and match these creative financing options, however, their are many issues that arise and you will want an experienced agency on your side. Keep in mind, when it is a seller’s market, these types of deals usually all disappear. In a buyer market, these deals are the way things get sold. There are many reasons buyers and sellers choose these options. If you are entertaining creative financing, we can consult with you and figure out the best solution for you. To read more about creative financing option click here.
Scottsdale Fix and Flips
Scottsdale Fix and Flips: Diamonds in the Rough
Scottsdale fix and flips, Scottsdale rehabs, or Scottsdale remodels– you can say it many ways and there are even more ways to make money investing in Scottsdale investment property. If you are an investor, then you have probably already found a niche that you do well in. Some investors like Scottsdale fire damaged properties and do major renovations while others prefer properties only needing a face lift (carpet and paint). Others add granite counter tops, wood flooring, or possibly a pool if the conditions are right.
In some areas, a $30,000 pool can make a $50,000 difference in overall value. However, in other areas a $30,000 pool will not bring any increase in value and in fact, in some areas, pools are a negative factor and can hurt your overall value. A local expert can be handy in determining where the profitable area can be.
Another niche that is gaining traction is Scottsdale transitional area flipping. Very localized areas or neighborhoods where the trend is buying older houses built at the turn of the century and doing a total remodel. The prices can range $100,000 to $200,000 higher after the remodel is complete. These have a higher investment amount and higher return. Here at RCP we can help you identify these areas and get your foot in the door.
Whether you are buying or selling, RCP can provide professional and prompt service.