subject: Buying Paradise Valley Short Sales For Long Term Investment [print this page] Buying Paradise Valley short sales for a long term investment is how many people are still able to make money even in a down economy. Since the market for housing dried up in 2008, there have been a lot of properties out there in need of an owner, and a lot of bad loans that have gone into foreclosure. To avoid empty properties and the effects of foreclosure, it is best for one to pursue the short sale. Don't automatically assume that choice, premier property is not available in places, such as the Paradise Valley. While this luxurious area is often a source of higher priced real estate, there are still homes out there that are or are in danger of falling into the short sale status. This happens so that buyers can avoid going into foreclosure and permanently damaging their credit rating. If you are a person with the financial means and background, you can use this to your advantage.
Buying short sale homes in the Paradise Valley requires you to have a strategy ahead of time. You will need to get with a talented and experienced real estate agent, who knows the area and who has had previous experience working with short sale deals. Everyone in the real estate community knows that these homes, once they go live, are not available for long. If you plan on watching the web listings and acting on your own, then you may as well forget it. The market is so competitive that individuals are unable to get to the counter offer stage, more often than not. So what do you do to have a better chance of landing a Paradise Valley short sale?
You have your larger debts and credit rating in order. You show a steady stream of income and collateral. You want to get across to the seller and the lender that you have the means to make a purchase, and you want them to see your best offer. The nature of short sales allow you to make a lower offer, but keep in mind that others are vying for the same property as you, so it can get all the more challenging.
When constructing your offer, make sure that you are giving yourself a position of profitability. Buying too high in this market will quickly have you in the red. To avoid this, you'll need your agent and the information that he has to help.
Once you do have a short sale offer on the table, forget about it and move on to the next. A short sale is a terrific long term investment, but if you obsess over one property for too long, you could be missing out on other opportunities.
