subject: Huge Inventory Of Foreclosed Homes [print this page] Arizona is one state which has a huge influx of bank-owned houses on the market, so potential homeowners have begun to seek out some excellent home bargains, and they're seeing many other people doing the same. Buyers are flooding the market trying to pick up those low priced bank-owned homes or short sale deals and some are quickly finding out that not only do you need to be on top of things but you need to make the best of your offer.
These are some aspects of purchasing a bank-owned home that you should be aware of. Bank owned homes that seem to be in great condition and a lot of square feet for the price are "hot" items and they will likely get multiple offers in a very short amount of time and buyers will have to make their offers strong.
Of course, your realtor can let you know if the house has other offers pending, so don't forget about your competition. When a house receives many offers, one of these will typically be for the asking price. What is important here is what you can afford, so you need to know that when you ask for the bank to pay closing costs, or for home warranties, the bank will be looking at the total price after all adjustments.
Despite what the offers may turn out to be, a number of banks have taken up the practice of countering each of the first ten offering parties with a demand to turn in their best and highest offer within a certain amount of time. This is your last shot at the house. Don't let the excitement or competition overwhelm you. Keep to the budget that you have set for yourself, but be prepared to pay at least asking price for the home, and sometimes slightly more. Because of this, you should find a home which is less than what you have in your budget, which will allow you space to remain flexible.
The current market is starting to look like it did in Arizona back in 2003 to the latter part of 2005, when houses were getting a bunch of offers within the first hours the listing was on the market. In order to make sure you get the house you have your heart set on, you will need to be a little creative when submitting your offers on these bargains.
