About Prescott Valley's Stoneridge

How often has this happened to you?... After much market research, driving around and conversations with your agent (and often many others) you find the REO home you were looking for. Its only been on the market one day and you know its priced below the market and within your approved budget. Your agent calls the listing agent only to find out there is already one accepted full price offer and two more back up offers.

This has been my experience way too often in the last few months so I found a creative way to get my buyer's offers first in line. Its all about building relationships with the AZ REO listing agents. Just as they had to work to build relationships with the lenders and the asset management companies, Arizona REO buyers agents need to invest time and effort into relationships with the people who can help them.

I spend a lot of my time on the phone with Prescott AZ REO agents working to find out which prime properties are about to be listed and at what price. Often I can can even get my buyers into them several days before the listing. Last week I was able to successfully get an offer into the lender the day before the listing went active. By the time the listing went active the next day, I already had an accepted offer and the listing went pending immediately.

As Buyers agents in the foreclosure market, its important to be looking for new, more effective ways to represent our client's interests. Building good relationships with the agents who have what we need just makes good sense.

Dave Conners enjoys figuring out new ways to make his clients happy! He works with the Stephanie Woods Team in Prescott Valley AZ.

Home buyers have many different ideas about buying bank owned homes. The two I hear most often relate to what its like dealing with banks and what to expect with regard to the condition of the homes. I wanted to write about the second question.

Here in the Prescott Arizona REO market we see a wide variety of bank owned property conditions from pristine to "ready for demolition". But most bank owned properties are in average to very good condition. Homes that have been damaged by the former owners usually receive necessary repairs by the bank before they are marketed. An early part of the process in the pre-marketing time frame is the broker price opinion (BPO). The BPO consists of trained agents comparing the subject property with similar properties in the same area that are currently listed and those which have recently sold. Needed repairs are also recommended by the BPO agents.

Common repairs include damaged drywall, carpet and paint. Landscaping is sometimes neglected for months prior to a foreclosure. Another common situation is the partially completed remodel. Owners begin a large project and run out of money before they can finish. That situation is a speacil challenge for the bank since they really don't want to put more money into an asset that is already costing them thousands.

The last type of damage is intentional. In our local Prescott AZ market, we occasionally see homes in which all the fixtures have been removed. Every door handle, hinge, light fixture and appliance are removed. Fortunately for the Prescott AZ bank owned home buyer, there are plenty of high quality homes available which are in great shape.

Dave Conners is part of the Stephanie Woods Team specializing in Prescott Area REO Homes.

More and more I am seeing Prescott bank owned homes being listed at prices that drive many competing offers to them. Often, multiple offers push the contract price up to the same level as retail sales. Today I am working with a buyer on one of these REO properties. By the time we finished with our "Highest and Best" offer for the bank, the price was above some of the retail listings in the same subdivision. I spoke with my client about the situation and suggested we spend a little more time comparing the home to other comparable listings.

In the end I think the buyer will stick with this property because it has the best location and upgrades available. But sometimes we just have to take a breath and do a reality check to make sure we have our client's best interests at heart.

Its also important to understand that just because a bank owned home is listed low and that an identical retail listing is listed higher, when the negotiations are finished they may often end up at the same spot. Of course this is not always the case, but when there are multiple offers on a property its something to keep in mind.

We can usually find REO homes here in the Prescott area that are priced just enough below the rest of the market that they are good deal without attracting a bidding war. Working with an agent who really knows the market can make all the difference for the buyer.

Dave Conners specializes in Prescott area REO homes with the Stephanie Woods Team

This 3 BR, 2 Ba, 1864 square foot home has been reduced to $298,900. Fabulous curb appeal with steps up to front entry. Rear entry garage. Unobstructed views from the front porch of the mountains and golf course. Uupgrades include stacked cabinets, under counter lighting, Jenn-Aire appliances, executive height vanities, cabinets/sink in laundry room, pocket doors, plantation shutters, vinyl windows, granite counters, tiled and screened back porch, custom master closet, fountain in the back yard. Quality throughout. You will love it!

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