Tucson Kent's World

One of my friends on Facebook shared this video today - after picking myself up off the floor and wiping the tears from my eyes I just HAD to share this with everyone I could:

Unfortunately, the feeling is dangerously close to the mark when dealing with the agents & "banks" that are putting foreclosures on the market today.  I must say though, that most of the time buying a foreclosure isn't this ridiculous, the attitude portrayed here occurs often enough that I'll wager most who view this video can identify with it at some point.

Enjoy - and hope you don't have to deal with the bot on the right side of the screen!

Should you be looking to buy a home and foreclosures are a part of the mix of properties you're looking at - make sure your agent is experienced in representing buyers of REO (bank-owned) properties - Know what to look out for!  Over half of my practice in the past 18 months has involved foreclosures.

These are TucsonKent's Top 10 foreclosure homes priced under $200,000 in the Tucson, Arizona real estate market.  These homes are not fix-ups, they may need a little TLC, cosmetics or an appliance or two, but they are either move-in ready or close to it.

What's the hottest market segment in Tucson real estate right now?  Foreclosure homes under $150,000!  I mean to tell you, these are the homes that are seeing multiple offers & bidding wars.  Because most of the foreclosures under $200,000 in Tucson are already at bargain prices, it isn't unusual for properties to sell for more than the listing price - actually, it is becoming a regularity.

For example: just this week, a client of mine found a foreclosure home that had all of the features he wanted, and it had only been on the market for 3 days.  Hooray!  I zoomed across town to take extra photos & video of it for him, and saw that 16 other agents had already viewed this property...in 3 days!

Since he already had his lending in place, we put an offer together for $10,000 over the asking price, but didn't get it.  Back to the drawing board.  An agent in my office has been working with another buyer looking at foreclosures in Tucson and Marana.  They've put in a dozen offers in the past 2 weeks, but without results.  This is the hottest market segment in Tucson real estate - bar none.

The moral of the story is this:  the reality is that Tucson's foreclosed homes market is ultra-competitive right now in the lower-end price range.  When the property is priced under value, and is in decent shape, the smart money is zooming in to capture the bargain.  This isn't a market segment where negotiation is happening...it is a flat-out auction, and the highest bidder with the most realistic chance of closing soon gets the home.

Cash is king, but if you are using a loan for your purchase, don't lose faith...just don't fall in love with one home, and be ready to offer more than the bank is aking for it.  Period.

Most of these homes will probably be under contract sometime next week, if not all.