Gilbert, Arizona has been recognized by CNN magazine in 2007 as one of the best places to live. CNN also ranked it as number 28 in 2008. Gilbert has kept its charm of olden days. It’s a small city. Schools are good too. Right now, you can find good quality foreclosed homes for sale at unbelievable discounts. That’s why many buyers/investors have chosen to buy foreclosed houses in the area. There are approximately 7,742 foreclosures according to AOL real estate as of April 30, 2010. Arizona was one of the hardest hit states recording record number of foreclosures as of 2007 when the real estate bubble burst. The average estimated home value as of April 30, 2010 was $172,440.
With so much affordable inventory, you can choose from a large selection of quality homes in all neighborhoods at all price ranges. Banks are overloaded with REO’s and short sales so they are interested in selling off their abundant inventories at substantial discounts.
The Best Places to Find Foreclosed Homes?
You don’t have to look too far to find auction properties, REO’s or government foreclosed homes in Gilbert. Just drive down the street and you can find plenty. Of course, it’s always a good idea to work with an area Realtor because not all foreclosed houses have signs on the property. Newspapers and Internet sites are good places to look as well. Almost someone knows a neighbor or family member that needs to sell their home because they are upside down or facing foreclosure. Ask around and you will find many Gilbert treasures right in front of you.
Even quality foreclosed houses may need some work. Some more than others. If you look at enough properties, you should find one that suits your needs. All foreclosed houses are sold in an “as is” condition. You have to pay for your own inspections. Generally the banks will not make any repairs or give you any credits because the home are already offered at discounted prices. Be sure to negotiate inspection contingencies in your contract in case the repairs turn out to be too much for your budget so you can cancel the contract.
Another thing to keep in mind before you buy foreclosed houses is the foreclosure laws of your state. Some states allow the buyer to redeem the foreclosed auction properties after the sale within a statutory redemption period. If your state allows redemptions, then you should think twice about buying auction properties. It is less risky to purchase short sales and REO’s. You don’t have to worry about redemption periods with those types of properties.
Conditions are right for buying Gilbert foreclosure properties right now so buyers/investors should go ahead and take advantage of the many opportunities available to them. No one knows how long they will be in existence