If you have a love for the Old Town Scottsdale area or typically invest in real estate, then you know how difficult it is to compete in the South Scottsdale real estate market. Since the market is so hot, it challenges many buyers when attempting to purchase a home. This can result in months of shopping for the right house, relocating to another part of town and even continuing to rent because you just cant get the right one!
Here are some of the common issues I continue to see in this market:
BIG Investor Companies – Yes, if you are reading this, you probably have had your heart broken by one of these companies. Many people and families want to purchase fixer upper homes to remodel and sell or to move into, but they lose the property to an offer that cannot be beat. Usually, this winning offer consist of a purchase price similar or identical to yours, expect this one is all cash with a 5 day close and no inspection period. Your offer was Conventional financing with a 10 day inspection period and 30 day close. So how do you beat out this offer? Sadly, the truth is that you don’t. But that does not mean that you cannot get one of these houses!
The key to purchasing a home like this is to do off-market sales.
This way no one is looking for the house besides you! In addition to looking for houses that are not on the market, you can always submit your best offer possible. More times than people think, these companies open escrow to purchase homes and cancel shortly after. Instead of going through the process of looking for a brand-new buyer, they are most likely going to turn to their second best offer.
I have closed on investment properties with my buyer financing their loan because we were serious about buying the home and the big investor company wasn’t!
Fast Sales – Many houses in this market will go under contract the same day they hit the market. Remodeled or not, the houses don’t last long. The best way to compete with this is to be persistent & really want the home!
If you are unsure about the house and feel you need a few days to think about it, the house will be gone by the time you make up your mind. Trust me, people will want it!
Of course people have work and busy schedules, so it’s not practical for you to up and leave to look at a house. But sometimes you have to! You could also always have someone you trust take a look at the house and tell you what they think. However, the absolute best way to avoid this issue is to have a great agent! Your agent should be on top of this and communicate to the listing agent that you have interest and will be there as soon as you can! Duh!
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