Recently there was a bank foreclosure in Paradise Valley that wasn't listed on the MLS. A newsletter reader had called me about it, and I thought it would be helpful for everyone to understand a critical aspect about bank foreclosures.
Half of foreclosed homes still have occupants. The banks usually offer "cash for keys" to get those occupants out. Sometimes people won't take those deals, and they drag out the process using every available legal strategy. For an article from CNN with more detail on this problem, please click here.
When you see a bank foreclosure in my newsletter, it's unoccupied, so you can tour it before writing an offer. However, in such cases as the unlisted bank foreclosure, you would have to buy the property sight unseen -- and then deal with hiring a lawyer and getting the occupant out of the property.
For most people it's not worth the risk and hassle. Hence, I won't publish anything here that doesn't allow the opportunity for a full inspection.
For some adventurous folks, getting a deal may trump the risk. If you fall into this category, please reach out to me so that I can make sure you see the "colorful" deals that I won't publish here.
The reason that I have liked bank foreclosures for my clients is that they offered the opportunity to get a bargain without the same level of risk as a courthouse foreclosure. That is, you could often buy below market value, and still had all the protections of a normal due diligence process.
Today bank foreclosures are few and far between, and they aren't always the great bargains they were a couple of years ago. Nevertheless, as deals materialize I will publish them here.
If you find a property that wasn't published here, I'm happy to help you investigate it. Just be advised that off MLS properties are usually off MLS for a reason. Also, sites like Zillow and Trulia are notorious for publishing erroneous and outdated information. For example I was recently called by a client about a "current" listing on one of these sites that had actually closed 2 years ago and was not for sale.
So, please don't get excited about listings you may see elsewhere online until they've been investigated. The information you receive via this newsletter has been reviewed thoroughly to ensure there are no unpleasant surprises. As the saying goes, what you see here is what you get.
Closings
Over $8.2 million in closings last week, with an average sale price of $1.65 million. The average price per square foot remained on the lower end of the recent range at $306, continuing the trend of older homes finding buyers -- the weighted average year of construction was 1982.
New Listings
There are 17 new listings this week, ranging from $410k to $8.9 million. Here are the standouts this week:
Turn-Key Home in Gated Community Casa Blanca estates is one of the most desirable guard-gated communities in Paradise Valley. This 6,100+ square foot home was built in 1999, and extensively remodeled in 2006 with superb finishes and is move-in ready. It's an excellent home for families and entertaining, with an exceptional yard and pool area. Offered at just over $2.9 million.
George Christensen Santa Barbara On 2.8 lush acres, this impeccable home was recently remodeled with reclaimed wood floors and a new kitchen. Mountain views and privacy are a rare combination, this charming home is work a look. Offered at $3.8 million
If you missed my email earlier this week, as of today the stunning contemporary home is still available. For information please click here.
To see all of this week's listings in PV, please click here.To see everything on the MLS in Paradise Valley please click here.That's all for this week, I'll be back next week with all the latest in Paradise Valley real estate.Regards,
Alex
SearchParadiseValleyProperties.com
(480) 442-7325p.s. My upcoming book with Brian Tracy will be released soon. To get the first chapter free before it hits the bookstores, along with updates and other bonuses, please click here.
(c) 2013 Alex Goldstein PLLC
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