So you’re curious how you get the most bang for your buck in this real estate market? Should you look for foreclosures on the MLS, maybe find a good deal on a short-sale, how about a new build, or possibly going downtown to the courthouse for a trustee sale/auction?
Well all the aforementioned have a trade-off as far as risk/reward and a lot of it depends on your specific investment needs. For example, in some cases you can get a better deal on a short-sale over a foreclosure, but are you willing to wait two months for the bank to respond and what price will they take? On the flip side, you can get a steal on foreclosures that needs to be fixed-up and has been on the market for a couple months.
In general, the best deals depends upon the risk involved. Here is the short-list on the best deals with the most risk:
- Auction | Trustee Sale
- Foreclosures | REO Properties
- Short-Sales | Bank Approval
- New Build
- Seller | Owner Occupied
Again, there are a lot of dynamics involved, but this should give you a general reference on the best buys in the Arizona real estate market. More to follow in future posts….
