Sedona Luxury Foreclosures and Short Sales
The benefits of buying a luxury Sedona home that's been foreclosed on are obvious. For one, you can purchase a luxury home at a price you can actually afford. For some, luxury homes that have been foreclosed on are the only way they'd be able to ever afford something so special. Not only does this mean the buyer benefits immediately but they can also benefit again if they ever go to resale it. Buying a luxury home at a bargain price also means getting to be part of the prestigious neighborhood and opportunities that often go with it. Such perks might include: club houses or community centers, community pools, gated communities, and more!
Some things to keep in mind when buying luxury foreclosures:
Stay away from auctions. This is especially good advice if you're new to the foreclosure market. The process at auctions has risks that can trip up even seasoned buyers. At an auction, prospective buyers can't inspect the home for problems or discover if there are any senior liens. Therefore, you may be in a world of trouble you weren't prepared for when buying foreclosures this way.
You would also have to be careful if the previous owner still lives in the property you obtain through an auction. Evicting them could be troublesome and if they're resentful, they may vandalize the place before actually leaving.
REO or real estate owned is a better way to go. This is also known as buying from the bank.The bank is required to pay senior liens like back taxes. You also won't have to get rid of anyone who may still be living there and you can check the place out and plan to set aside money for any repairs that may need to be done.
Get a jump on it. If there's a certain property you've had your eye on, it is possible to contact the lender directly once it's been foreclosed on but before it gets listed. This is especially so if the institution holding the title happens to be a less than large infrastructure that doesn't have the time or means to deal with a foreclosure and is more than happy to get it off their hands as quickly as possible.
Now that you know a little bit about what to look for when buying a luxury foreclosure in Sedona, contact us for more information.