The Sedona foreclosure home market (bank owned homes) has slowed considerably. Right now we only have two on the market. This time last year, the number was 6. So, is a foreclosure home in Sedona a good buy? Like any other type of purchase we need to look at the comps and come up with a reasonable market value and then determine what to offer based on market research. The past two years I've seen the asset managers for banks try to get as much as possible out of each sale. The majority of the time, the condition of the property did not align with the value they were trying to get out of the foreclosure home. This is particularly true when you don't fully know what you're facing in repairs. If the home is damaged, you may not know until you start demo and find more than you expected.
I'm not trying to discourage anyone from buying a foreclosure, we've sold a lot of them. Banks generally will just reject outright a low ball offer. A Sedona foreclosure home may not be the best investment and it should be considered along with all other properties available on the market.
Here's our Sedona Foreclosure Home page.
Call us if you'd like to discuss investment properties. 928-451-6098
