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In the Sedona area, foreclosures are relatively rare, especially when you compare other parts of the country. Banks have tightened their lending rules, and prices continue to climb steadily. Foreclosures have been steadily declining since 2014. However, Sedona foreclosure homes do sometimes come on the market.
With foreclosure Sedona real estate, you need to keep a level head and evaluate how much work the house will need. There are a lot of factors to consider. First, you should have the house inspected. We can help you choose an experienced home inspector who will be able to give you a good idea of where there is damage if any. This will vary a lot from foreclosure to foreclosure. Not all foreclosures are trashed, though many will have at least a few issues.
After an inspection, you want to discuss the issues and how much they will cost to fix with a contractor. We know several reliable contractors and are happy to give you referrals. One thing to keep in mind about any big renovation project is that it will almost certainly take longer and cost more than the initial estimate. It’s practically inevitable that something unforeseeable will happen during the process. Be sure to get a couple of estimates on the work. Discuss with each contractor how they come to their estimate, especially if one is much higher or lower than the others.
You need to consider both the time it will take to fix the house and the cost before you decide to buy. Whether you plan to live in it yourself or want to use it as an investment property, be clear about your timeline and budget.
Some people just enjoy the challenge of fixing up an unloved house. For people who have house renovating skills, there can be immense satisfaction in breathing new life into a house.