First it's important to understand the Lake Havasu market. Each local real estate market across the country abides by its own trends, dependent on the economic welfare of the region. Recently, however, the market in Lake Havasu, Arizona has been improving. Foreclosures that largely resulted from poor lending practices, bad financial planning by buyers, out right fraud in some cases as well as a national recession are now on the decline. Lake Havasu definitely felt the pinch early on in the housing crisis, creating a market of Lake Havasu foreclosure properties that was both unusual and advantageous for the right investor as the market values dropped in some cases more than 50%
Why it is important to understand what is going on...
Lake Havasu foreclosure properties became and continue to be
incredibly popular with buyers and investors looking for a price break. Obviously, even the slightest price reduction is attractive, especially in a sought-after community like Lake Havasu. While many buyers of Lake Havasu foreclosure properties are looking for a personal residence or vacation home, the market has also become profitable for those looking for resale projects or rental income. By refurbishing, reselling, or even renting a bank owned home – especially in this tourism-friendly area – the potential for a return on a property investment is attractive.
But careful due diligence is very important, especially in a popular area like Lake Havasu. Like nearly all foreclosures, Lake Havasu foreclosure properties are sold as-is (the condition when it was recovered by the lender), so being prepared is important. A Lake Havasu realtor who is well versed in Lake Havasu homes and foreclosure properties can advise you on the area, the properties, and provide the kind of knowledge you need to make an informed decision.
Bobby and Julie Lewis are the #1 Coldwell Banker agents in Lake Havasu City. Over the past several years they have become the local experts for savvy buyers when considering a bank owned purchase. They can provide the advice you need
when considering Lake Havasu foreclosure properties as your next investment. With many years of experience and as
fellow residents of Lake Havasu, rely on their knowledge and skill to make your home search in this area a success.
Top Lake Havasu Tips for Buying Bank Owned Homes
Solicit Expert Advice - Make Sure to Pick the Best Agent Possible..I can't stress this enough. Agents that are professional, ethical and make their living selling homes like the Lewis Team will help you save a tremendous amount of money, avoid serious mistakes, and get the best possible deal.
Be Prepared for Multiple Offers - Banks Price Lake Havasu Homes incredibly aggressive. Remember it's not how much you get a seller to come off their asking price, rather what is most important is what the home is honestly worth versus how much you had to pay for it.
Consider the Cost of Repairs - (Some people get so caught up on the idea of buying a foreclosure they overlook just how much it will cost them to get the home back to good condition. Sometimes buying a home for sale by an individual rather than a bank makes more sense even if you have to pay a little extra.)
Have a professional Lake Havasu home inspection completed. Keep in mind, the previous owner was broke before he lost his home to foreclosure. That nearly always means a lot of deferred maintenance. The Bank now selling the home probably won't allow a credit and almost never will complete repairs but you still need to know what you are getting into before you close the deal.
Get Pre-Approved or if paying cash bring a bank statement with you showing proof of funds. In today's technology world your offer can't even be uploaded to the bank's website for consideration unless a pre-approval letter or statement of proof of funds is included.
Be Patient - Wait for the right house. It will come up. The Lewis Team has been doing this for years. We are patient and know many of our happiest clients are the ones that made sure they took the time to find the right home.