Better Your Chances in Buying a Gilbert, AZ Home In Foreclosures

Gilbert Foreclosures and how to increase your odd in buying one these homes.

As of today there are 68 active Bank Owned( REO ) homes for sale in Gilbert, AZ. They are not always easy for an average Gilbert home buyer to get. Sometimes these homes can sell for as much as 34 % lower than traditional home sales. These bargain prices are bringing in investors and cash offers, which can make it harder for the average home buyer to win these bids.

How can the average home buyers compete for these Gilbert foreclosure?

 Gilbert Foreclosures for Sale - Gilbert AZ Foreclosed Homes

Check out the First Look program: The First Look program offered by Fannie Mae and Freddie Mac’s gives the first-time home buyers, owner-occupant  and others who are financing for their  primary residence the first chance to see bank-owned homes before investors. These Buyers have up to 15 days to submit offers before investors are allowed to start bidding.

Make a competitive offer: Home foreclosures priced below the market value can be in high demand and draw in multiple bids. Low-ball offers will not likely go very far. I believe you should start with your best offer. Offer the most you feel comfortable with. You would not want to lose your dream home over a couple of hundred dollars.

Make a large earnest money deposit: If want to get the banks attention and show the you are a serious buyer, you could offer a larger than normal good-faith deposit. The only drawback is if you back out of the deal for some reason, you may be at risk of losing your earnest money deposit.

Even if you really want the home, don’t fall for unreasonable demands, like waiving a home inspection. That could be a decision you end up regretting if your new Gilbert home is riddle with problems.

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