If you are looking for a deal in Queen Creek and are thinking about purchasing a bank owned (REO) property in the Queen Creek Real Estate Market- you may be facing or reliving 2005, the housing boom that saw multiple offers, as many as 15-20 offers for one home. 
As banks are trying to unload these homes, they are slashing the prices, which are bringing the buyers and multiple offers. So be prepared for this new round of bidding wars. The tactic, as it was in 2005, price it right and the price will be bid up.
There are some important considerations that a buyer should be aware of when buying a foreclosed home in Queen Creek.
* Most if not all, are conveyed “as-is”- the bank will not make repairs, seller makes no warranty to the buyer, either expressed or implied as to the condition of the house, fitness of the property.
* The seller is still to disclose any material fact, however, since the bank did not “live” in the house- there will be no SPDS-sellers property disclosures or CLUE report which reports of any insurance claims on the property.
* Regarding the appraisal-a failed appraisal based on the condition of the home (missing A/C, mold, missing appliances etc.) will not allow the buyer to cancel the get their earnest money back. The AS_IS addendum overrides the contract, that includes an appraisal contingency. So if the appraisal comes in low, the buyer can not use the appraisal contingency- it is imparitive that the appraisal be done in the 10 day inspection period. If 10 days is not long enough, extend the inspection period when you submit the contract.
* If you are financing an REO property- keep in mind it is possible and is happening that the lender will refuse to lend on a home in which the home was unacceptable due to conditions of the home. They buyer could be at risk of losing their earnest money. The AS-IS addendum state, that the buyer must make the house acceptable in order for the lender to finance the property.
If you are buying- do your homework and make sure you have a good agent that has your best interest in mind.
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