A client had a full price offer out on a bank-owned home in Chandler 85286.
My client had some problems with the bank’s counter offer. The bank’s standard addendum said in any dispute that the buyer’s earnest money would be disposed of “at the sole discretion” of the bank, that the Buyer would pay for the Seller’s title insurance policy for the Buyer, and that the inspection period would be 5 days instead of 10.
My buyer client countered out those 3 items yesterday morning. I just found out, unfortunately, than in the interim a full price, all cash offer with a 2 week closing came in and was, of course, accepted. I’m guessing that the all cash offer was from an investor.
We are starting to see more and more real estate investors coming back into the Phoenix market. Many more investors are on the sidelines just waiting to enter.
We may see even more investment in the Phoenix real estate market as people shift their money out of the stock market and into real estate. [Dru Bloomfield first mentioned this possibility to me a few days ago and today I heard someone else mention it as well.]
On the good side, my client has now found a community that he loves where he will focus his house hunting efforts.