There are some beautiful homes and some incredible Phoenix bank-owned home deals out there right now for buyers who are ready to take advantage of the opportunity. I say that because as I have continued to work with buyers in this market, we have gotten some of those beautiful Phoenix bank-owned homes at an incredible price because they were fully prepared to submit their offer immediately upon seeing the property. I am finding that the nicest bank owned homes in Phoenix are getting multiple offers after only being on the market a few days and often the listing agents will submit the first good offer they receive and all the others become back up offers.

To be fully prepared in these Phoenix bank-owned home situations, you must have already gone through a full pre-approval process with a lender and have a pre-approval letter in hand or ready to go upon placing a phone call. You must submit that along with your offer in order to have your offer even considered. To find a beautiful bank-owned home in Phoenix at a great price and then go to a lender to get pre-approved will often cause you to miss the opportunity to be the first offer considered. The lender that pre-approves you does not have to be the lender you end up using; just get a pre-approval letter to use to submit your offer.

One other important factor in buying a Phoenix bank-owned home is the availability of your lender to do a pre-approval letter for you over the weekend or in the evening. There are many occasions when the loan amount may need to be changed or a new approval sent and it is not during the hours of 9-5 Mon-Fri. So their cell phone number and availability becomes crucial in some situations when you are competing with other buyers for that perfect home you find.