Phoenix, Arizona is one of the lowest priced housing markets in the West, with exceptional real estate investment opportunities.But..... How bout that FHA BUYER!!! or shall we call them discouraged qualified buyers.
Not only are we seeing 7-10 offers on every decent low priced REO property, but of those offers about 50% of them are all cash. This has become a problem for the First time FHA buyer, who are constantly losing out to these cash bids.
Trying to sell lender owned homes to FHA buyers can be very frustrating, very time consuming and an extremely long process. Most of the REO listing in the MLS will say they accept FHA financing but when they have other offers for either Cash or Conventional terms it seem like the FHA offer is on the bottom of the pile.
Hopefully as banks release more of their foreclosed properties and the competition lessens as we approach the holidays, sellers will again start looking at FHA buyers. It's a shame that so many will miss out on the $8000 tax credit, lets hope for an extension there.
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