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Pursuing Phoenix Short Sales As Your Upcoming Phoenix Real Estate Buy
Families in the Phoenix area interested in purchasing a residence might have heard the term "short sale". They might also have heard good and bad things about short sales. The common perception regarding short sales being inexpensive is true. However, the conventional wisdom short sales can be difficult to purchase is also correct.
What is a Short Sale?
A short sale is a home that is being sold for less than the loan balance. The bank agrees not to foreclose on the Phoenix homes and will take its "surrender". The homeowner must vacate the dwelling but does not owe any of the mortgage balance.
For instance, the Smith family bought their residence in 2002 for $150,000 and still owe $110,000. But the home is only worth $65,000 today. The bank forgives the loan in exchange for leaving the home. Generally included in such an arrangement is a stipulation the bank will not sue for the difference.
The bank now owns the home and the previous residence can move on with their lives. The property is then sold by the bank to a new family.
Are Short Sales Difficult to acquire?
No. In the Phoenix and surrounding areas, short sales are not difficult to find. In fact, the state of Arizona ranks sixth in the states with the most foreclosures, as stated by RealtyTrac. California, Florida, Michigan, Illinois and Georgia make-up the top five. That doesn't include all the properties which are near foreclosure or going through loan modifications.
Since Arizona allows both judicial and non-judicial foreclosures, many more homes may be entering short sale. Judicial short sales are done entirely through the courts. Non-judicial foreclosures just alert the court to the action. The lender invokes what is known as the "power of sale" clause found in the actual mortgage.
Can I Purchase a Phoenix Short Sale?
Anyone can buy a short sale in Phoenix. Buyers should go through the normal mortgage qualification procedure. Because the bank owns the property, the buyers must be fully vetted.
Can I Purchase a Short Sale on my Own?
It is entirely possible, but not likely. Since short sales are like bank owned properties, the cost is typically negotiable. Nor will the bank generally make any needed repairs. The Phoenix homes are mostly sold "as is". The buyer ought to know the bank will also make no warranties or guarantees on the property.
What Can I Do?
Get in touch with an experienced Phoenix real estate broker. She can guide you through the process and will represent your interests.
Pursuing Phoenix Short Sales As Your Upcoming Phoenix Real Estate Buy
Families in the Phoenix area interested in purchasing a home have heard the term "short sale". They also have heard good and bad things about short sales. The perception about short sales being inexpensive is true. However, the conventional wisdom short sales can be difficult to purchase is also true.
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Other Readings
- Simple Steps In Buying A Foreclosure Property
- Important Facts About Buying A Foreclosed Home
- How You Can Purchase A Foreclosed Property
- Seeking Phoenix Short Sales As Your Next Phoenix Real Estate Buy
- Find Out More On Pursuing Phoenix Short Sales As Your Next Phoenix Real Estate Purchase
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- What You Should Know About Buying Foreclosures
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