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Short sale homes for sale in Phoenix metro & Scottsdale

By
Real Estate Agent with HomeSmart Real Estate BR632450000

Short Sale (The New Foreclosure)

 

Short sale homes for sale in the Phoenix metro area including suburbs are the "New Foreclosure" home as lenders would rather dispose of their homes in this method rather than sending them to auction or foreclosing them as bank owned or REO (Real Estate Owned) inventory. Why? Lenders usually get more money in a short sale and the homes tend to be in better condition than when a foreclosure is involved.

 

Short Sale Benefits for a Buyer

 

Why is a short sale good for a buyer? Well, some of the same. The home tends to be in better condition then a foreclosed home. The Seller is working with the lender to find a buyer to release their debt obligation and will be less likely to abuse the  home. Selling prices in a short sale are often 10-25% less than in a traditional sale. Also, a Seller property disclosure (SPDS) is usually avaliable to a buyer in a short sale as the owner is selling the home. The SPDS is not available to a buyer when purchasing a home at auction or a foreclosed lender owned home.

 

Short Sale Homes for Sale in the metro area of Phoenix Arizona and suburbs

 

Short Sales Single Family Homes For Sale in Phoenix metro area

Short Sales (All Types) For Sale in Arizona which includes townhomes, condos and patio homes

To the short sale homes for sale in some of the more expensive neighborhoods here are Short Sale Homes in Scottsdale, Paradise Valley and Fountain Hills Arizona with pictures, prices, details and map locations.

 

There are luxury homes in Scottsdale and Paradise Valley available in a Short Sasle             Luxury homes are still available in "Short Sales" in Scottsdale and Paradise Valley, Arizona

 

Remember, short sales are not "short" because they close in a short period of time. No, they may still take 60-120 days to close, unless the Seller's lender has already approved the short sale price. Each situation is different. A Short Sale is called "Short" because the owner is selling the home "short" or less than they owe their lender(s).

 

More Information

 

For more information on Short Sales (selling or buying) in Arizona, see Short Sales in Arizona 

Posted by

Jeff Masich

Broker/REALTOR®

Scottsdale including Phoenix, Tucson and Prescott metros and throughout Arizona


Buy/Sell with Arizona Homes and Land Group. Ask me, Group Leader about Metro Homes or Ranches and Large Acreage properties throughout the state.

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 Jeff Masich Arizona Homes and Land Group HomeSmart

 

 

 

 

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Gary Raze
RE/MAX Integrity - Eugene, OR
with RE/MAX Integrity

Jeffrey,

Great article. Many people think short sales are short and easy. I think one can get pretty "short" with one another during the process.

All the best to you!

Aug 07, 2015 04:40 AM
David A. Weaver
Peoples Bank & Trust Co. - Scottsdale, AZ
24 years helping folks finance their dreams.

Hi Jeffrey,  Thought your readers may want to know the waiting periods to purchase again, if they have had to sell their previous home using the "Short Sale' method.  These guidelines change all the time it seems, but this is the latest I could find.

1.  Conventionial - 4 years for Deed in Lieu, Preforeclosure or Short Sale

2.  VA - 2 years since the Deed in Lieu, Foreclosure

3.  FHA - 1 year if they were current on the mortgage at time of short sale (very rare), 3 years if delinquent on the mortgage (most situations)

4.  USDA - 3 years from date of short sale.

Obviously, each borrowers situation is unique and will have to be explored and documented.  Check with your mortgage professional.

Aug 07, 2015 04:59 AM
Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

Thank you David A.  Weaver for the purchase again guidlines after a short sale.

Aug 07, 2015 06:16 AM