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.
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
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