Tish Tischer Blog -  September #1 -08

Figures are in for August - sales in 2007 - 5,947, sales in 2008 for August 4,346. Average sales price Scottsdale and Paradise Valley  was $680,385 and the median Days on Market was 121. ( Half sold in less than 121 and half sold in more than 121 days.

The most frequent question I am asked is, "What is a Short Sale". A listed property becomes a short sale when the price of the home is less than the money owed for the home.  The home owner may list the home for sale but the mortgage holder has the right and will have the power to approve or disapprove of the sale.

Short Sales often sell for more than asking price and often are sold by the listing Agency however there is no advantage for the Buyer to go through the listing agent as the Seller's agent has a fiduciary responsibility to the sellers.

A purchase contract written on a Short Sale often will sit for weeks with no answer. Opportunities are often missed while waiting on a short sale only to find that you offer was trumped by another offer.

REO Property -- Real Estate Owned Property -- or Foreclosed property -- or Bank Owned property --after a property has not been sold as a SHORT SALE, it goes to auction, if not sold at auction on the steps of the court house, the property transfers back to the Bank -- Foreclosure is complete. At this point the Bank hires a real estate Broker and the property is now listed on the multiple listing service by the brokerage as an REO or real Estate Owned or Bank Owned Property. Often banks list these properties low in order to get them off their books as soon as possible as the banks can not make money on money tied up in real estate.

Have questions: Give me a call: 480-231-0782 Tish