Short sales continue to be the "new foreclosure". Why? Lenders would prefer a home to be sold in a short sale as opposed to a foreclosure. The banks or lenders usually can get more money in a short sale when compared to their costs and agravation to repossess a home from an owner.
Buyer Benefits of a Short Sale Home
For a buyer a short sale represents a home that is often in better condition than a lender owned home. At the present time there are more than 500 short sale homes for sale in Arizona. Take a look to see examples with pictures, details, prices and maps. This list includes detached homes, townhomes, patio homes and condos. Buyer's have the ability to inspect the home and exit the contract if the home is not in the condition that they thought it was in at contract signing. This in itself is better than buying a home at a cash only trustee auction without the ability to inspect and subsequently change your mind. Also, a Seller property disclosure is often available to see the repair history or other unique disclosures about the home that only the previous owner will know. Once a lender forecloses on the property, usually a seller property disclosure is not available. Another buyer benefit is that they can purchase with mortgage financing. Pricing is usually lower than a traditional sale in the same area.
Best price for buyers? Short sales in Arizona are the "New Foreclosure"
Finding a home at a lower price for buyers is a good reason to consider a short sale. True, it still may take 60-120 days to close a short sale, but the wait may be worth it.
Seller Benefits of Selling their Home "Short" in a Short Sale
For a seller, a short sale offers the opportunity to sell their home at a price that is "short" or less than they owe on the home. The seller's lender is often willing to cooperate to avoid a foreclosure and an empty home that is not being cared for. The seller in exchange for the relief they will obtain, often continues to live in their home until sold and maintain it. A win for most everyone.
Whether you are considering purchasing a short sale home in Phoenix, Scottsdale or Arizona or selling your home "short" in Arizona find out more at information short sale homes in Arizona