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Pursuing Phoenix Short Sales As Your Next Phoenix Real Estate Purchase
Families in the Phoenix region interested in purchasing a residence might have heard the term "short sale". A few might also have heard negative and positive things about short sales. The common perception about short sales being affordable is true. But, the conventional wisdom short sales can be difficult to purchase is also correct.
What is a Short Sale?
A short sale is a residence which is being sold for less than the loan balance. The bank agrees not to foreclose on the Phoenix homes and accepts its "surrender". The homeowner must vacate the house but does not owe any of the mortgage loan balance.
For instance, the Smith family bought their residence in 2002 for $150,000 and still owe $110,000. But the residence is only worth $65,000 right now. The bank forgives the loan in exchange for leaving the home. Usually included in such an arrangement is a stipulation the bank is not going to sue for the difference.
The bank now is the owner of 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 locations, short sales are not hard to find. In fact, the state of Arizona ranks sixth in the states with the most foreclosures, according to RealtyTrac. California, Florida, Michigan, Illinois and also Georgia make-up the top five. That doesn't comprise of all the properties which are near foreclosure or going through loan modifications.
Since Arizona allows both judicial and non-judicial foreclosures, many others homes may be coming into short sale. Judicial short sales are done entirely through the courts. Non-judicial foreclosures merely alert the court to the action. The loan company invokes what is referred to as the "power of sale" clause found in the actual mortgage.
Can I Purchase a Phoenix Short Sale?
Anyone can purchase a short sale in Phoenix. Buyers need to go through the normal mortgage qualification process. Since the bank is the owner of the property, the buyers must be fully vetted.
Can I Purchase a Short Sale on my Own?
It is quite possible, however not likely. Since short sales are like bank owned properties, the price is typically negotiable. Nor will the bank usually make any required 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?
Make contact with an experienced Phoenix real estate broker. She can assist you through the process and will represent your interests.
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