What is a Short Sale?
A short sale in real estate occurs when the outstanding obligations (loans) and cost of selling are greater than what the property can be sold for today.
Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with the lender for a lessor amount than owed.
Key Differences Between a Normal Purchase and a Short Sale Purchase
- A Short Sale requires both the Seller and the Sellers Lender approval.
- Short Sales are typically SOLD AS-IS (No Repairs).
- Short Sales are Time Consuming! It can take weeks or months for a response to your offer.
- Short Sales have NO guarantee that your Offer will be Accepted!
- Short Sales require a Short Sale Addendum to be included with the Offer.
Are you a Good Candidate for a Short Sale?
You may be if…………
- You don’t have a home to sell
- You are willing to be patient
- You have strong financing or are paying cash
- You don’t need a home right away
- You don’t require large closing cost contribution
- You are prepared for a rejection to your offer
Arizona short sales are probably not the best bet for the impatient or families that need a home right away. BUT, if you are willing to wait and if you are a good candidate, purchasing a Arizona short sale may be the choice for you.
Short Sales Can Yield Some Benefits
- Motivated Sellers
- Home may be located where you want to live
- Property Disclosures are typically available
- They may be in better condition than most bank owned properties
- You may be able to get the home you want under market value
Short sales can be very challenging transactions. That is why it is important for you to consult with a Realtor® who has had the appropriate training and experience with supporting buyers with these types of transactions. In the world of short sales, not all transactions are created equal.
Our industry experience and attention to detail on closing homes in the Arizona real estate market will give you the tools you need to make your real estate transaction a smooth and successful one. We look forward to demonstrating our results to you! Please note there is absolutely no obligation for meeting with us to review how we can help you buy your new home. Too busy to call? Email us by filling out our quick “Buyer Request Form.”
Steps to Purchasing a Home in Arizona
- Greater Phoenix Arizona First time Home Buyers
- Explore Loan Pre-Qualification
- Your Loan Options
- Choosing the Right Greater Phoenix Arizona Realtor®
- Your Appraisal Value
- First Offer Basics
- Your Home Inspection
- The Closing – Breakdown of Fees
- Title and Escrow
- Review Buyer Documents