Short Sale Real Estate Expert
With the many homes for short sale on the market, especially in Arizona, there are many things to know as a home buyer looking to purchase a short sale that will help you get the best deal.
- Lenders do not want to foreclose on a home if they can help it.
- A short sale is where the seller’s lender accepts less than what is owed on the current mortgage. It is important to know what the current market value of the property is to negotiate an intelligent price with the seller’s lender.
- In Arizona, foreclosure typically occurs 90 days after the filing of the “Notice of Trustee Sale.” It is important that you know what stage the pre-foreclosure property is at throughout the process.
- Lenders tend to accept Short Sale purchase offers that range from 82-90% of the home’s current fair market value – depending on the time on market.
- Lenders tend to look more favorably on short sale purchase offers for people who plan to live in the home versus real estate investors.
- Low ball offers are a waste of time for all parties involved. Once again, the lender’s have a formula for what they will accept. Talk to one of our specialists for more information.
- If you are financing your purchase, ensure you have been “pre-approved” before you make an offer. Contact one of our specialists today for a mortgage referral.
- If you are buying a short sale home with cash – be prepared to show proof of your funds with your purchase offer.
- Expect the seller and the seller’s lender to only accept “as is” purchase offers.
With so many variables involved in buying a short sale home – it is highly recommended that you use a short sale real estate expert to help guide you through the short sale negotation and purchase process.
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Or if you prefer to speak with a Short Sale Realty Expert to help guide you through the home purchase process call one of our offices today.
Our West Valley – Phoenix Metro office phone is: 623-535-5615
Our East Valley office phone is: 480-775-3939
