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Enjoyable Arcadia, Phoenix, AZ Short Sale Realty Offers Ease and Convenience
Are you considering buying an Arcadia or Ahwatukee short sale? Do you understand the short sale buying process? Are you aware of the risks inherent to buying a short sale property? You could end up with a great deal!
A short sale defined: Homes being sold as short sales are homes with liens that exceed the market value in a given area such as Arcadia and Ahwatukee. "Short" means that the proposed sale will be "short" of what is owed on the home.
In today's Phoenix real estate market many of the homes being listed and sold are short sales. In fact, of the 464 Arcadia area sales closing in the first ten months of 2011, 90 of them were short sales, about 25%. In Ahwatukee the numbers are similar. Of the 1,375 total sales during the same time period, 326 were short sales; again, roughly 25%.
The short sale buying process takes time. Be patient. Most short sales typically take 90 to 180 days to close from the point of contract acceptance. The lengthy time to close is due to the following and more:
*Banks with too few people to handle the volume of paperwork
*Sellers taking time to get their financials and other paperwork to the bank
*Waiting for banks to do valuation of the subject property
*Assignment of a bank negotiator as liason between buyer, seller, Realtors, mortgage insurance companies, investors and second lien holders
*Buyer loan approval
The primary risk inherent to buying a short sale is the unknown, such as unknown facts about the home. It is vitally important that the buyer of a short sale in Arcadia, Ahwatukee or anywhere else does their due diligence. Get a home inspection and any other specialty inspection you deem needed. Of course their's another risk: the buyer waits months for the short sale to be approved only to be disappointed when it does not get approved by the seller's bank.
In the end if all goes as planned and you close escrow for the contract price, you may have just made a great purchase at a terrific price.