Scottsdale Real Estate Foreclosures & Short Sales
Scottsdale Single Family Homes: (click on link to view listings)
Short Sale Listings under $399,999
Short Sale Listings $400,000 to $699,999
Short Sale Listings $700,000+
Lender Owned/Relo Listings under $399,999
Lender Owned/Relo Listings $400,000 to $699,999
Lender Owned/Relo Listings $700,000+
Scottsdale Townhomes/Condos: (click on link to view listings)
Short Sale Listings
Lender Owned/Relo Listings
Fountain Hills: (click on link to view listings)
Short Sale Listings
Lender Owned/Relo Listings
Short Sale: is when an Arizona lender agrees to accept a payoff on a home mortgage that is less than what the owner actually owes on the mortgage(s).
Let's say the owner owes $800,000 to the lender(s) to pay off the home and the actually market value of the home is only around $700,000. So the owner can't sell the home and come up with enough to pay off the entire mortgage. The seller is also having problems keeping up with mortgage payments, for whatever reason, enough so that the bank has warned of possible foreclosure. In this case the seller can approach the lender for approval to accept a Short Sale. The lender (generally) will not disclose the amount they will accept as payoff, but they will consider reasonable offers lower than the principle balance owed.
Short Sale: good for a buyer or investor?
First, you have a good chance of saving thousands as a home buyer because the home needs to sell before the foreclosure begins. This typically means the home is listed well below market and offers that are lower have a reasonable chance of being seriously considered by the lender. Second, usually those in a Short Sale situation are working with the lender to make things right and care about their credit, especially if they are still occupying the home. So the chance of the home needing major repairs is less likely.
Short Sale: good for an Arizona seller?
As a seller if you are able to complete a Short Sale before it forecloses you have saved yourself a nasty hit on your credit that can last seven years. You'll be able to rebuild your credit from those late mortgage payments much faster then you would if a foreclosure was on your credit.
Short Sale: good for the Arizona lender?
A Short Sale can be beneficial to a lender because they do not have to go through the expense, legalities, and time of a foreclosure. They also stand to make more money on the loan than they would in a foreclosure. They also avoid owning a home that they now have to sell.
The key to a Short Sale is "patience" and make a reasonable offer.
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