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Arizona Short Sales

What are Arizona short sales and should I consider them?

Arizona short sales are like other transactions in many ways. Let’s focus on the differences between a regular real estate listing and a short sale listing.

A “Short Sale” is when a homeowner and a bank cooperate and agree to sell a piece of real estate for less than what is owed on the lien or mortgage. Usually this takes place when there is a good reason why the current owner can’t continue to make the payments or pay the difference between the mortgage and the selling price. Why would a bank take, as a payoff, anything less than what they are owed? The same reason credit card companies do, some money is better than less money down the road. If a bank were to say no to a Arizona short sale and decide to play hardball, their only other recourse would be foreclosure. This would mean:

1. More time not getting paid.
2. A house that is empty and not being taken care of and possibly vandalized.
3. Lawyer and trustee fees
4. Holding cost to upkeep the property
5. Closing costs, and they still need to pay the Realtors, title agencies, cleanup crews, rehab costs, etc.

Arizona short sales can be a big no-brainier for banks, however, some banks get the concept better than others and try to streamline the process. While other banks bury their head in the sand and foreclose. Obviously, we don’t see the entire picture. I’m sure banks have their reasons for not doing Arizona short sales. Even with streamlining, short sales can take months to get approved as the bank must qualify the seller for the short sales, approve the asking price by getting an appraisal, and dot all the I’s and cross the T’s. Not all Arizona short sale agents are the same. Call us at RCP.

Should you buy Arizona short sales?

What should you know about Arizona short sales?

If you are looking to buy a home or an investment property in Arizona, where do you start? First of all, you need to identify what type of property you want. If you decide on a single family home versus a four-plex, then your next step is to decide what type of sellers do you want to deal with. Here are a few different types of sellers.

1. Regular seller- just a normal scenario home owner who wishes to sell his/her house and hires a Realtor.

2. Arizona Foreclosure Sale (Trustee sale)- These are banks auctioning off foreclosed properties to the highest bidder.

3. Arizona REO properties- These are properties that did not sell at the auction and the bank then hires a Realtor to sell the home.

4. Arizona Short Sales– These are home owners that want to sell, but they owe more than the house will sell for. They need the banks okay to sell at this low amount.

If you decide you want to pursue a short sale option, there are a few items you will want to know.

A. The short sale process takes a while to complete–typically 3-6 months.

B. A few months into the process the bank could reject the purchase price.

C. The values could change during this process.

D. The asking price is arbitrary unless it is approved.

If you are a person who can wait and are flexible on price, these Arizona short sales may work for you. Otherwise, RCP can help you filter out Arizona short sales in your homes for sale search. Arizona short sales can be tricky. Let us explain in detail all about Arizona short sales! Call us at RCP.

Looking for other Mesa real estate for sale?

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RCP can help with all your Mesa real estate needs. We help home buyers buy and home sellers sell. If you are looking for Mesa luxury homes or Mesa custom homes, then the “Search Homes for Sale button” (big blue button) is where you want to start. If you are looking for Mesa horse property or land for sale in Mesa, AZ, you are in the right place:click here. For the best Mesa real estate agents call us at RCP and we will get to work for you today. For other Mesa real estate such as commercial real estate in Mesa, navigate to our home page, and click the big gold button. To view any of the properties here just call us to set up an appointment.

Mesa real estate is more than land, sticks, and stones. Mesa is the home to many amenities including:

Prospector Park, Lost Dutchman State Park and Borders Superstition Mountain Wilderness Area- Comprised of 159,757 acres. Trails and connected to millions of acres of nation forest service land.

Superstition Mountain Lost Dutchman Museum
Located on 12 acres near the park, this non-profit museum helps to preserve and protect the history and legends of Arizona’s Superstition Mountains.

Goldfield Ghost Town
Scenic railroad and mine tour located down the street from the park. This 1890s period town features a saloon, rock shop, an ice cream parlor, Native American art and crafts, the Goldfield Museum, live “gunfights” on weekends, and more.

Arizona Steamboat Cruises
Cruise the secluded inner waterways of nearby Canyon Lake on an old-fashioned steamboat.

Tortilla Flat
The last remaining stage coach stop along the Apache Trail, two miles past Canyon Lake, 18 miles north-east of Mesa. Population: 6.

(Src azparks . com)

Call RCP to talk to a Mesa real estate agent!