Sienna Hills Homes for Sale List
Sienna Hills Homes for Sale Currently Active
Sienna Hills Homes for Sale are located in our Arizona Homes for Sale search area. Search yourself or call an Arizona real estate agent at RCP. You can e-mail or call us for showings on any property.
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Should I consider buying Arizona short sales?
What are the pros and cons of Arizona short sales and should I consider buying one?
Let’s examine the pros and cons of Arizona short sales vs. a regular sale transaction:
1. The asking price on Arizona short sales are often less than that of a typical real estate listing.
2. The homes are usually occupied and are well taken care of.
3. Depending on your current market conditions, short sale listings may be all that are available.
1. The asking price is a little ambiguous. Remember the bank has to be okay with the asking price in the end before they give the approval. If the banks appraiser comes in higher than the list price, then the bank can say they want you to pay the appraised amount.
2. The homes are occupied and are harder to view.
3. The bank may reject the short sale after a few months of waiting. The bank still qualifies the seller to make sure they cannot pay the difference between the asking price and the mortgage amount. Also the price may be too low.
4. Short sales can take a long time. Short sales have been know to take up to a year for approval. Usually it is around three months.
Back to the original question: Should I consider buying Arizona short sales? Well, all in all, it depends on what kind of buyer you are. If you are not in a hurry, and are looking for the best possible deal, then Arizona short sales can be a great way to build wealth or find your dream home.
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.
Bank Owned Homes in Arizona
Bank Owned Homes in Arizona For Sale
There is no shortage of bank owned homes in Arizona. The bank will increase and decrease their inventory of homes by foreclosing on homes or by selling the homes they have foreclosed upon. The standard for bank owned homes in Arizona used to be that they were mostly in bad condition; then the banks realized that they could recoup more by doing some small repairs, i.e. paint and carpet. Now, it really just depends on the market as to whether they will make repairs on any bank owned homes in Arizona. The Arizona foreclosure listings inventory also ebbs and flows with the market depending on conditions. The banks’ inventory of foreclosure listings in Arizona has been, at times, the predominant listing type. This creates a less than ideal market of vacant houses for neighborhoods and HOAs. However, on the flip side, as a buyer these vacant houses of Arizona foreclosure listings are very easy to show. It is easier to spot issues when you don’t have to navigate furniture and personal belongings. All things considered there are always two sides to every coin and that means opportunity for buyers and sellers who can see potential and act on it. Call us! We can help.