Sonoran Village Homes for Sale List
Sonoran Village Homes for Sale Currently Active
Sonoran Village 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.
Start Sonoran Village Homes for Sale
Sonoran Village Homes for Sale
End Sonoran Village Homes for Sale
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.
Arizona Real Estate and Buying With Creative Financing
Creative Buying of Arizona Real Estate With RCP
Buying With Creative Financing-
If you are looking to buy a home and can’t seem to qualify for a loan, but have some cash to put down, RCP real estate is experienced in all sorts of creative financing creative real estate transactions. What are your options?
1. Lease with the option to purchase- also known as lease option. With this type of deal you can move into your home and not worry about a landlord kicking you out because you have a contract. You don’t own the house yet, but you have the option to buy it within a certain time-frame.
2. Lease purchase- also known as rent to own. In this option, you are renting and at the same time putting a portion of your rent toward the future purchase of the house. This allows you to not throw all your money away with rent, but put some toward the house as you go.
3.Wrap mortgage- also know as wrap around mortgage. This option you don’t have to qualify with the bank, but rather with the seller. You make your monthly payments to the seller and he makes his payments to his bank. This can be risky and you’ll want a consultation before seriously exploring this option.
4. Seller Carry- also known as owner financing. In this option, you purchase and make payments directly to the seller–no bank is involved.
5. Seller Carry-back -Also known as partial seller carry. This option you would get a normal loan from a bank and the seller pays some of the down payment or more and the buyer pays him back monthly.
6. Purchase Option -also known as option to purchase. This is where a seller accepts a nominal fee to allow the buyer to buy the house at a specified price (or maybe not) for a determined amount of time. No rent or monthly payments, but you don’t take possession either.
You can combine mix and match these creative financing options, however, their are many issues that arise and you will want an experienced agency on your side. Keep in mind, when it is a seller’s market, these types of deals usually all disappear. In a buyer market, these deals are the way things get sold. There are many reasons buyers and sellers choose these options. If you are entertaining creative financing, we can consult with you and figure out the best solution for you. To read more about creative financing option click here.
Buying Mesa Foreclosures
Mesa is a huge city and there are plenty of Mesa foreclosures waiting to be bought. Mesa foreclosures sell daily at the Maricopa county auction. If you are looking to buy Mesa foreclosures, then you have a few things to consider.
Unlike areas like Queen Creek or San Tan Valley, which are comprised mostly of relatively new homes, Mesa has been around for a while, being comprised of a much older median house age. Why does this matter when buying Mesa foreclosures? There are a few less things to worry about in a new house than an older one. With Mesa foreclosures, you can’t always see the interior. This can be more risky to buy than an unseen house that is newer. With the newer houses, you can assume that it is up to code and if it is in a subdivision, you can further assume that similar construction techniques and exterior facades are similar. With an older non-tract house, there are many unknowns. So when it comes to buying Mesa foreclosures, just be aware and know your risk. To lower your risk, buy newer tract homes in good neighborhoods. For more risk and maybe a little more reward, go for the fixer-uppers. Mesa foreclosures can be very profitable. To further explore your options, call us today.