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Briarwood Homes for Sale is found in sunny Arizona real estate territory. Arizona homes for sale is some of the best real estate in the country. Find out more by calling an RCP Arizona Real Estate agent.
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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:

Pros

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.

Cons

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.

How Home Loans Work

How Financing Works

Want to buy a house? One of the first steps is to get your financing in order. If you can buy with cash, then you are ready to start looking at houses. If you can’t pay cash, then maybe you are looking for an owner financing deal or a rent to own or lease with the option to buy. If there are limited owner financing options, you can go with the traditional mortgage type loan. In Arizona, it is actually known as a “deed of trust.”

How financing with banks works: Once you have found a house and have an accepted offer you can get the ball rolling on financing. Your loan officer will have already pre-approved you by running your credit and asking you a series of financial and job related questions. Assuming you answered their questions accurately, there should be minimal problems in getting you the loan. The lender will judge your ability to repay the loan, look at your credit, and see your history of pay back loans, then they will proceed to the collateral. The house or land is the bank’s collateral and recourse if you don’t make good on your loan payments. They will order an appraisal from a Certified or licensed appraiser and if the property is worth what you offered, you’re in business! There are thousands of differing issues that arise when trying to procure a loan and we can’t go over them all here. The best thing to do is talk to a real estate professional and get the ball rolling. It is a good idea to start the process a few months before you need to buy. Keep in mind once you have found the house you want and get an offer accepted, it typically takes 30 days to close the deal.

Scottsdale Arizona HUD Homes

Opportunities with Scottsdale Arizona HUD Homes

Not all real estate companies are created equal. Not all real estate companies are allowed to bid on Scottsdale Arizona HUD homes. Here at RCP, we are fully registered and approved for HUD bidding. If you are searching for a home in Scottsdale, then Scottsdale Arizona HUD homes should be a consideration. There are many types of homes available and we can help with them all. Scottsdale Arizona HUD homes are just one type of sales avenue. There are Scottsdale foreclosures, Scottsdale short sales, Scottsdale corporate owned and bank owned homes, as well as the traditional sale. Scottsdale HUD homes are in varied condition and loans are in place to fix up or repair FHA HUD properties. The first step in any real estate transaction is to get your financing in order. Once you are pre-approved or pre-qualified, it is easy to view and buy Scottsdale real estate of any type. HUD homes are a bit of a hybrid auction and standard listing. Here’s what we mean: With an auction, you generally have some time to view the property and then you bid. The high bidder wins the property. With a traditional sale it is listed until it is sold and sometimes the price is reduced. With the HUD it is listed for a specific time frame, for example, let’s say fifteen days. After the fifteen days have passed, they gather the bids and either accept the high bid or keep it listed and wait for more. There are a few tricks and techniques in dealing with HUD homes, so let RCP assist you in your Scottsdale Arizona HUD homes search.