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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.

Scottsdale Investment Property

Buying Scottsdale Investment Property

Scottsdale investment property can be very rewarding. There are a few different types of Scottsdale investment properties depending on the type of investor you are. If you are out of the state or out of the country, you will probably want a property management company to handle the day to day items. If you are looking to buy and flip, there is no need for property management, however, you want to buy and sell for the right price and in record time. Scottsdale investment property is broken down into:

Single family: A regular house used as a rental, or bought to fix up or remodel and flip to a new buyer.

Multi-Family: More than one unit or building, i.e duplex, tri-plex (3-plex), four-plex, or bigger.

Commercial or Industrial: Retail, restaurants, office spaces, medical offices, etc.

There are many opportunities in Scottsdale investment property. Investors from Canada and right here in the states are buying in historic districts and other areas at a fraction of what their resale value is. After a considerable remodel, they sell these properties for top dollar. Other investors are buying Scottsdale investment properties for their rental value. The rental market in Scottsdale is strong and single family homes can make a good return. Some of the best deals are being found in investing in multi-family real estate. These properties can provide an amazing CAP rate for your portfolio. Call RCP to explore your options.