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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.
How Appraisals Work
Let’s explore how appraisals work!
Everybody hates the appraiser. The seller thinks the house is worth more. The buyer thinks its worth less. Appraisers work with what they have, constrained by the restrictions placed upon them by lenders and national standards. For example, the lender will say the appraiser is only to look at comparable properties within one mile and out of those, only houses that have sold within the past six months. They are many more criterion or conditions the lender can place on the selection of the comparable. It is after all their money at risk. They need to feel comfortable in making the loan based on a reasonable valuation of the property.
When you’re buying a house and get to the point in your loan process where you need to get an appraiser, the lender usually hires the appraiser, but the appraiser is not beholden to the lender or anyone else. They sometimes work for the lender, however, they are independently licensed and ultimately hold fast to a national standard for appraisers. The appraiser by design is an unbiased third party and as such can come closest to getting a handle on the market price. They don’t always get that price right, which is why an appraisal is considered an opinion of value. Remember it is only appraiser’s opinion– not fact.
At RCP, we have a leadership team with a background in appraisals and we can hopefully help avoid any appraisal hang ups. We know how appraisers think, and can speak “appraiser” too.
Why is Scottsdale, Arizona ideal for second homes?
Scottsdale, Arizona: A Popular Second Home Destination
Scottsdale Arizona Real Estate is an ideal second home location. If we look at all the factors that someone would want in a second home, Scottsdale Arizona has it all. Here are several things people look for in a second home location:
Great weather– escape the cold, ice, and snow for sunny Arizona!
Access to cultural centers and events– second homes are a place to relax and enjoy the culture.
Access to all the amenities a mega metropolis has to offer– escape from your small town to Arizona, where the amenities are limitless.
People you can relate to– Arizona is a melting pot! There is always someone you can connect with.
Friendly people– Check! Scottsdale Arizona is super friendly!
Accessibility– we have two major airports and several smaller airports all around the valley.
When it comes down to it Scottsdale Arizona has it all. We see the proof as people flock to Scottsdale, Arizona to enjoy their piece of the American dream. Here at RCP, we would like to earn your business. Contact an RCP representative today and we can help you with your next real estate transaction.