Traditions At Legend Trails Homes for Sale List

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Traditions At Legend Trails Homes for Sale can be found by searching the properties below or by calling an RCP Arizona Real Estate agent. To view any of the real estate properties found, just give us a call.
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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.

Scottsdale Real Estate Agent Specialists

Looking for a great Scottsdale real estate agent?

RCP has some of the best Scottsdale real estate agents in the city. We are a bit bias (of course), however, you should give us a try and decide for yourself. If you are in the market for real estate or homes for sale, our Scottsdale real estate agents are waiting to assist you. Finding the perfect Scottsdale real estate agent is not easy, however, we want to work hard to earn your business. Our agents have some of the most up to date and user friendly tools available to them as well as a streamlined escrow and offer making process.

In your search for Scottsdale homes for sale you want an aggressive agent who can go to bat for you and get you the best possible price on your new home, or the best selling price on the house you are selling. We will be your advocate when negotiating with the bank. We will do our best to get you the lowest price when bidding at the auction. Foreclosure homes for sale are being sold daily and we can help you get a piece of the action.