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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.

Facts About Scottsdale Real Estate

Buying Scottsdale Real Estate

Scottsdale Real Estate is some of the most desirable real estate in the country. Due in part to the great winter weather and proximity to metro Phoenix, Scottsdale real estate is a great choice for a large demographic. With that being said, Scottsdale real estate has it quirks. A few things you will want to look out for:

1. Are you buying in a historical district? These historic district homes can be nice, but you can be restricted in what you can and can’t do to the property.

2. Are you close to railroad tracks or light-rail systems? You will want to keep your eye out because otherwise, you may not notice that annoying train sound every hour until you move in.

3. Are you buying in a Superfund site? These are designated areas throughout the valley that are flagged due to their bio-hazardous nature or history. Usually someone located nearby has contaminated the ground and the ground water affecting the Superfund site area. This can be a big, “Oops!” if your Realtor is not paying attention.

4. Are you buying on a busy street? Noise, safety, and accessibility in and out of your driveway can be a few issues you may face on a busy road.

5. Are you buying in an age restricted community? Some communities set a limit on how old you must be before you can buy in certain neighborhoods. Many times, fifty-five and older is the restriction.

Just know that at RCP we look for these things. We have proprietary mapping software to check Scottsdale real estate for Superfund sites, historical districts, and train tracks. Call us to check the property you may be interested in and we will send you an external obsolescence report.