New short sale question from prospective Canadian client- and answer
Tuesday, May 18, 2010
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we have some homes in mind but have recently been informed that these homes are short sale which means that they are not readily available for purchase?? why are they included on the real estate listings then, we are now confused, pls shed some light on the area and purchasing, we want to come to arizona in June but want all of the facts first, are there other great value areas in Arizona as well as laveen
Thank you MW
Detailed answer:
Hi M,
I would love to answer your questions.
I cant speak to the exact listings you are speaking of, but feel free to email me the mls number or even an address and I can get that further information for you.
My guess is that you inquired about home(s) that had the status of AWC-I, which in layman's terms means that an offer has been accepted by the owner, and the bank is now looking at the offer. Any future offers on this home would be back up offers only.
Short sales are definitely for sale, but what short sale means is that the current owner wants the bank (lender) to accept less than what is owed on the home and forgive the owner's remaining balance. The process of the bank deciding if they want to accept the offer can take several months.
A "short sale" is named that because the owner is "short" money, not because it is a quick sale. A short sale is a preforeclosure. Chances are that the seller hasnt made full payments in a while. If the home isnt sold in a short sale, the bank will end up taking it back shortly, and it will become a foreclosure.
A foreclosure is already bank owned and they usually have a response to an offer in 2-3 days.
I have 2 thoughts for you, if you are open to my input. Search for less expensive homes without a pool and add one. The pool companies are struggling now, and you can get a pool starting at $14,000. Please keep in mind that most Canadians are searching for homes with pools, and you can reduce the chance of competition on a given house. Also, even though we are very warm during the summer, we dont generally swim during the months that Canadians are here (unless the pool is heated) Pool weather here starts in April/May.
My other thought is to expand your search to Laveen,Queen Creek and Maricopa. You will find the best deals in those 3 cities!
Please let me know if the short sale information makes sense. My guess is that the homes you inquired about are already under contract, but there is a small chance that whoever you called doesn't care for doing shortsales. They are much more time consuming than regular sales.
The key for buying a short sale is to be the 1st offer the seller signs and just wait it out. I have some other tips for you if you are interested!
Please let me know!
Cheers, Brian
Brian Petersheim
Realtor HomeSmart- ABR,CNE
1.800.207.6919
http://www.CanadiansInArizona.Net
http://www.MaricopaNewHomes.Net Posted by Brian on 10:37 PM • (0) Comments • (0) Trackbacks • Permalink • Email This Post
