Arizona Short Sale Articles →     

Arizona Short Sale      Arizona Short Sale Help      Short Sales In Arizona      Short Sell Investment Property

Arizona Real Estate Short Sales Help The Community

Arizona Real Estate Short Sales Help The Community.

We are all well aware of foreclosures. And, how they can adversely affect home values.

As much as we may not like it, the reality with today’s market is that many homeowners are upside down on their mortgage and facing foreclosure.  And what’s worse is that after exhausting every avenue available; they may still lose their home to the bank! Not a pretty scenario.

With that said, however, a foreclosure is not the only option available for those homeowners in need of mortgage relief or help. In fact, more homeowners are becoming aware of the benefits of doing a short sale.

A short sale may just be the best solution for the troubled homeowner. And, the real kicker is that it’s also the best solution for the neighborhood!

Let me explain.  Some homeowners just walk away. Sometimes in the middle of the night they just up and leave. Leaving a vacant home that begins to deteriorate. Meanwhile, it may be months before the bank forecloses.  During that time, no one is taking care of the property. The pool turns green and the house just sits and falls into disrepair.

Even after the house has gone into foreclosure it can take months before the bank releases the property to be sold.  During this time the house remains vacant and some are even vandalized. Just having vacant and foreclosed homes in your neighborhood can bring your property value down… This really is not fair given the fact that it was someone else who was in trouble. Yet, often times other homeowners pay the price with further reduced pricing.

When the bank finally does put them on the market, they are sold under market value just to move them quickly and get them off their books.

A short sale on the other hand is a negotiation between the bank and the homeowner. The homeowner wants to do a short sale instead of a foreclosure and works with all parties involved to get it done.  Because short sales are handled much like a normal home sale, with the exception of the added negotiation, the homeowner will usually continue living in their home while the short sale is finalized. So the home in question doesn’t become vacant, and the home is maintained as it normally would be.

Most of the time you don’t even know the house is a short sale. There is a regular “for sale” sign in the yard, the home is still lived in and kept in good condition, and the neighborhood look the way it always did.

Once the sale goes through, the homeowner moves out and the new owner moves in, just like a regular sale.   But the best part of a short sale for the neighborhood is how it helps to keep the home values up compared to a foreclosure. Currently the average price per sq foot for the Phoenix Metropolitan area for a short sale is $77.60 but it’s only $59.00 for foreclosures. That’s a 24% difference which is huge when you consider that these homes are used by appraisers when they run comps to get a home value in the neighborhood.

Contact Arizona Short Sale Tips for more information on how Arizona real estate short sales help you and the community.

Be Sociable, Share!