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Arizona Short Sale: What You Need to Know As A Buyer

by Charlie Allred

Arizona short sales have been the source of really good deals on fine homes and potential rental properties lately. This is certainly a double edged sword… On the one hand you have someone losing a home and on the other someone else potentially buying. I wrote about the fact this is really a win win scenario in another post titled Why Arizona Short Sales = Opportunity.

As an investor, it’s certainly nice to hear that you can turn a profit, and as a home buyer its nice to hear you can get into a great property at a discount, so if you are interested in the purchase of an Arizona short sale property read on.

For some, the idea of a short sale may be a new concept. In fact, its just bank speak for selling the property for less than what is owed on the outstanding loan. And really, it’s just an alternative to foreclosure. The great thing is though… As a buyer of a short sale property in Arizona, you can actually tour the property as if it were any other property for sale. In contrast, buying a foreclosure at the courthouse steps usually involves buying a property more or less “sight unseen”. That is, in most cases you cannot enter the property or inspect it properly prior to bidding.

If the concept of buying a great home at a low price is intriguing, your next question is probably where do i find one. In many cases the individual short selling their home will not really want to share that with you… So if you have a neighbor with a for sale sign on his lawn, chances are it won’t say “Short Sale” in big letters!

If you have a relationship with a real estate professional, just call as ask them if they are wise to any short sales that you may be interested in seeing. Every real estate office that I have been in has someone who is currently marketing short sales or either knows someone who is. And, some real estate search websites offer the ability to search for short sales in Arizona directly through a web based portal. Your local short sale expert can give you the most accurate information. And with 70% of Arizona home owners upside down on their mortgage you can bet there is no shortage of options for you to consider.

Another hint to a short sale in Arizona could be the text “lender must approve” or “pre-foreclosure” located directly in the actual property listing. You will not have to look hard or far to locate these properties.

You can learn more about Arizona short sales by reading on…

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