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Arizona Short Sales Benefit Your Community

by Charlie Allred

We’ve been talking for a while now about how short sales in Arizona have benefits… Obviously, any home owner facing foreclosure will tell you that having another option is a valuable thing. And, the flip side of having the Arizona short sale as an option is that the lender can also benefit.

But what about the community? How can a community benefit from a home in the neighborhood being short sold?

If we stop and think about it for a minute it starts to make more sense.

Imagine for a moment that you are a home owner living in an area that was hard hit with foreclosures in the economic downturn that we are currently seeing around the country. What would your neighborhood look like? Can you see it?

Imagine you see vacant houses lining the street on nearly every block. And, those vacant houses are now home to no one. These homes which could have been sold possible using a short sale, are now decrepit and devoid of any curb appeal that they may have once had.

The yards are filled with weeds. The trees are overgrown and in need of trimming. The paint is dull and flaking. The pools are now green with algae. What used to be home to happy families and children playing is now nothing but the site of a future renovation project.

Almost all of the neighborhoods I visit these days show many signs of foreclosure. And, to make matters worse, these decaying homes are causing further valuation problems for the remaining home owners in these areas.

Obviously, with the economic destruction home prices, equity declined tremendously. In some areas, 50% or more. Now, the remaining home owners are left with the aftershock. In some cases, home prices have declined further because of neighboring homes with deferred maintenance.

Foreclosed homes left vacant and in poor condition provide no incentive to potential buyers when they are considering a move. In fact, it forces current sellers or lenders who are trying to move these vacant properties to lower prices further! This creates a domino effect throughout the subdivision whereby anyone wanting to sell would be forced to lower prices just to be competitive.

Arizona short sales help to eliminate this issue. Instead of having a home go into foreclosure, it can be sold using a short sale whereby the lender agrees to take less than is owed on the mortgage in order to move the property and recoup some cash.

Most short sales are done just like any other sale and the home owner can stay in the home until a buyer is located. The home owner has more incentive to maintain the home and keep its appearance up to community standards thereby helping the overall look and feel of the neighborhood.

If you find yourself in a foreclosure situation, I encourage you to look at short sales in Arizona as a possible solution.

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