FYI: This article was written when short sales were a big part of the real estate market, 2009-2012. Today short sales comprise a vcry small part of our home and condo inventory. Thus, you are unlikely to buy a place offered as a short sale anymore.
When people contact us to buy a home or condo in the downtown Phoenix area we always have “the short sale” talk. Short sales are nothing like any other real estate transaction and demand special attention, knowledge and cautions.
I just read an article from another downtown newspaper in California that pretty much sums up what a person needs to know if the home they want to buy is a short sale. Here is what they have to say:
Bill Joyce starts every short-sale journey with “The Speech.”
In a what’s-ahead warning to homebuyers, the Roseville real estate broker promises something resembling burning deserts, howling winds and crops destroyed by hail. Buyers will be tested and tortured, he tells them. They will endure privations beyond all expectations.
And then they might fail. All the things you normally expect are suspended. There’s a new set of rules that apply here.
That said, buying a home or condo offered by short sale is possible and actually doable. It takes special education and knowledge on our part. We have to know what to ask the listing agent to make sure they have the skills it takes execute a successful short sale purchase. With good pre-purchase and great follow-through work we have become very successful helping people buy a good home at below market prices in the downtown Phoenix area.
Short sales are not for everyone, yet they are a huge part of the market these days. In some areas, short sales comprise up to 40% of the available listings so the home or condo you want may well be a short sale.
If you have questions about buying a home that is being sold as a short sale, let us know. We are short sale specialists a lot of experience buying and selling homes via the short sale process.
Hope you have a great week.
The Urban Connection