Sometimes home owners have to sell their house for less than it is worth. This type of home sale is called a short sale. The most common reason for a home owner to short sale their home is because they are unable to keep up with the monthly mortgage and are worried that if they don’t sell the house quickly that the bank will foreclose on it.
If you are a person who is interested in a property on of the great things about short sales in Phoenix is that it provides you with a really great opportunity to get a good house at a low price. Unlike foreclosures which the home owners knew was coming and tend to let the house go, or even completely trash it, most of the properties that are short sales in Phoenix are actually well cared for and the odds of having to make costly repairs to the home are normally less likely than if you had purchased a house that was foreclosed on.
Since the bank has not stepped in and taken over the house, the home owner is most likely still living there. This will mean that hopefully all the utilities are still running which makes it a great deal easier for you to check and make sure that things like the air/cooling are working, that the water pump doesn’t sound like it is on its last legs, and that the water heater actually warms the water the way it’s supposed to. Inspecting all of these things is much harder once the power has been shut off.
One of the more challenging aspects connected to short sales in Phoenix is dealing with the bank. If you are lucky the owner has already spoken to the bank about their financial situation and the bank knows that the only thing most likely standing between the owner and foreclosure is the short sale. The reason you are going to have to meet with the bank is that they are going to have to approve the amount of money you have offered on the home. When it comes to short sales, the house is almost always being sold for less than the owner still owes on the home and the bank needs to be willing to accept the loss they will be taking.
Finding homes that are being short saled is not always easy. One of the best ways to find them is by going through a local property management service and asking. Not only will they be able to give you the details of all the short sales in Phoenix that meet your personal and financial needs, it is likely that they will even be able to get you into the home for an inspection.