Sunday, June 16, 2019

Forclosure/Short Sale





Buying a foreclosure is straight forward just like buying property from an individual owner;  the Bank/Seller will make their decision and go forward with the sale and try to close the sale as quickly as possible.  Having done more than 100 foreclosure sales during the past 4 years I will guide you through the transaction and make a smooth, comfortable purchase.   Closing time is normal unless Buyer is financing and the Buyer’s lender requires more time, which is becoming more common these days.


Short Sales on the other hand require many months to complete mostly due to the behavior of the Bank/Seller in stalling every possible step of the transaction.  This is where most of the horror stories come from in purchasing Bank Owned properties, but actually a Short Sale is not bank owned but still owned by the homeowner, and the homeowner is still a key player in the transaction.  Sales used to take over 6 months in some cases causing the Buyer to loose patience with the process and the Bank/Seller and walk away upset.  Lately Short Sales take between 2  and 4 months and have become more popular with buyers. You need lots of patience for a successful Short Sale transaction.


SIDE NOTE:   Results taken from SVVAR MLS.  Some people think that the market is dead due to the economy.  Here are the sales results of December and year to date ending in December 2010.  How would you rate this market?

Q.  How many properties sold in the Verde Valley during December 2010?

A.   121 Sold.  (Sedona Sold 55)

Q.  How many properties sold in the Verde Valley from January 1, to December 31, 2010?

A.   1473 Sold.  (Sedona Sold 616 YTD.)

A large portion of these properties were Foreclosures and a few Short Sales.

Call John Stefano for information and a free consultation regarding the purchase of a Foreclosure or Short Sale.  Now is the time to act in Buying or Selling real estate.  We are at an historic period in our lives.