How Do Short Sales Work?
Monday, February 20th, 2012If you’ve been looking for a new home in the Phoenix or Scottsdale area lately, you’ve probably run across plenty of foreclosed homes and short sales. But if you haven’t purchased a home in the past few years, you may not be entirely sure what it takes to get into one of the many Scottsdale short sale homes. While grabbing one of these properties is possible, it’s not always easy.
For starters, there’s really nothing short about a short sale. These transactions are absolute paperwork nightmares and no one should get involved with the help of an attorney or experienced realtor. That’s because purchasing a short sale home is anything but short. Banks are not known for their efficient use of paperwork, so expect to see plenty of hurdles thrown in front of your Scottsdale short sale.
Prospective home owners should also keep in mind that short sale and foreclosed homes are sold as is. They may or may not be in the best of shape, but you won’t be able to do much in the way of negotiations on price.
No one want to profit from the miser of others, but some of these short sale and foreclosed houses are just too good to pass up.
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