Green Valley AZ Homes For Sale

The buzz words these days seems to be "Short Sales" when it comes to homes in Arizona. Even in Green Valley Arizona, Sahuarita Arizona and the Tucson metro area you can find plenty of Short Sale opportunities as a home buyer or investor. So what is a Short Sale?

Short Sales are when a lender agrees to accept a payoff on a home mortgage that is less Green Valley real estate, foreclosure sales, short sales, investment property than what the owner of the property actually owes on the mortgage. Let's say the owner or borrower owes $200,000 to the lender to pay off the home and the actually market value of the home is only around $180,000. So the owner or seller knows he/she can't sell the home and come up with enough to pay off the entire amount. The seller is also having problems keeping up with his/her mortgage payments, for whatever reason, enough so that the bank has warned of possible foreclosure. In this case the seller can approach the lender for approval to accept a Short Sale. Usually the lender will not disclose the amount they will accept as payoff, but they will consider reasonable offers lower than the principle balance owed.

Why is a Short Sale good for a buyer or investor? First, you have a good chance of saving thousands as a home buyer because the home needs to sale before the foreclosure begins. This typically means the home is listed well below market and offers that are lower have a good chance of being seriously considered by the lender. Second, usually those in a Short Sale situation are working with the lender to make things right (or as right as possible) and care about their credit and their Arizona home they own, especially if they are currently occupying the home. So the chance of the home needing major repairs is less likely. It's actually not uncommon to see an Arizona home that is less than 5 years old to be up for a Short Sale.

Green Valley Arizona homes, short sales in Arizona, foreclosures Why is a Short Sale good for an Arizona seller? As a seller if you are able to complete a Short Sale on your home before it forecloses you have saved yourself a nasty hit on your credit that can last seven years. You'll be able to rebuild your credit from those late mortgage payments much faster then you would if a foreclosure was on your credit.

Why is a Short Sale good for the Arizona lender? Short Sales can be beneficial to a lender because they do not have to go through the expense, legalities, and time of a foreclosure. They also stand to make more money on the loan than they would in a foreclosure. They also avoid owning a home that they now have to sell.

So Short Sales can be a Win, Win, Win. The key to them is patience. For a list of available Short Sales in Green Valley Arizona, Sahuarita Arizona or the Tucson metro area fill out this form and I will get right back to you.