Wondering what the deal is with Phoenix housing? What once was a hot market turned cold, and now seems to be in demand again.
What you need to know is what is going on with foreclosures and short sales. Both can be great bargains if you know what you are looking for. And if you have done your homework.
Houses for sale in Phoenix will mostly fall in to one of these categories. The way that the sale of each is handled varies greatly.
Bank owned homes are called foreclosures, where the bank took ownership of the home after the previous owner failed to make the required monthly payments. Since the bank is in the business of lending money and not in owning homes, they want to sell the home as quickly as possible.
Short sales are homes for sale that have a mortgage on them, and the house is worth less than what is owed on the mortgage. The sale is contingent upon the mortgage holder approving the sale, and they will not start to consider the request for approval until somebody has made an offer to buy the house. There are many variables the bank will use to determine if the short sale will be approved, and nobody seems to know exactly what those criteria are as they seem to change frequently.
Foreclosures are the easier of the two types of homes for sale to buy because the bank is motivated to sell. The bank is being asked to take a loss in a short sale and may be hesitant to do so. The chance of a short sale you are interested in buying being approved is hard to know.
The best bet is to look at foreclosure houses in Phoenix first, then if you are not able to find anything you like, to consider short sales. The great thing is that there is no shortage of either, so with a little patience and perseverance you should be able to find a great home at a great price.
For more assistance with buying a Phoenix house for sale, be sure to check out Alfred’s site www.realestatehelpsite.com. There you can find valuable tips on how to buy a house in Phoenix for the first time home buyer.
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Topics: Real Estate | Comments Off
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Wendler, Alfred "What To Know About Phoenix Housing." What To Know About Phoenix Housing. 22 Jun. 2010. uberarticles.com. 10 Jan 2015 <http://uberarticles.com/real-estate/what-to-know-about-phoenix-housing/>.
APA Style Citation:
Wendler, A (2010, June 22). What To Know About Phoenix Housing. Retrieved January 10, 2015, from http://uberarticles.com/real-estate/what-to-know-about-phoenix-housing/
Chicago Style Citation:
Wendler, Alfred "What To Know About Phoenix Housing" uberarticles.com. http://uberarticles.com/real-estate/what-to-know-about-phoenix-housing/
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