What To Know About Phoenix Housing
Phoenix housing is a remarkable commodity. At one time it was a must buy for everybody, then nobody would touch it, then it seems to be the place to look once more.
You need to become familiar with foreclosures and short sales. You can find good deals on both types of homes for sale if you know what you are looking for and as long as you have done your homework.
Most houses for sale in Phoenix fall in to one of these two types of homes. There is a huge difference in how each are handled.
With foreclosures, the bank took ownership of the house following the previous owner's failure to make the monthly mortgage payments. Because the bank is not in the business of owning houses, rather in the business of lending money, they want to sell the home as quickly as possible and get back to their normal business.
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.
Of the two types of homes for sale, foreclosures are easier to buy because the bank wants to sell the home. With a short sale, the bank is being asked to take a loss and they may not agree to do so. It's very hard to tell the chances of getting an approval for a short sale you are interested in buying.
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.
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