subject: What Is Going On With Phoenix Housing? [print this page] 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.
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.
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.
Homes worth less than what is owed on the mortgage are called short sales. These require the mortgage holder to approve the sale. The problem is that there are a lot of variables in what the bank uses to approve the sale, and those seem to change with every deal. It's tough for anybody to know exactly what the bank is looking for to get approval.
Foreclosures are easier to buy of the two types of homes for sale because the bank is motivated to sell. In a short sale, the mortgage holder is being asked to take a loss and they may not want to do that. Short sales approvals are hard to predict.
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.
by: Alfred Wendler
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