Currently, if you are trying to purchase a home in the Phoenix, Arizona market you have the choice of a short sale, a foreclosure and maybe a traditional sale (however, these are few and far between).? So why would you purchase a home in any of these categories?
A short sale and a foreclosure are both considered ?distressed properties?.? A short sale is still owned by the Seller, but the Seller?s lender must approve the sale, since the lender is taking less than is owed on the Seller?s mortgage.? A foreclosure is a property that the lender owns, the lender has already foreclosed on the property and is attempting to sell it.
Both short sales and foreclosures are sold ?as-is?, so what you see is what you get as a buyer.? A buyer should be prepared to have some minor and possibly major repairs.? Both property types will have some deferred maintenance.
Why would you purchase a short sale:
- A short sale is generally priced up to 10% below market value- this is a great deal- generally
- A short sale is typically in better condition than a foreclosure- the Seller is trying to save their credit and avoid foreclosure- so the home is better maintained
- A short sale takes a bit of a wait- generally 60-90 days for a buyer to own the home- patience is necessary, but the buyer has time to plan their repairs or upgrades
Why would you purchase a foreclosure:
- A foreclosure can be purchased in 30 days
- Sometimes a foreclosure is priced super low
- Occasionally- the Lender (seller) has already painted and carpeted the house
Why would you purchase a traditional sale:
- You want the home in tip top shape
- You are willing to pay a premium for the condition
Source: http://www.securerealestatephoenix.com/real-estate-buyer/tips-for-buying-a-home-in-arizona/
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