Steve Horn with Short Sales Done Easy is coming to you live from a foreclosure home. You are about to observe the disparity between a foreclosure property and a short sale. This is an extreme case in downtown Phoenix, which is a very depressed spot with a elevated crime rate.
When you are looking to buy a foreclosure as a buyer, the bank is going to sell these houses in ‘as is’ condition only. Yet, with a short sale, repairs can be made at close of escrow. Notice that this residence has glass all over the ground, missing cabinets in the kitchen, some dark boarded up rooms, and plenty of other dismal conditions.
As a buyer in this market, your strategy may be to uncover a foreclosure house that you can close on rapidly. However, in this market you are not going to have a lot to choose from. Nevertheless, with a short sale there will not be as much of a demand because of the waiting period that can be three to six months. When we represent buyers, we want to get them the finest deal. Nevertheless, the greatest deal can be like this house where you have to make several improvements to the property in order to make the residence your own.
Generally speaking, short sale homes are going to be in much better condition because the house owner has not vacated the property. Luckily, we deal with both the foreclosure homes and short sale houses. So, we can direct you as to what will be the best fit for you.
There are many investors emerging back into the market and this property will be a great investment. It will perhaps be sold for about $25,000 and rent out for about $600 per month with four bedrooms and two bathrooms. Check out our site for additional information on short sales and foreclosures.
Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona
