Short Sale Houses Vs. Foreclosure Homes
Steve Horn with Short Sales Done Easy is coming to you live from a foreclosure house. You are just about to grasp the difference between a foreclosure property and a short sale. This is an extreme instance in downtown Phoenix, which is a vastly depressed spot with a high crime rate.
When you are looking to buy a foreclosure as a consumer, the bank is going to sell these properties in ‘as is’ condition only. Yet, with a short sale, repairs can be completed at close of escrow. Note that this house has glass all over the ground, missing cabinets in the kitchen, some dark boarded up rooms, and a lot of other dreadful surroundings.
As a customer in this market, your approach may be to locate a foreclosure property that you can close on swiftly. However, in this market you are not going to have a lot to choose from. However, with a short sale there will not be as much of a demand because of the waiting time that can be three to six months. When we act for buyers, we want to get them the best deal. Yet, the finest deal can be like this residence where you have to make quite a lot of improvements to the home in order to make the home your own.
Generally speaking, short sale properties are going to be in much better condition because the home owner has not vacated the house. Luckily, we handle both the foreclosure houses and short sale houses. So, we can advise you as to what will be the finest fit for you.
There are a lot of investors emerging back into the market and this property will be a great investment. It will probably 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 extra details 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