Know This Before You Write A Short Sale Offer!

Peralta Trails SaddleAre you ready for what lies ahead on the Short Sale Path?

One of the most confusing and frustrating types of real estate sales is the short sale transaction.   Having helped  owners that have a financial hardship and negative equity sell their home and also assisted  buyers in the purchase of short sales, I felt it would be beneficial to highlight  some different facets of Phoenix area short sales.  Here are two simple facts that will help a buyer become more prepared and successful when considering a waterfront short sale or any type of short sale purchase.

The  1st Riparian Preserve Short  sale pathThing to remember about a short sale ……. The Bank/Lender Does NOT set the list  price

Especially when the property is first put on the market, the list price is an arbitrary number  the Realtor has chosen.  The listed  sales price will continue to be reduced until an offer is received and accepted by the owner.  Then the short sale package along with the offer goes to the bank … and the wait begins.  It is very common that when no offer  at the listed price, you’ll see periodic price reductions until a buyer says, “Wow, what a deal” and submits an offer.  When an offer on a short sale property has been submitted and the bank responded but the buyer is long gone, the property will be relisted and now there is better understanding of what the bank will accept.

I must point out that Wachovia Bank is getting way ahead of the curve.  Believe it or not, in the Phoenix area the Wachovia short sale negotiator will start the process once the home is listed.  The negotiator will  meet with the seller, qualify them regarding their hardship, and close in 45 days after receiving an acceptable offer. Hopefully other banks will follow.  If you have a Wachovia loan and need to sell, please call me for details on this great program.

2nd Thing to Remember about a short sale……. The Bank/Lender  does thier own market analysis.Sabino Canyon 009

Buyers and their agent should sit down and carefully review the comparable sales in the neighborhood for similar houses.  Nothing is more dangerous than a “type A” personality person seeing an aggresively priced below market short sale and then settling for nothing less than submitting a low ball offer 20% offer below the listed price.  Why? Because  the lender will do their own market analysis through a BPO (Broker Price Opinion) or appraisal.  They don’t really care what the list price is, they didn’t set it.  Once they have determined the market value, they will decide how much of a discount they are willing to accept and that will drive the counter offer to the buyer that has been waiting for 3 months.  If the buyer did their homework and understood that they are likely to receive a 10% discount below market value and are prepared for that price in a counter offer, you are more prepared than most buyers and may endure the Phoenix short sale process.

Phoenix Waterfront Short Sale Searches:

Phoenix Waterfront Short Sales

Gilbert Waterfront Short Sales

Chandler Waterfront Short Sales

Glendale and Peoria Waterfront Short Sales

For more details on the intriguing part of the market called short sales, please call me at 480-326-8571 for more stories information.

$340,000 :: 676 S CARDINAL Street, Gilbert AZ, 85296

Property Photo

Mls Icon

4 beds, 3 baths
Home size: 3,242 sq ft
Lot Size: 8,277 sq ft
Added: 05/18/20, Last Updated: 05/18/20
Property Type: Single Family
MLS Number: 6079364
Community: Greenfield Lakes
Tract: Greenfield Lakes
Status: Active


Great investment opportunity in Greenfield lakes with great school system! Great value for someone that wants to do their own fix, or investor that wants to do a fix and flip!Needs some TLC but has great bones. This won't last long!

Listed with Keller Williams Integrity First


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$549,900 :: 1098 E TULSA Court, Gilbert AZ, 85295

Property Photo

Mls Icon

5 beds, 3 baths
Home size: 3,760 sq ft
Lot Size: 10,455 sq ft
Added: 05/13/20, Last Updated: 05/14/20
Property Type: Single Family
MLS Number: 6077900
Community: ASHLAND RANCH
Tract: ASHLAND RANCH
Status: Active


THIS IS A SHORTSALE THIS FANTASTIC HOME IS LARGER THEN IT SAYS IN THE TAX RECORDS ITS A JACKSON SEMI CUSTOM BUILT HOME WITH A 4 CAR GARAGE AND A RV GATE ON AN OVER SIZED LOT IN ASHLAND RANCH .YOU DONT FIND TOO MANY OF THESE IN HERE AT ALL ESPECIALLY WITH A 4 CAR GARAGE 5 BEDROOMS AND 3 FULL BATHS AND A POOL IN A SECLUDED CUL-DE-SAC NEIGHBORHOOD . THIS IS TRULY A FANTASTIC HOME IN A FANTASTIC NEIGHBORHOOD BUT REMEMBER ITS A SHORTSALE . DRIVE BY ONLY TILL AN ACCEPTED OFFER ITS CURRENTLY OCCUPIED AS A RENTAL BUT IN FANTASTIC SHAPE PLEASE LOOK AT MLS NUMBER 5619563 FOR INTERIOR PICTURES . THIS MODEL COMES WITH AN OVERSIZED LAUNDRY ROOM ALSO COMES WITH A HUGE GAME ROOM UPSTAIRS ALONG WITH 3 BEDROOMS AND THE MASTER UP THERE DOWNSTAIRS HAS 1 BEDROOM AND A FULL BATHROOM A LIVING AND DINING ROOM

Listed with Savanna Realty L.L.C.


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


Other posts about short sales in Gilbert, Chandler, and the Phoenix area

What a Buyer Must Know About a Short Sale

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