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.

$315,000 :: 3245 E LINDA Lane, Gilbert AZ, 85234

Property Photo

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4 beds, 3 baths
Home size: 2,129 sq ft
Lot Size: 7,840 sq ft
Added: 10/05/17, Last Updated: 02/05/18
Property Type: Single Family
MLS Number: 5669534
The price of this listing was last reduced on 1/12/2018 by 2%
Status: Active

Rare short sale opportunity in this very desirable community! Soaring ceilings are found as you step into this home. The kitchen features tile counters, large breakfast bar and a gas range. Full bath and den are downstairs. Upstairs all the bedrooms have ceiling fans and the master has a large walk-in closet, duel sinks and separate tub and shower. Garage includes built-in cabinets and utility sink. Low maintenance landscaping in the front and back. Full length covered patio and pebble tec pool will be perfect for your outdoor enjoyment.

Listed with RE/MAX Alliance Group

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

$399,900 :: 3808 E LEAH Court, Gilbert AZ, 85234

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4 beds, 3.5 baths
Home size: 3,549 sq ft
Lot Size: 9,147 sq ft
Added: 01/11/18, Last Updated: 01/30/18
Property Type: Single Family
MLS Number: 5707465
Status: Active

Wonderful Gilbert Home located in a great neighborhood on a larger lot with Citrus Trees and a Pebble Tec Pool. Lots of Decorative Moulding around doors,Plant Shelves,Lighted Art niches, Coffered ceilings. Gourmet Kitchen has Glass block, double stacked ovens, large island, granite counter tops, white cabinets, lots of Counter space and plenty of cupboards.

Listed with CPA Advantage Realty, LLC

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

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

What a Buyer Must Know About a Short Sale