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.

$230,000 :: 3924 E FRANCES Lane, Gilbert AZ, 85295

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3 beds, 2 baths
Home size: 1,627 sq ft
Lot Size: 4,356 sq ft
Added: 11/06/17, Last Updated: 11/16/17
Property Type: Single Family
MLS Number: 5684366
Community: PECOS MANOR
Status: Active

This is the former Model Home with lots of upgrades and amenities. Great room floor plan, with the kitchen at the front of the home open to the great room offering a bright and spacious open feel. Back yard has a built in Barbecue with a built in table, lots of pavers make up the patio area and a professional putting green that never has to be mowed. Located on a private north/south lot real close to the beautiful neighborhood park. This is a great opportunity to buy a great property.

Listed with Realty Executives

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

$340,000 :: 1584 W LAUREL Avenue, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,961 sq ft
Lot Size: 10,890 sq ft
Added: 06/05/17, Last Updated: 11/15/17
Property Type: Single Family
MLS Number: 5615649
The price of this listing was last reduced on 6/6/2017 by 7%
Status: Active

Single level, 3 car garage, oversized corner lot situated in the gated Playa Del Rey ski lake community. Wood and tile floors, cherry cabinets, granite counters, stainless steel appliances. Soaring ceilings, surround sound, ceiling fans, security system. Split floor plan, bonus master sitting room, dual master closets, dual sinks, separate shower and tub. Oversized secondary bedrooms, gas fireplace, low maintenance landscaping.

Listed with RE/MAX Solutions

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

$450,000 :: 2041 E STEPHENS Road, Gilbert AZ, 85296

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5 beds, 3.5 baths
Home size: 3,994 sq ft
Lot Size: 12,632 sq ft
Added: 10/30/17, Last Updated: 11/15/17
Property Type: Single Family
MLS Number: 5681008
Status: Active

This short sale is a great opportunity for an investor or a family. Bank has quoted a 3-4 week timeline for approval. Great home on a large lot in one of the best neighborhoods in Gilbert!

Listed with Sonoran Premier Properties

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

$265,000 :: 2615 E PATRICK Court, Gilbert AZ, 85295

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4 beds, 2.5 baths
Home size: 2,250 sq ft
Lot Size: 8,276 sq ft
Added: 02/04/16, Last Updated: 08/21/17
Property Type: Single Family
MLS Number: 5394080
The price of this listing was last increased on 6/22/2017 by 6%
Status: Active

This is an incredible short sale opportunity** This home is a must see. No use of a third party negotiator. Offer is subject to lenders approval. Don't hesitate making an offer

Listed with RE/MAX-Preferred Choice

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