Phoenix Arizona Waterfront Homes

The Ins and Outs of a Short Sale

Short sales have gone from being a rare and infrequent occurrence a couple of years ago to a significant number of the real estate transactions in Phoenix due to the number of homeowners with negative equity that need to sell.

Simply stated,  a short sale is when the proceeds from the sale are less than the amount owed and the sale is contingent upon an acceptable agreement between the seller and the seller’s creditor(s).

The chart above furnished by The Cromford Report shows the percentage of distressed sales for each city for August 2009.  The blue bars represent the portion of total sales that were short sales.  As banks are increasingly reluctant to foreclose, short sales are on the rise.  For example, short sales accounted for more sales than bank-owned homes during August in Anthem.  And in Fountain Hills, short sales were equal to the number of foreclosure sales.

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Lakes and Mountains meet at Arrowhead Ranch in Glendale

Few would have thought it possible to find a lake community with such close proximity to the mountains.  Arrowhead Ranch in Glendale creates such an experience.  This may come as a surprise for an area with  humble beginnings as a citrus farm on approximately 5,000 acres that was conceived back in the late 70’s.    In 2008, Arrowhead Ranch was voted “Best Neighborhood” in the Phoenix valley by readers of azcentral.com.

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