Phoenix Arizona Short Sales and “upside down” homes.
Short sales in Phoenix, Gilbert, Chandler,Queen Creek, Scottsdale and all across the valley are taking center stage as they have become the topic of any Az real estate discussion. Many a buyer or seller that has been through a short sale transaction will undoubtedly compare it to high drama movie because of the highs and lows, a soap opera because it never ends or a nightmare due to all of the above. These discussions will continue with home prices at current levels. According to an article in the Phoenix Business Journal, First American CoreLogic Inc., estimates that 51% of the mortgaged properties in Arizona are “upside down”, also described as having negative equity, because the balance on the mortgage is more than the market value of the home. This is confirmed by the fact that in most Phoenix area towns and communities, distressed sales account for 50 – 75% of the monthly home sales. Therefore, many homeowners will need to become well informed of the various aspects of a short sale when a situation arises and they need to sell. The following are important points that must be considered: