Short Sale Homes Vs. Foreclosure Houses
Steve Horn with Short Sales Done Easy is coming to you live from a foreclosure home. You are just about to see the difference between a foreclosure property and a short sale. This is an extreme situation in downtown Phoenix, which is a vastly depressed spot with a elevated crime rate.
When you are looking to purchase a foreclosure as a consumer, the bank is going to sell these homes in ‘as is’ condition only. Yet, with a short sale, repairs can be made at close of escrow. Notice that this house has glass all over the ground, missing cabinets in the kitchen, some murky boarded up rooms, and lots of other dire surroundings.
As a purchaser in this market, your strategy might be to find a foreclosure home that you can close on fast. Still, in this market you are not going to have a lot to choose from. However, with a short sale there will not be as much of a demand because of the waiting period that can be three to six months. When we speak for buyers, we want to get them the greatest deal. However, the best deal can be like this residence where you have to make numerous improvements to the property in order to make the house your own.
Generally speaking, short sale homes are going to be in much better condition because the house owner has not vacated the home. Luckily, we handle both the foreclosure properties and short sale houses. So, we can direct you as to what will be the finest fit for you.
There are a lot of investors coming back into the market and this home will be a great investment. It will possibly be sold for about $25,000 and rent out for about $600 per month with four bedrooms and two bathrooms. Check out our site for extra details on short sales and foreclosures.
Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona