Goodyear AZ short sales from a buyer’s perspective

Goodyear AZ short sales from a buyer’s perspective.  Oh, the short sale. Almost 1/2 of the homes on the market today are either short sales or foreclosures. There are some advantages in buying a short sale, and also some frustrations.

By definition, a short sale is where the seller owes more money on their home than the market is willing to pay. This has become very commonplace due to the intense appreciation we were experiencing 2-3 years ago.

The advantage from a buyer’s perspective is obviously finding a good deal. Often banks are letting homes go for rock-bottom prices just to get them off their books. The disadvantage is the amount of time it takes for the bank to respond. Typically the Loss Mitigation Department works on these short sales. They are extremely backed up at the moment, so a it may take them 4-8 weeks to get an answer back on a buyer’s offer. This can be frustrating for any Goodyear AZ short sales from a buyer’s perspective.

Bottom line: The bargains are there, as long as time is on your side. By the way, the banks are much more timely on homes that have already hit foreclosure.

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