Why short sales aren’t always a good option

Why short sales aren’t always a good option

I have many clients who call looking for deals on short sales and foreclosed homes in the Prescott Arizona and the Verde Valley including Prescott Valley, Chino Valley, Dewey-Humboldt, Paulden, Mayer, Clarkdale, Cottonwood, Cornville, Lake Montezuma, Sedona and more. Many think that short sales are better deals than foreclosures, which can be the case depending on their circumstances.

What to consider?

The short sale process has many moving parts that must be aligned in order for the sale to close. The third party lender/lenders have to agree to a short sale. Many times the listing agent is not provided with pricing that is acceptable to the lender at the time the home is listed. The home will most times be priced at fair market value and pricing will be lowered until and offer comes in. This could take several months and once an offer does come in there will most likely be counter offers by the seller based on what the lender will at that point disclose they are willing to accept based on several different factors. It could take days or months still at this point to close the transaction. If you do not have time to wait…..a short sale may not be for you.

When you buy a foreclosure in the Prescott or Verde Valley area, the process is much more straightforward and the prices are set by the bank at the time the property is listed. There is no waiting, guessing, or strategizing with a foreclosure property. In today’s market the best deals are flying off the market as quickly as they are coming on. Tough part with a foreclosure today is that you may be up against many other offers. Properties are not at times selling over asking price with multiple offers. Prescott homes between 150K-250K move extremely quickly so you much have a dedicated hard working agent to keep up with this market.

Some short sales are amazing buys if you have the time and patience. They are at times less competitive as people have shied away from them due to past difficulties in getting them closed. They used to be much more difficult to get accepted but we are now seeing the lender get more streamlined and deals moving quicker. The key to success is being prepared and having a full understanding of both processes and having an agent that knows their stuff and is actively in the market on a full time daily basis.

I invite you to contact me if you know someone who is looking to sale their home!!!!

Stephanie Woods
The Stephanie Woods Team
Keller Williams Check Realty
928-237-4435
Stephwd@msn.com

FORECLOSURES 5/14/2010-5/21/2010

The link attached lists all the new Prescott area foreclosures for the last week. Please contact me for additional listing information.

http://www.paarmls.org/prs/maildoc/sd_AAAa0068W20100521142925.html

Stephanie Woods
928-308-8565

Spectacular Bank Owned Bargain, Prescott Valley AZ

Contact Stephanie Woods directly at 928-237-4455 for more information on this wonderful home.

The following links are to REO (bank owned) and short sale listings that have gone on the market since November 1st.

New Prescott Short sales and REOs

New Prescott Valley & Chino Valley short sales and REOs

All other new Yavapai County Short sales and REO's



As always if you have any questions about any of these properties please give us a call.
All the Best,

 

Stephanie Woods Team

Keller Williams Check Realty

Call 928 237-4455

Poquito Valley Foreclosure on 2 Acres

Weekly Foreclosure List Oct 12 thru Oct 19, 2009

Good Morning,

What a beautiful weekend it was here in Prescott. Hopefully this weather continues for a while. Here is your weekly foreclosure list for the week of Oct 12 thru Oct 19, 2009. It was a slower week for foreclosures, 19 this week. If any of these interest you or if you know anyone that may be interested please do not hesitate to call us. We would love to help you!!

http://www.paarmls.org/prs/maildoc/sd_AAAa005Pl20091019091423.html



The Stephanie Woods Team
928-237-4455

Weekly Foreclosures 10/5

Weekly Foreclosure list:

http://www.paarmls.org/prs/maildoc/sd_AAAa002RK20091005175800.html

HURRY time is almost up for the Tax Credit!

If you are looking to take advantage you need to have closed on a home by end of November and it usally takes 30-45 days to go close.

We are here to help!

Keller Williams

(928)237-4455

Prescottreoagent@gamil.com