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Buying a short sale property in Phoenix or even at anyplace is at best a critical situation teaming with unpredictable actions that can and often do result in a good purchase, but only if the client is ready for the process. There are a few items to know about.
1. The particular lender is in control over the selling price.
Irregardless of what offer the home seller accepts it must be approved by the seller's lender for sale. Value negotiations may continue and ought to be expected on the majority of short sales if the price is not agreeable to the seller's lender.
2. Present the best market purchase contract you're able to.
The seller's asking price is sometimes the wrong price. It can be too low and sometimes not high enough. Assuming your offer is below market, the seller's lender can ignore or decline the offer. There might not even be a counter offer.
3. Allocate ample period to close.
Expect the home buying process to get much longer than a normal sale. Lenders have plenty of short sales and foreclosures in the pipeline. In addition there are more parties involved in the short sale transaction which can slows the process.
4. Home is purchased 'As Is'
Many times the seller will perform some improvements, but don't count on it. The seller's generally don't have the money to perform improvements. This may be an issue if the home has problems and your getting a loan such as FHA or VA loan which requires a certain quality of the home.
6. Expect closing challenges.
As mentioned before, many lenders can make on the fly changes depending on current market information and thus these changes can affect the business deal.
7. Don't request higher then normal closing cost.
Lenders really know what the closing costs are. You may certainly ask and you may get them, but don't count on the seller's lender covering your closing costs, especially if they are excessive: above the normal.
8. The seller may not be cooperative.
A good number of sellers cooperate in the short sale, however often issues come up or incorrect decisions were made. Anticipate such things to happen. If the seller is not really cooperative in the first place then it is probably not worth pursuing the property.
9. The seller may not be able to contribute to complete the sale if asked for more funds.
It happens that the seller's lender may ask the seller to contribute some funds to complete the short sale. Sometimes the seller won't have them so you may be asked to make it for them to seal the deal.
10. Patience and diligence are your best reserves in the short sale purchase.
You need to be ready to wait, often many months, yet the process can be helped by organized and experienced agents who can prepare for the short sale, keep it top of mind and communicate well with all parties.
Repeatedly the experience of buying or just selling a Phoenix short sale property can be something neutral as well as beneficial financially to both parties.
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