Short Sale Houses Vs. Foreclosure Houses
Steve Horn with Short Sales Done Easy is coming to you live from a foreclosure house. You are just about to witness the difference between a foreclosure house and a short sale. This is an extreme case in downtown Phoenix, which is a very depressed neighborhood with a high crime rate.
When you are looking to purchase a foreclosure as a buyer, the lender is going to sell these properties in ‘as is’ condition only. Nevertheless, with a short sale, repairs can be completed at close of escrow. Observe that this residence has glass all over the floor, missing cabinets in the kitchen, some shady boarded up rooms, and plenty of other terrible surroundings.
As a consumer in this market, your approach may be to find a foreclosure home that you can close on fast. Yet, in this market you are not going to have a lot to choose from. Still, with a short sale there will not be as much of a demand because of the waiting stage that can be three to six months. When we speak for buyers, we want to get them the best deal. However, the best deal can be like this residence where you have to make numerous improvements to the house in order to make the residence your own.
Generally speaking, short sale houses are going to be in much healthier condition because the residence owner has not vacated the house. Luckily, we handle both the foreclosure properties and short sale houses. So, we can advise you as to what will be the finest fit for you.
There are many investors emerging back into the market and this house 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 additional information 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
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