Short sales have become a dominant force in the real estate market.  And all indications point to the fact that they will be with us for quite a while.  Banks are realizing that short sales provide significant savings compared to the expensive  foreclosure process. 

Buyers And The Short Sale Process

Short sales can offer significant savings for buyers; however, they require patience and flexibility on the closing date. Banks can take 2 - 4 months to respond to an offer. Factors which influence the response time include previous offers, the number of outstanding loans, and the completeness of the short sale package submitted by the listing agent among others.

My team has experience helping buyers find short sales that fit a buyer's need and guide them through the entire purchasing process.

  Did You Know?

•  The initial list price of the short sale has NOT been approved by the bank.  When the property is first placed on the market, the Realtor sets the price.  In order to encourage showings and an offer, the price may be set below market price. Once an offer has been submitted and the bank has responded, it is more evident what they think it is worth.
• The real benchmark to which an offer on a short sale property is compared is the BPO (Broker Price Opinion) or an appraisal.  If the net offer price is within the acceptable range of the bank, the offer will be accepted.  If not, expect a counter offer. 
• It is typical that after waiting months on a response, you'll be asked to close in less than 30 days. Make sure your lender has all the updated information!

Sellers Considering A Short Sale

Arizona Foreclosure Prevention Task Force