BROKER: Re/Max Fine Properties

Short Sales and Foreclosures - the next opportunities in Arizona Real Estate

 

Short Sale

A property is available from the Seller, with the lender(s) approval at a price below what is owed by the Seller in mortgages, liens, encumbrances. The sales price has been set by the Seller, but requires agreement from all parties before a sale can be consummated and escrow can close. Timing is indeterminant and may extend into months before a final approval is obtained or the foreclosure process is completed.

 

Foreclosure

The property has gone through a foreclosure process and is now owned by the Lending Institution, or another, and is referred to as an REO (Real Estate Owned). The lender's usually place the property in the hands of experienced REO Realtors for sale, Prices are placed on the property based on Broker Price Opinions and they are sunject to purchase offers from qualified Buyers. Many banks will not sell the property with any warranties and they are sold "as-is".