http://www.realphoenixliving.com/2008/11/25/confessions-of-a-short-sale-success/ Real Estate information for Phoenix, Scottsdale, and other nearby Arizona cities Tue, 07 Feb 2012 00:07:39 +0000 hourly 1 http://wordpress.org/?v=3.2 http://www.realphoenixliving.com/2008/11/25/confessions-of-a-short-sale-success/comment-page-1/#comment-3531 Steve Belt Wed, 26 Nov 2008 15:47:58 +0000 http://www.realphoenixliving.com/?p=1011#comment-3531 @Kelly, thanks for sharing your experiences. It's just too bad that the deals that get done quickly can't be the norm, and not the exception. @Kelly, thanks for sharing your experiences. It’s just too bad that the deals that get done quickly can’t be the norm, and not the exception.

]]> http://www.realphoenixliving.com/2008/11/25/confessions-of-a-short-sale-success/comment-page-1/#comment-3529 Kelly Wed, 26 Nov 2008 15:42:41 +0000 http://www.realphoenixliving.com/?p=1011#comment-3529 Hi Steve. Just wanted to say that the banks are probably losing more money than they need to due to being both stubborn and slow. My husband & I were down here in mid April to visit family and while on a walk, came across a property. We got our agent to come out and show it to us and it was just awful. There was evidence of past (possibly current) termites. The house was full of trash, old food, cat litter, etc. The carpets were trashed, some broken windows, fixtures that weren't broken were outdated (pink toilet anyone?) The lot was a good size, but completely overgrown with weeds and the trees were dying from lack of water. The pool wasn't green (yet). We loved it. It was a short sale. They had it listed for $425,000 and we came in low at $365,000. We had financing in place, stellar credit and no contingencies (except inspection of course). The owner, of course, accepted our offer in 48 hours. We have never heard from the bank and as far as I know, it should have gone to auction in early November. I will keep checking on the assessor's website to find out what they finally sold it for but I'm betting it's a whole lot less than we offered. As a side note, my husband ran across another property while on a business trip down here. It was investor owned, in good shape, in a great neighborhood for way below what identical houses had sold for previously. From the time he first saw it to closing was less than a month. The investor still made his money, the agent got paid, we got a great deal. That's how it should work. Thanks again for your great site. Happy Thanksgiving! Hi Steve. Just wanted to say that the banks are probably losing more money than they need to due to being both stubborn and slow. My husband & I were down here in mid April to visit family and while on a walk, came across a property. We got our agent to come out and show it to us and it was just awful. There was evidence of past (possibly current) termites. The house was full of trash, old food, cat litter, etc. The carpets were trashed, some broken windows, fixtures that weren’t broken were outdated (pink toilet anyone?) The lot was a good size, but completely overgrown with weeds and the trees were dying from lack of water. The pool wasn’t green (yet). We loved it. It was a short sale. They had it listed for $425,000 and we came in low at $365,000. We had financing in place, stellar credit and no contingencies (except inspection of course). The owner, of course, accepted our offer in 48 hours. We have never heard from the bank and as far as I know, it should have gone to auction in early November. I will keep checking on the assessor’s website to find out what they finally sold it for but I’m betting it’s a whole lot less than we offered. As a side note, my husband ran across another property while on a business trip down here. It was investor owned, in good shape, in a great neighborhood for way below what identical houses had sold for previously. From the time he first saw it to closing was less than a month. The investor still made his money, the agent got paid, we got a great deal. That’s how it should work. Thanks again for your great site. Happy Thanksgiving!

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