A short sale is a property that is not yet owned by the Bank. The originial owner still holds title to the property.
A short sale means that the bank has, at least theoretically, agreed to allow the owner to sell the home for less than the mortgage amount. For example, if the bank lent $350,000 on a home, but the market value of the home can now be proven to be $310,000 at most, the Bank agrees to allow the owner to sell the home for $310,000, and accept $310,000 minus commissions and closing costs.
Any property owner considering a short sale must speak to his/her accountant to understand tax consequences of short sales.
Short sales are priced to give the bank as much money as possible within the real constraints of current market value.
Owners may accept multiple offers. There is no guideline as to how long a bank will take to respond to offers, and whether they will accept or reject offers. As a Buyer, it is best to talk at length with a Realtor to understand the process.
As your experienced Flagstaff Team, we are happy to help you purchase any of these short sales in Flagstaff, Arizona!
All listings are courtesy of various brokers as posted on the Northern Arizona Multiple Listing Service.
Based on information from the Northern Arizona Association of REALTORS , Inc. (alternatively, from the Northern Arizona Association of REALTORSr, Inc. MLS) for the current period. This representation is based in whole or in part on data supplied by the Northern Arizona Association of REALTORSr or its MLS. Neither the Association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.
