Scottsdale short sales

By John Wake

You might be a good candidate to buy a short sale home if…

You don’t have to make your purchase contingent upon selling another home

You’re willing to be patient

You have strong financing or are paying all cash

You don’t need a home right away

You don’t need a large closing cost contribution from the seller

You’re prepared for your offer to be rejected

If you don’t fit the profile, you should target bank-owned or normal sales.

An Inconvenient but Successful Strategy

You can work around the first problem above but the solution is inconvenient. I sold a move-up clients’ home recently, for example, and their top home to buy was a Scottsdale short sale. After mulling it over carefully, they chose to rent month to month after their home closed on the hopes that their offer on a Scottsdale short sale home would come through.

Importantly, they knew it was a very real possibility that the Scottsdale short sale wouldn’t come through. They would have been disappointed, of course, but they were prepared for that possibility.

This story has a happy ending. At the end of the day, their Scottsdale short sale did indeed come through and they LOVE their new home.

Investors are Prime Candidates to Buy Short Sales

Most home buyers, however, don’t fit the profile for short sale home buyers. They need a home when they need a home. They can’t invest weeks or months of time into buying a particular home and then be okay if it doesn’t work out.

Investors are prime candidates for purchasing short sale homes because they have both money and time.