Realtor Gimmicks
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While this picture is not of the actual home, it is a great shot of a Spanish Colonial elevation Savino. This new short sale at 3814 E. Cielo Grande Ave is priced at 499,500 for 3470 sq ft which includes 4 bedrooms, 3.5 baths and a 3 car garage. MLS says it is upgraded well and it is a corner lot which many folks prefer.
On a separate note, if a Realtor says he will buy your house for cash if he or she can't sell it, call me first. This is an oldie but a goodie in terms of sounding great but when you hear how much that Realtor will buy it for you may feel ill. If you truly want to sell your home, price it right. Short sales have a different pricing
philosophy and many times the asking price is simply to get an offer on the hook. With that offer in hand the seller can then go to the lender and start the painful process of getting them to agree to sell the home for less than what is owed. That, in a nutshell is a short sale. Why do folks do short sales? To minimize the hit on thier credit score and to get that final approval document from the lender
which absolves the seller of paying back the difference the lender lost in the short sale. Many lending institutions will try to go after the seller to recoup this money after the sale even though Arizona is an anti-deficiency state. That is a whole other blog post for another day. Anyway, the price of a short sale is irrelevant as I have seen the lenders counter back for more and I have seen appraisals come in and lower the sale price of a short sale home. And your lucky if you get that answer in six months.
This link (click here) is to an article from John Wakes blog www.arizonarealestatenotebook.com and is from a newsletter he received on the impact of bankruptcy, foreclosure and short sales on folks credit scores.
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