Short Sale Secrets Explained!
I will try to dribble in some findings from my short sale continuing education course I took last week. When you watch animal planet or a show about wildlife and they show the mating ritual of some unfamiliar and scary looking animal, that is what a short sale looks like. Unless the engagement is choreographed exactly right, one of
the participants calls it off and hits the road or worst case scenario, kills the other animal.
The paperwork and verbal/written interaction needs to be perfect or your offer will sit at the bottom of a pile of other offers forever. So if you want to accomplish a successful mating ritual or buy a short sale - make sure you got it in the right format.
Banks don't actually have much money. The money they do have comes from investors and in order to make a short sale fly you need to give the first lienholder 85% of the market value of the home. The second position leinholder should get 10% of what they loaned to the homeowner.
There you go. These are general figures and things will vary but this is what I heard and is the prevailing mindset at this time. Next post we will talk about insurance and how the investors bet both ways: owners would pay their mortgage or the investor will get a payout on the insurance taken out on the loan. Stay tuned.
Map
The bank owned Brisote model in Fireside at 3873 E. Melinda Dr, lot 65, is for sale for $286,900. 1941 sq ft, 3 bedrooms, 2.5 baths and a 2 car garage. These are nice condominiums, 3 units to a building. I'll have the floorplan shortly.
Floorplan
Map
The Cerreto model , unit 1031, is new to the market as a short sale priced at $289,900. 1535 sq ft, 3 bedrooms, 2.5 baths and a 2 car garage on 2 levels.
Floorplan
Map
The Lucca model, unit 1200, in the Villages is under contract. A normal sale it was last priced at $295K. Very nice upgrades and Toll removed the wall between the master bedroom and the "retreat" room making for a serious bedroom suite. Check out picture #6 on the listing for a glimpse at this modification. Only one I have seen like that and I love it. You can see this MLS listing by going to the "Searches" tab on the main blog page and the drop down menu should give you "Villages for sale". Even though this is AWC status you should still see it.
Tags: aviano, desert ridge, phoenix, real estate, villages, toll brothers, fireside, Arizona,
short sale, foreclosure, Toll Brothers. Information supplied by MLS
and deemed reliable but not guaranteed.
the participants calls it off and hits the road or worst case scenario, kills the other animal.
The paperwork and verbal/written interaction needs to be perfect or your offer will sit at the bottom of a pile of other offers forever. So if you want to accomplish a successful mating ritual or buy a short sale - make sure you got it in the right format.
Banks don't actually have much money. The money they do have comes from investors and in order to make a short sale fly you need to give the first lienholder 85% of the market value of the home. The second position leinholder should get 10% of what they loaned to the homeowner.
There you go. These are general figures and things will vary but this is what I heard and is the prevailing mindset at this time. Next post we will talk about insurance and how the investors bet both ways: owners would pay their mortgage or the investor will get a payout on the insurance taken out on the loan. Stay tuned.
Map
The bank owned Brisote model in Fireside at 3873 E. Melinda Dr, lot 65, is for sale for $286,900. 1941 sq ft, 3 bedrooms, 2.5 baths and a 2 car garage. These are nice condominiums, 3 units to a building. I'll have the floorplan shortly.
Floorplan
Map
The Cerreto model , unit 1031, is new to the market as a short sale priced at $289,900. 1535 sq ft, 3 bedrooms, 2.5 baths and a 2 car garage on 2 levels.
Floorplan
Map
The Lucca model, unit 1200, in the Villages is under contract. A normal sale it was last priced at $295K. Very nice upgrades and Toll removed the wall between the master bedroom and the "retreat" room making for a serious bedroom suite. Check out picture #6 on the listing for a glimpse at this modification. Only one I have seen like that and I love it. You can see this MLS listing by going to the "Searches" tab on the main blog page and the drop down menu should give you "Villages for sale". Even though this is AWC status you should still see it.
Tags: aviano, desert ridge, phoenix, real estate, villages, toll brothers, fireside, Arizona,
short sale, foreclosure, Toll Brothers. Information supplied by MLS
and deemed reliable but not guaranteed.
