Finding Phoenix Neighborhoods: Short Sales in Gilbert, AZ

Monday, February 04, 2008

Short Sales in Gilbert, AZ

As Short Sales are all the buzzword these days, I decided it was time to give my readers a snapshot of what that translates into for my homebase, Gilbert, AZ.

raining money First, let's define Short Sale. Many of my clients first interpret it to mean like a "fire sale". People need to sell their home really quick, fast, and cheap. That's almost true. Short Sale refers to the fact that the lender has agreed to take less than what is owed on the home. They have agreed to do this because the borrower (seller) has proven financial hardship and the lender would way rather do a short sale than a foreclosure.

Sellers would prefer to do a Short Sale over a foreclosure because a short sale only stays on their credit for 1 year vs a foreclosure will stay on for seven years. However, Short Sales are anything but Short.

Because every single document has to be reviewed by the lender, it can take up to 3-4 months for a buyer to dollar house even receive a response to their offer. That can be very frustrating. A really good listing agent who knows how to work the system can significantly cut that time down. Because it is possible that the home can go into foreclosure during that 3-4 month response time if the agents are really on top of things. That would be bad.

But let's localize things. What is the Short Sale market like here in Gilbert, AZ? Well, like all areas of the Southwest, we experience our incredible boom and like all areas, some people got in over their head so we're seeing a distinct increase in Short Sales and Foreclosures. Luckily for us, Gilbert's school system has remained superior, our crime rate is loooow, and our family-friendly atmosphere hasn't changed a lick.

This means people are hunting for deals and their hunting ground is Gilbert, AZ. I just spent this past Saturday looking at Short Sales with some clients and I'll tell you a little about what we found.

First we saw a 2,200 sq ft home for $220,000. It was one story, north/south facing, on a cul-de-sac, large and private backyard, and a 2 car garage. Inside it had 4 bedrooms, 2 baths, and separate formal and informals. It needed new carpet and new paint. I would say this one had great investment potential, if it was a normal sale it would probably be on the market for $275-300k.

Next we saw a Bank-Owned home (meaning it's already been foreclosed on) in the prestigious Seville community. It was one-story, north/south facing, walking distance to the elementary school, views of the fairway, and a lovely pool. It had 3 bedrooms, 2 baths, a great room, plus a den for $285,000. It needed new carpet in the den and new baseboards. It was nicely upgraded with surround sound, granite counters, and really nice cabinets. I thought it was priced a little high for a foreclosure but the agent listing did say "Don't be shy to Bring Offers."

We saw one more but it looks like my clients are going to put an offer on that tonight, so I'll decline describing it. Now don't forget, when my clients put in an offer on a Short Sale, they won't be able to ask for any history on the property or even ask for repairs. They can have the property inspected but again, no repair requests will be honored. This is a major reason some people veer away from Short Sales. contract sealed

Short Sales in Gilbert, AZ can range from condos to mansions and everything in between. If you have the right amount of patience, both in searching and then in deal-making, you can really save some dough. Make sure the location is ideal and then really comb the neighborhood. As an experienced Family Real Estate Specialist, I can make sure your Short Sale buying experience is worth your time and your money.

Labels: AZ, gilbert real estate, killer deal, short sales in Gilbert

Elena Thurston, Family Realtor @ 9:27 AM
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