I work with a lot of buyers and even I am amazed at how many Scottsdale homes for sale are coming up that are short sales.
What is a short sale?
So many buyers have heard the term but don't know what it means. A basic definition is that a short sale is where a bank/mortgage provider agrees to consider allowing the property to sell for less than what is currently owed on the mortgage. These are also referred to as pre-foreclosure sales as the seller is trying to avoid foreclosure by attempting to sell their property. I have heard of some areas such as Florida where short sales are accepted even when owners are current with their mortgage payments. Normally, the homeowner has to prove why they can no longer afford the property and fill out a form…
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