Short Sale Homes for Sale in Val Vista Lakes
Currently there are no Short Sale Properties in Val Vista Lakes. We are seeing less and less of short sale properties now because housing prices have increased since the market hit the bottom in 2011 and 2012. Many times short sales were considered deals in the past, now they are just like any other property on the market. Before the owners were not longer emotionally invested in their home, so they weren’t taking care of it, or couldn’t financially so they were considered distressed property.
A short sale is when the owners of the home need to sell their house for less (or short) of what they owe on it. For example: If you purchased your home for $200,000 in 2005 and you needed to sell it in 2009. Although you need to sell your home, it has dropped $50,000 in equity so although you have a mortgage for $200,000 you can now only get $150,000 for it. What would you do in this situation? What many had to do was negotiate with the bank that held their note to let them sell it for the lesser price.
Once you put your home on the market, a buyer will come and put in an offer to purchase the property. The seller will choose the offer that they think the bank will like the most, and then submit it to the bank representative. The bank will look at the offer, and decide where they will want to sell the property at, and if the seller really needs to sell the property. This negotiation process can take anywhere from 30 to 180 days. Once the bank and the seller come to an agreement, they let you, the buyer, know what terms the bank will be offering for the purchase of the home. Most of the time, the seller is not willing to make any repairs, or give any money towards closing costs.
Because home prices are still on the rise, you can expect to see less short sale properties in Gilbert in the future.
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