Prestigious Scottsdale Communities Boast Short Sales

by Curt_Baumgarth on September 27, 2010

in Short Sale

Many individuals, who previously could not afford to purchase Scottsdale AZ real estate are now turning to their Realtor in search of foreclosed, short sale and similar distressed type homes in McCormick Ranch, Grayhawk and other prestigious Scottsdale locations, which until now, were priced out of their reach. Today there are 4 Lender Owned Scottsdale homes for sale, in the gorgeous subdivision of Grayhawk, ranging from $240,000 to $675,000. Of the 17 Scottsdale homes for sale in McCormick Ranch today, two are short sale situations.

This does not mean that they are being offered at a discount, however. What this means is that the owners need to sell for less than what they owe their lender. One such property has been on the market for more than a year now, so it likely is not in pre-foreclosure, but the owners owe more on the house than fair market value. Buyers often mistake short sale and pre-foreclosure. Not all properties listed as short sales are in a pre-foreclosure situation. Vice versa, not all homes in pre-foreclosure situations require short sale approval. The homeowner in distress may very well not be upside down on their mortgage at all. They may have simply missed a few payments and are finally realizing that they need to sell as soon as possible. This is often referred to as a fire sale.
Typically, the value of an item, regardless if it is a head of lettuce, a car, or a house, is based on the purchase price that consumers are willing to pay for the item. While indicators show that current home prices might be stabilizing in the Valley of the Sun, there are thousands of homes that are priced under what one might consider its value (just ask the neighbor who is giving you the evil eye for purchasing your house in McCormick Ranch for $150k less than he paid for his a few years ago).

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Curt Baumgarth, Realtor, MBA
Century 21 All Star, Realtors
9414 E San Salvador Dr
Scottsdale, AZ 85258
(480) 266-9796

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