Category — Scottsdale Homes

The $8000 tax credit does more than help first-time homebuyers get into a home. It stimulates the economy as well and not just because of increased home sales.

Why?

Look at it this way — A first time homebuyer buys a home and receives a tax credit. They use the credit to hire a painter to custom paint a few rooms, they buy a new fridge, and they do a little landscaping to the backyard.

A landscaper is now hired to do the yard — he in turn buys grass, a tree or two, maybe a BBQ grill, etc. The painter that’s hired buys paint & brushes. The new refrigerator is bought from a local Home Depot. The painter, landscaper, & homeowner all pay sales tax on their purchases. The painter, landscaper, and the appliance salesman all pay taxes on the income they receive from their services.

This tax credit for just this homebuyer has resulted in more jobs, more retail sales, and tax revenue via sales tax & income tax that makes it’s way back to the government.

Multiply that by tens of thousands of people taking advantage of the tax credit and you can now see why it’s in everyone’s best interest to keep this credit alive, buying more property, and stimulating our stagnant economy.

Wonderful Scottsdale Short Sale condo for sale – new to market!!

Scottsdale Short Sale Home – Charming Hallcraft home for sale — walk to school!

Another Scottsdale short sale home that we sold the first day on the market!!

Is it smart to buy a short sale??  It certainly can be!

Some buyers (and buyer’s agents) shy away from short sales and not every short sale is a good opportunity.  As a buyer, unfortunately you can be at the mercy of the selling agent which is why it’s important that your agent knows what he or she is doing.  By asking the listing agent the right questions they can find out a great deal about the selling agent’s short sale experience, the bank they are dealing with, and your chances of getting the house.

Some banks are easier to work with (Wells Fargo, GMAC, & Flagstar for instance) and others can be nightmares (Chase, Countrywide, BOA).  Even nightmare banks can be dealt with and deals can be closed but for someone inexperienced in short sales the deals will usually fall through.

Find out what banks the seller owes money to on the property you are interested in as well as how the seller’s agent negotiates the file.  Do they do it themselves?  If so, how often do they contact the bank?  Do they have a full short sale package?  Has the process been started?  Has a BPO been ordered?  etc.

If the agent doesn’t negotiate the short sale themselves be very careful.  3rd party processing companies can be just as much of a nightmare as some banks and don’t expect them to really care whether the deal closes or not!  Also, some attorney negotiating services can be terrible as well!  Especially when their main focus it to try and get the seller to eventually just file bankruptcy.  Yes, believe it or not some attorneys just want money!

I’m not saying that all processing companies or short sale negotiation attorneys are bad news but do your homework.   Ask questions.  It’s your money, it’s going to be your property (hopefully!) so do your due diligence on all parties involved.  If it doesn’t look good, just move on.  There are thousands of homes on the market and believe me there will be thousands more over the next year or two.

Not all short sales are great deals but by learning as much as you can about who you are about to spend the next 2-3 months dealing with you can increase your chances of finding that perfect home at a great price!

We have lots of Arizona short sale homes for sale on our website.  When you buy an Arizona short sale from us you know what you’re getting and a good idea of when you’re getting it!  To short sell your Arizona home or to buy an Arizona short sale property visit us at http://www.AzHomeHelp.com or give me a call at (480) 241-4406.