Sunday, July 15, 2007

700 Short Sales Under Way In Phoenix Area

A report from the Arizona Republic. "Deals that help struggling homeowners avoid foreclosures are on the rise in metro Phoenix. 'Short sales' are similar to regular home sales except a deal is worked out in which the lender accepts what the house is appraised for or what it will currently sell for instead of what is owed on it."

"The deals are recorded as a regular sale and can be tough to track. But Travis Olsen, president of the National Short Sale Center, is tracking the market and said there are more than 700 short sales under way in the Phoenix area."

"Real estate agents say that two years ago, there were almost no short-sale properties on the market or deals closing."

1 Comments:

At 2:54 PM, Blogger jfreeland said...

My wife and I sold a house 10 years ago as a "pre-foreclosure sale" aka "short sale." It went pretty well, but we were surprised when we received a 1099 tax statement for the difference between what we owed and the short sale price.

 

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