BANKS ACCEPTING MORE DISTRESSED SALES IN MARICOPA COUNTY
March 2nd, 2012
When the housing bubble first burst in Arizona, most banks were taking back delinquent properties versus working with home owner’s to sell their property at a loss.
Recent statistics show that banks are more and more likely to accept a short sale or sell the home at an investor auction versus taking back a delinquent home. This is encouraging for homeowners exploring a short sale, as data suggests that there is a higher likelihood of a short sale going through.
There are many benefits to a short sale – the most important one being that most short sales include a clause where the homeowner is no longer responsible to repay the bank. When a home is foreclosed upon and taken back, the bank can come after you for a numbers years if they should choose to do so.
STATISTICS FOR DISTRESSED SALES AND TAKE BACKS IN MARICOPA COUNTY:
In 2011, There were 62,156 distressed title transfers
34,634 were short sales or investor sales / 27,522 were properties taken back.
In 2010, There were 67,208 distressed title transfers
28,490 were short sales or investor sales / 38,718 were properties taken back by the bank.
In 2009, There were 60,682 distressed title transfers
20,065 were short sales or investor sales / 40,797 were properties taken back by the bank.
As more and more banks are willing to accept short sales, delinquent homeowners should attempt to work on a short sale versus giving the property back. In most cases, a homeowner will get a check for closing a short sale and they do not have to worry about the bank coming after them in the future for losses incurred.
*data obtained from Fletcher Wilcox at Grand Canyon Title Agency.