One of the things I like best about the good folks at Diverse Solutions, the company that powers all the searches on this site, is they listen to what their clients want. And since we often are forwarding requests from our clients, that means they’re listening to you.
You already have the ability to search the Phoenix real estate market specifically for bank owned homes and short sales; in the near future, you’ll be able to tailor your searches to ignore one or both categories. And I can’t tell you how strongly I recommend you eliminate short sales from your searches, at least until the real estate powers the be have the wisdom to listen to my suggestion and eliminate short sales entirely.
Today’s a typical day – I received an e-mail with seven listings from a client, all homes that I had not previously sent across. All seven are short sales. Three are under contract and have statuses reflecting that. Others are listed as active, whether they actually are or not – whether the seller actually has signed a contract and forwarded to the bank – is anyone’s guess as local Arizona Regional MLS rules about short sale statuses rarely are enforced. Or so it seems from this side.
On one of those seven there’s a note indicating the home’s available again because the buyer got tired of waiting after two months. Whether this was meant as a knock on the buyer or the process is hard to tell (we hope the former, since the agent’s trying to sell this house) and largely irrelevant. Two months passed, there was no word and the buyer moved on to another property.
Buyers, save yourselves the utter aggravation and move on up front. Don’t waste months waiting for a deal that’s not really a deal. Understand that the bank is looking at the market value of these homes and is not giving them away to the first person with a fist full of quarters. Hell, they may never agree to write off the mortgage at all.
When the new functionality comes here, use it. For your sake.