Property Q&A in Queen Creek>Question Details

Kristi Fuller, Home Buyer in Queen Creek, AZ

Is this house that is $72000 the actual model home at 1669 W Matthews?

Asked by Kristi Fuller, Queen Creek, AZ Mon May 4, 2009

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Hi Kristi,

Anything about sales price is purely speculative until the home actually records and funds. Also, there are often hidden ingredients that might have been part of the sale such as seller contributions towards closing costs built in to the price (yes, some banks and lenders will do this short sale or not) so even seeing the sales price on the MLS, it's not all about the price, but all things included in the sale.

Also, even the county record of mortgage amount Paul used is speculative because that was in 06. There may have been some principle paid down.

I think Short Sales have Paul a little discouraged. Short Sales will close if they are properly negotiated through a professional full time realtor or representative so don't let this kind of statement prevent you from presenting an offer. The negotiator I use closes at a 75% success rate so perhaps other agents aren't using seasoned professionals. I do.

One more thing, "Pending" sale indicates that the bank and buyers have signed the papers agreeing to the sale and the documents should be going out to escrow and the sellers and purchasers are waiting to sign and fund.

Your best approach to purchasing and capturing properties of this kind is to work with an experienced Realtor.

You Realtor can simply make a phone call to the listing agent and gather up facts instead of speculation.

I have an agent who specializes in Queen Creek that I refer to (I specialize in North Phoenix and North Scottsdale homes) so if yu need help let us know.

All the Best!

Stew Keene
2008-2009 Master of Real Estate Award
Signature Realty Group - Inspire Realty Group
0 votes Thank Flag Link Mon May 4, 2009
Hi Kristi,

Yes this is the actual model home at 1669 Matthews with a listed price of $72,000, but the builder sold this model home in December 2006 and leased it back from the new owner. This is called a model leaseback. The lease has recently expired and the private owner is listing it for sale, but it's a short sale. This owner probably owes something like $222,127 to their mortgage company but they are trying to sell it for $72,000. Besides, the status is PENDING, which means that another buyer is already in the process of purchasing it, but this property is unlikely to sell at $72,000 are at any price that will have the mortgage company taking a loss because short sales have a 90%-95% failure rate of actually selling.

Buyer's Agent Realtor
0 votes Thank Flag Link Mon May 4, 2009
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