Arizona Short Sales and Foreclosures for Sale
Homes for sale in Arizona where the lender may have to approve the sale, a bank already owns the home, or a foreclosure notice has been filed. Labels marked estimated come from public records, not from the seller or the lender. Listings refresh every time you open this page; foreclosure notices and estimates are updated daily.
Short sales are rarely the steal they look like. The list price is the seller's ask. The lender decides the final price and usually wants close to market value, and approval can take months. Read the reality check below before you write an offer.
Read the reality checkShow these homes (tap a button to turn it on or off):
Reality check: are short sales and foreclosures a deal?
Sometimes. Most of the time they cost more time, risk and cash than buyers expect. Here is how each kind works.
Short sale
The owner owes more than the home will sell for, so the lender (and any second-loan holder) has to agree to take less. The price you see is the seller's ask, not the lender's answer. Lenders often counter higher, ask for proof of value, or let the home go to foreclosure instead. Expect weeks to months of waiting, an as-is sale, and the chance it falls through.
Foreclosure notice filed
The lender has recorded a notice of a trustee's sale. The owner can still sell, catch up, or work something out until the sale date, and sale dates are often postponed. If the home is listed, any offer may still need the lender's approval if the price is below what is owed.
Bank-owned (REO)
The lender took the home back and now sells it, usually as-is and often near market value. Bank addenda, slower responses and repairs the bank will not make are common. These can be good homes, but they are not automatically cheap.
Trustee's sale auction
Arizona foreclosures usually end at a public trustee's sale. Bidders typically pay with certified funds, often cannot see inside, and take the home with whatever problems and occupants it has. Most regular buyers are better off waiting for the bank-owned listing.
Who these homes fit
Buyers with time, cash reserves and a plan for repairs, and investors who run the numbers on a full market-value price, not the list price. If you need a sure closing date, a short sale is usually the wrong home.
Thinking about one? Call or text Terry Day at 602-483-4665. I will tell you what the lender is likely to accept before you spend money on inspections.
How we label homes
Listed as short sale / Bank-owned
Taken from the listing itself: the special listing condition the listing agent selected in the MLS. These are the firmest labels on the page.
Foreclosure notice filed
A notice of trustee's sale for this property appears in county records, with the sale date from the notice. We show only homes that are also listed for sale. The notice can be cancelled or the sale postponed at any time.
Possible short sale (estimated)
The listing does not say short sale, but public records suggest the owner owes close to the list price: the estimated balance of the FHA or VA loan recorded on the home is within $7,000 of the list price, or higher. It is a flag to ask about, not a fact. We can only estimate this for homes bought with FHA or VA loans, so many possible short sales are not flagged.
Estimated loan balances
Balances assume on-time payments on a standard 30-year schedule at the average FHA or VA rate for the month the loan was recorded. Missed payments, late fees, back taxes, HOA liens and other loans are not included, so the real amount owed is often higher.
Important disclosures
- Labels marked estimated are estimates from public records. They are not an appraisal, a title report, or a statement of what the owner owes.
- A short sale requires lender approval, which can be denied or changed at any time. Listing status and foreclosure sale dates can change daily.
- Terry Day and DeLex Realty are real estate licensees, not attorneys, tax advisors or lenders. Owners facing a short sale or foreclosure should speak with an attorney and a tax professional.
- Listing information is provided by the listing brokerage through the MLS and is deemed reliable but not guaranteed. Each home shows its listing brokerage.
- Equal Housing Opportunity. Terry Day is a REALTOR®, a member of the National Association of REALTORS®.
Questions about a specific home? Call or text Terry Day, DeLex Realty, 10115 E Bell Rd, Ste 105, Scottsdale, AZ 85260: 602-483-4665.