Sedona foreclosures and short sales have ramped up over the past few years and make up a healthy portion of the Sedona Real Estate Market. It’s not as large as you might imagine – they currently account for under 18% of our current listings.

Each distressed sale is different, depending on the owner, lender, and specific financial situation, but Foreclosures and Short sales do have something in common – the buyer can get a Sedona home for a good deal – often times below the market value.

Foreclosures are bank owned properties. The prior owner fell behind on payments and forfeited the house to the bank. These Sedona properties are generally vacant and often are missing appliances. The prior owner most likely didn’t maintain the home to normal standards, so there are often issues to look for when purchasing a Foreclosed home. Banks generally list foreclosed Sedona homes at an undervalued price to bring an offer quickly – so there isn’t much negotiating on price (especially within the first weeks it’s on the market).

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Short sales are another form of distressed sale where the owner still lives in the home (generally), but the value has fallen under what the owners owe on their loan. The sellers price the Sedona home at a number that’s justifiable with recent comparable sales. When a buyer likes the home and writes an offer to purchase, the sellers sign the offer, but the entire contract is contingent upon bank approval of the home. Bank approval depends on many factors and can take anywhere from 10 days up to a year (average time for a Sedona Short sale is 5 months). Pricing on short sales depends on the seller’s agent, so it’s important to have an experienced buyers agent represent you and negotiate to get the best deal on a Sedona home.

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Current information on statistics and sales can be found at the Sedona Real Estate Market Update

Regular commentary and Sedona DealFinder info can be found on our Sedona Real Estate Blog