The glut of forclosure listings on the Phoenix area real estate market has caused some dramatic price reductions, especially in areas where there is a high concentration of bank owned, REO properties. Here is an example of just such a situation.
This home was originally purchased in June of 2006 for $215,000. It is currently listed as a real estate short sale for $59,000 with a trustee's sale date in March. Will the bank approve such a low price? Perhaps a better question is: how quickly can the listing agent get an approval.? There are 10 to 15 more homes priced in the same range all within a two-mile radius.
This is a standard 1500 square-foot home with three bedrooms, 2.5 bathrooms, and a two-car garage that was built in 2006.
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