Bank owned properties and “short sales” can present buying opportunities. Be aware though that purchasing these types of properties will require additional approvals from the property owner’s lender(s), and therefore often lengthen and complicate the transaction process.
Foreclosure:
The legal process by which a lender or creditor exercises its legal rights to sell the property which was security for its loan at public auction and the owner’s rights are terminated. Bank Owned Properties are those properties where the property was acquired by the former owner’s lender after such an auction.
Short Sale:
A “short sale” is a real estate transaction in which the sales price is insufficient to pay the loans(s) encumbering the property, in addition to the costs of sale, and the seller is unable to pay the difference. The approval of the seller’s lender(s) is required for the sale to proceed.
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate sales.
According to a recent survey, Tucson has the lowest gas prices in the nation!!
Lunberg Survey of national fuel prices put the average price of a gallon of regular gasoline at $3.70. Of all the cities included in the survey, Tucson has the lowest average price of regular gasoline at $3.28. Chicago had the highest at $4.07.
Realtor, Lisa Bayless specializes in Catalina Foothills, Oro Valley and Marana home sales.
As of June 2011 active inventory in Oro Valley was 367, a 7% decrease from June 2010. There were 53 closings in Oro Valley June 2011, 22% below June 2010. Months of Inventory was 6.9, up from 5.8 in June 2010. Median price of sold homes was $218,000 for the month of June 2011, down 17% from June 2010. Oro Valley had 62 new properties under contract in June 2011, up 13% from June 2010.
Here is a link to Long Realty’s entire June 2011 Oro Valley housing report. This is the most comprehensive Oro Valley real estate report I am aware of.
Realtor, Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate.
As of June 2011 active inventory, in the Tucson Catalina Foothills was 576, a 20% decrease from June 2010. There were 90 closings in June 2011, 8% above June 2010. Months of Inventory was 6.4, down from 8.6 in June 2010. Median price of sold homes was $320,000 for the month of June 2011, down 6% from June 2010. The North area had 82 new properties under contract in June 2011, up 19% from June 2010.
Here is a link to the entire Long Realty June 2011 Catalina Foothills housing report. This is the most comprehensive Catalina Foothills housing report I am aware of.
Realtor, Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate.
As of June 2011 Tucson active luxury inventory was 247, a 32% decrease from June 2010. There were 13 luxury closings in June 2011, 8% above June 2010. Luxury months of Inventory was 19.0, down from 30.4 in June 2010. Median price of luxury sold homes was $940,000 for the month of June 2011, down 9% from June 2010. The Luxury market had 15 new luxury properties under contract in June 2011, up 25% from June 2010.
Here is a link to the entire Long Realty June 2011 Tucson Luxury Housing report. This is the most comprehensive Tucson luxury market housing report I am aware of.
Realtor, Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales.
