Arizona 55+ Communities | Short Sales

*** NOTE ***  UPDATE 08/20/2021 *** Short Sales Are NON-Existent in Current Real Estate Market

Arizona 55+ communities never had many short sale or lender / bank owned homes. The years of 2007 – 2011 had more foreclosed homes in retirement communities than normal. Many of those foreclosures were strategic in planning, meaning – that the owners had over paid for the homes and, even though they could afford to pay for the home, it made more financial sense to give it back to the bank (regardless of how you feel about this, it was very common).

Financing 2nd Home

In my experience, about 60% of 2nd home buyers in retirement communities are paying cash up-to a purchase price of $200k (percentage decreases when price goes above $200k). The remainder 40% of 2nd home buyers, are doing a 30 year mortgage and, putting 20% (of purchase price) plus closing costs for a down payment. There are many options when financing a second home. Your cheapest financing costs are refinancing your primary residence and then pay cash for your vacation home. Please call  Jarl today! 480-710-6326 for more information and/or questions.