As a buyer, homes in the short sale process is confirmation that the home is in distress. Since this is the initial step of owner distress, in theory, this should be where you would have the best selection. However, although this is an option of distressed homeowners, only a small percentage take advantage of this option. All of that being said, short sales make up about 40% of available homes in Maricopa County.
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.