BUYER EMPOWERMENT UNIVERSITY FAQ's

What Type of Homes Will I Find on the MLS?


Welcome back to The West Valley Home Team Buyer Empowerment University! While searching for a home in the West Valley, it is important to keep in mind the different types of houses that are listed on the MLS for sale. Do we mean one-story vs. two-story? Manufactured homes vs single family residences? Maybe it is better if we say it is important to keep in mind the different types of sellers on the MLS today.

Step 2: Finding a Home

Types of Sellers on the MLS

Here's who you are going to encounter:

The Traditional Equity Seller: This is the largest portion of the market since more people are finding they have equity in their home. Inventory has increased over the last year which gives buyers more options. The typical closing period is 30 days in order to allow the buyer's lender to complete the loan process. Cash buyers can usually close quicker.

The Short Sale Seller: This section of the market has decreased significantly over the last few years. A short sale is similar to a traditional sale however a third party, the seller's lender, is thrown into the mix so it changes the process. With a short sale you still submit your offer to the current owner initially, and the purchase contract has your name and the owner's name on it. However, the entire sale is dependent upon the owner's lender approving your offer. The owner's lender also has to approve the seller for the short sale and agree to sell the home for less than the owner owes. It is important to keep in mind that the short sale process may take months. If you are looking to move in right away, a short sale may not be the best choice for you. If you are willing to wait it might be a good option as they can be priced lower than traditional sales.

The Bank Owned Property: Also known as a foreclosure. The number of foreclosures on the market has also decreased over the last few years. The typical closing time for a bank owned property is 45 days, however it can vary and depends on the bank that owns the property. Each bank has their own process of selling a foreclosure and some use an online bidding system.

NOTE: There are seven different property statuses on the Arizona MLS:  Active, UCB, Pending, Temporarily Off Market, Closed, Expired, and Cancelled.  To learn more view our blog post about the Arizona MLS Property Status.