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Foreclosure Short Sales Problems Not Exclusive to Residences

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By : John Cutts    99 or more times read
With the number of foreclosure short sales and distressed properties being lost to auctions in Arizona continuing to increase, the impact of the housing market crisis has spilled beyond residential structures and has started to encroach on commercial properties. One example of the expanding effect of the housing market crisis is the potential foreclosure facing the owners of a land near the University of Phoenix Stadium.

Foreclosed homes for sale in Mesa, AZ and in other areas of the state have dominated real estate news, but recently, commercial foreclosures are competing for news coverage with these residential properties. The land near the stadium, which is owned by the Bidwill family who also owns the Arizona Cardinals NFL team, is one of those commercial properties getting attention in news reports.

On top of problems related to Arizona foreclosure homes, the state also has to deal with increasing commercial foreclosures, with the Bidwill property being just one example. The land was originally planned to be a venue for an office tower, a hotel, townhouses and an organic farm. However, it is now facing possible foreclosure, with a trustee sale notice having been issued to the owners.

A spokesperson for the Bidwills has explained that the family is not encountering financial difficulties or that the land will end up as one of the foreclosure short sales in the area. The representative has also stated that the fate of the land is separate from other Bidwill businesses and that the foreclosure is just due to the loan's original term expiring.

The owners of the land are reportedly negotiating with their lenders to formulate a restructured loan agreement that will contain reasonable terms. Representatives have also added that the company has complied fully with the original terms of the loan. The issue with the Bidwill-owned land is not unique as more developers in the state are encountering the same problem, just like homeowners who are facing possibilities of losing their properties to foreclosure houses listings.

Real estate analysts have stated that foreclosure short sales and distressed residences have become common in the state, with commercial properties also suffering from foreclosure issues. When it comes to commercial loans, analysts have explained that developers are having difficulties paying them off since they are required to be paid in full once the maturity date has arrived.

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