|
Welcome to
HOW TO BUY ARIZONA FORECLOSURES
Easy guide on how to purchase Arizona Foreclosed Homes or also referred to as:
REO PROPERTY
BANK OWNED HOMES
HUD HOMES
TRUST DEED SALE HOMES
SHERIFFS SALE HOMES
SHORT SALE HOMES
PRE-FORECLOSURE HOMES
FIRST: HAVE YOUR FINANCING IN PLACE.
This is very important when buying Arizona Foreclosed Homes!!! All lenders (banks and asset management companies) require proof of funds and a pre-qualification letter or (Loan Status Reports) to secure a good buyer. Most Greater Phoenix Foreclosures are sold "As-Is" and not contingent of financing. After all inspections most banks imply a no refund policy on buyers earnest money. Phoenix Lender Owned Homes can be a diamond in the rough if you follow strict guidelines to investor success.
SECOND: SIGN UP FOR OUR FREE GREATER PHOENIX FORECLOSURE LIST.
Register for our 100% No Strings Attached Phoenix Foreclosed Homes List and start receiving a list of Greater Phoenix Foreclosed Properties within 24 hrs of them becoming available. This list will come via email on a daily or weekly basis. By being more specific you will only receive AZ Foreclosed properties within your criterion and not be over whelmed with many Lender Owned Homes outside of your investment interest. Contact us to preview all positive cash-flow producing Greater Phoenix Foreclosed homes for sale.
THIRD: MAKE AN OFFER.
At this stage it is very important to have experienced representation on your side. At this stage of the process it is vital you make no mistakes; for it can cost you hard earned money. We represent the buyer in all cases NEVER A FEE and we aggressively negotiate the best deal possible for you as a homebuyer.
A foreclosure occurs when a lender files a complaint against the homeowner (borrower) because he/she has defaulted on their mortgage loan. The lender may then begin the foreclosure process in order to attempt a collection on the debt owed. After filing a complaint, the lender may schedule a foreclosure sale of the property and auction it off to the highest bidder. Attending these auctions and buying Phoenix Arizona foreclosure properties can be a great way to obtain a Phoenix investment property for a price below its market value. In some cases 25-50% below Arizona market value. Sign up and receive our Phoenix Market Review Newsletter and stay connected with this changing Metropolitan Phoenix real estate market.
Foreclosure under Mortgage Deed:
The legal procedure calls for an official letter from the mortgage lender be sent to the borrower, intimating about the lapse of default in payment of monthly installments to be set right within a certain date (normally 5 days). This letter of call is the first notice to the borrower warning him of the proposed foreclosure by the lender. If no action is taken from the borrower, the next step is the mortgage lender appoints an attorney and files a law suit to establish the default and obtain the order of the Court to foreclose the property. A legal notice is sent by the lender’s attorney to the borrower intimating the commencement of the legal proceedings. From the date of this legal notice, normally 90 days time (or grace period) is allowed to the borrower to clear the outstanding balance of the mortgage loan and get back the rights of ownership of the property. This is the first stage of the foreclosure process in Phoenix Arizona and is known as the “Pre-foreclosure” period. The list of all such Phoenix foreclosure properties is published as public record and a copy of the foreclosure notice is also placed on the concerned Phoenix property.
The Court passes an order for foreclosure of the said Arizona property and selling the property at a Phoenix home auction specifying the date and time of the auction at the court premises (normally months after). The property auction takes place accordingly and the property is transferred to the highest bidder at the auction. This stage is the actual foreclosure. If at the home auction no investor bids more than the cut off price (opening bid) then the lender repossesses the ownership. This stage is called “Post forclosure”. At this point, if the mortgage loan is federally backed FHA or VA Loan, it becomes a Arizona HUD Home. If the mortgage is not federally insured it becomes Arizona bank owned REO homes.
Foreclosure under Deed of Trust:
The process of foreclosure in Arizona is similar with a deed of trust also excepting that the mortgage lender is allowed to follow non-judicial procedures without the need to go to Court. The Notice of Default is recorded at the County Recorder’s Office and sent to the borrower with a provided 5 day reinstatement period. If no action is taken by the borrower, a Notice of Sale, recorded at the Recorder’s office is sent. This Notice of Sale is published in the media and a notice is posted on the property. Only 90 days time is allowed for clearance of the outstanding dues to avoid foreclosure. The sale of the Phoenix property takes place on the date and time specified in the Notice of Sale at the county court. At the public auction bidders are required to pay a deposit upfront to take part in bidding for Arizona property. The highest bidder has to pay the bid amount within 24 hours and take possession of the property.
|
