Foreclosures in Chandler AZ happen after the lender notifies the borrower(s) that they have fallen behind on their payment. Yet another thing about Chandler foreclosures is that they happen before the house is offered for sale at an auction.
If the borrower/house owner is able to sell their house during this time, they may be able to avoid facing the harsh realities involved in Chandler AZ foreclosures, such as your house being put up for sale entirely out of your control, and your credit score being severely affected.
If you are facing an impending foreclosure in Chandler, AZ, then you should know that you have limited options, and one of the best ones among them would be to sell the house before it gets repossessed. If this is an option you have considered, (or are considering), then you should know that we buy pre foreclosure homes Chandler, AZ. We buy as-is, with no agent fees, commissions, or hassle, and we will offer you some of the best prices you are going to find around.
In this article, we will take you through the fundamental knowledge you must have about foreclosures in Chandler AZ, and let you know what your options are in cases where there are any. First, what is a short-sale?
What is a short-sale?
Short sales in Chandler AZ happen when the lender is willing to accept less than what is owed on the mortgage for the property
Although this doesn’t happen often, when it does, the borrower must have been able to convince the lender that they’re experiencing serious financial hardship, such as the loss of a job, which caused the default.
Also, in these cases many times, the property is actually worth less than the outstanding balance on the mortgage.
To get a short sale in Chandler AZ, the lender has to accept payment that is less than what is owed and the property must be listed among short sale homes in Chandler AZ. Short sales in Chandler AZ are a way to avoid the horror of foreclosures in Chandler AZ, however, there’s no assurance that they will happen for you.
Another option you may have to avoid foreclosures in Chandler AZ is by participating in a Sheriff’s sale auction.
What is a Sheriff’s sale auction?
If the lender has notified the borrower of the default in payment and has allowed a grace period for the borrower to catch up on their mortgage payments, a Sheriff’s sale auction can happen.
A Sheriff’s sale auction is designed to get the lender repaid quickly for the mortgage that is in default. The auctions often happen on the steps of a city’s courthouse and are overseen and managed by the local law enforcement authorities.
At such auctions, the house is given to the highest bidder, after being auctioned to people at a publicly announced place, date, and time.
Sheriff’s sales are not very common because of the large cash outlay that is required to buy the foreclosed property at the Sale.
This is the biggest deterrent for many buyers. Many potential buyers also refuse to buy these properties because they may not be able to inspect the foreclosed property before bidding on it.
Chandler AZ foreclosures that do not sell at the auction are reverted back to the bank or immediately become real estate owned (REO) properties.
One option many people go for to avoid the uncertainty that comes with short sales and Sherrif sales is by selling to a cash buyer like us.
This is because we buy as-is, and get it off your hands immediately before it joins the league of home foreclosures in Chandler AZ.
All you need to do is contact us, and we come to your house to look around and have a discussion and then make you an offer. We can also pay you cash and guarantee a fast close. That’s it! its that simple. Oh, and did we mention that we guarantee no unnecessarily high closing costs, hidden fees, or commissions?