Although no one looks forward to it, foreclosures in Arizona happen all the time. It’s not a strange occurrence, and neither does it have to be a cause for worry.
There are a number of foreclosed homes in Arizona. If you’re not sure what foreclosures in AZ or foreclosure generally is all about, we’ll take some time to explain it to you.
What is a Foreclosure?
A Foreclosure is simply when a lender or mortgage holder reclaims possession of a property after an individual (the borrower) has missed payment(s).
Foreclosures in Arizona slightly differ from foreclosures in other states, in the sense that most of the Foreclosures in Arizona are non-judicial, unlike the judicial foreclosures that other states have.
This simply means that Arizona real estate foreclosures can occur without the intervention of a court. Whereas in other states, the lender first has to file a lawsuit before foreclosure can happen.
When is a Foreclosure initiated in Arizona?
Immediately you fall behind on your mortgage payment, you enter default.
Your lender can decide to immediately add your home to the long list of foreclosed homes in Arizona, but that is not likely to happen because your lender most likely would prefer to have their money, instead of the stress of trying to sell a house.
If you keep defaulting on your payments, however, your lender can officially initiate the foreclosure process. The number of payments your lender can allow you to miss largely depends on them.
If your house is already in pre-foreclosure, it’s best to sell off the house before things get too bad if you do not have any means to pay off your mortgage.
We buy AZ foreclosures at prices that are among the best you will find around, and what’s best is that you do not have to stress over needless repairs and endless paperwork; we can handle it all. If you’re about to go through an Arizona foreclosure and you’re looking to sell your house, look no further. Contact us today at 480-848-7173 and 337-227-9200.
How To Buy A Foreclosed Home In Arizona
There are many foreclosed homes for sale in Arizona, and if you want to know how to buy foreclosed homes in Arizona, we’re giving you all the information.
If you’re looking for free foreclosure listings in Arizona, then there’s a great chance that you already know that buying Arizona foreclosure homes can make you score a great deal at a time when deals are hard to find.
You get the advantage of the often more favorable price when you buy foreclosed homes in Arizona.
However, if you’re looking for information on how to buy a foreclosed home in Arizona, it is important to know that the process of buying bank-owned homes in AZ is quite different from buying a traditional listing; and that foreclosures are currently low due to the different forbearance programs brought up during the pandemic that allowed people negotiate payment terms with their lenders.
Buying foreclosed homes in Arizona may get you a great deal, however, it’s important to know how to do it right because buying foreclosures in AZ is definitely different from the conventional real estate transaction.
You shouldn’t just jump at any foreclosed homes for sale in Arizona.
The tips below will help guide you.
– Get a good real estate agent.
An experienced real estate agent will make it less difficult for you to find free foreclosure listings in Arizona. They’ll also represent your interests.
The agent will also educate you on things you need to know, such as the different types of distressed sales that exist in the real estate world.
– Have your proof of funds (preapproval letter).
Most people can not afford to pay full-price up front, so what they need to do is get their preapproval letter detailing how much money they can borrow.
Having your preapproval letter shows that you’re serious.
– Compare before offering.
You want to look at comparisons to help you determine what to offer. Your agent can help run a comparative market analysis (CMA). This will help you understand recent sale prices of comparable properties, also called “comps.”
Let your offer be competitive.
– Bid higher if other foreclosures are selling quickly.
If the market for foreclosures in Arizona is selling fast, it’s only wise to come up with a strong offer by bidding high and presenting your preapproval letter (if you’re getting a mortgage).
Offer higher than the asking price if there are multiple bidders.
If you’re buying a foreclosure in Arizona, then you should be ready for the house to come in any form or condition. Many foreclosure houses come in “as is” condition. This means that there may be many damages and repairs that need to be carried out in the house, both minor and major.
On a final note, do not forget that we buy Arizona foreclosed homes. If you are in distress over the fact that you have now been exposed to the reality of foreclosures in Arizona, reach out to Tgaz Investments LLC at 480-848-7173 (Arizona), or 337-227-9200 (Louisiana), and let us handle the rest.