Scottsdale foreclosures: 10 things you NEED to know

If you are dealing with Scottsdale foreclosures, then we will jump right in and tell you that we have the best option for you. Nevertheless, this article is for oth buyers and sellers, meaning that you will have to wait until the end to read more about our offer on Scottsdale foreclosures if you have a home in Scottsdale that is being foreclosed on.

Are you, on the other hand, looking for Scottsdale short sales or Arizona foreclosure auctions? Wait! There are things you must know first.

When it comes to buying Scottsdale AZ foreclosure or bank-owned properties Arizona, the terms are very different from buying a traditional property.

If you’re thinking about buying Scottsdale foreclosures, there are a couple of things you need to know. These steps will help you as you look through foreclosed homes in Scottsdale AZ with the intention of buying.

When looking for house auctions in AZ, it is important to understand that foreclosures in Scottsdale Arizona can leave you frustrated if you don’t do it the right way. That is why we have put this list together for you; so that you may know all there is to know about Scottsdale foreclosures. Another reason is that when trying to get foreclosed homes in Scottsdale from a bank, you do not make the rules. The bank does.

So it is important to know what the bank will accept regarding the foreclosures in Scottsdale and what it won’t so that you are prepared ahead.

Choosing not to play by the rules of the bank when buying foreclosures in Scottsdale AZ will leave you frustrated and without the property at the end of the day.

These short tips will help you navigate through buying foreclosed homes in Scottsdale AZ

  1. You must be conscious of time and prepare your financial documents.

The bank you’re purchasing the bank-owned homes in Scottsdale AZ from will expect you to present your proof of funds. Failing to provide this will make you have a very difficult time.

Although not immediately, the bank is also going to require a copy of the RS money cheque. This is because they have to confirm that there’s money in the account.

  1. You must be patient.

This is another thing you must know about Scottsdale AZ foreclosures. Your patience is required because your original offer will be countered by the bank.

If you can be patient, however, in about a week or more, your offer for the Scottsdale AZ foreclosure can get accepted back with the addendums from the assets manager.

  1. Understand what the bank will counter

The bank will remove things like paying most items, HOA transfer fees, impact fees, inspections, and repairs.

  1. The bank will require a copy of your earnest money check when negotiating Scottsdale foreclosures.

  2. Your proof of funds must not be older than 30 days.

Your proof of funds is highly required to be able to purchase any bank-owned properties in Arizona and it must have been issued within the last 30 days. Sending old proof of funds for foreclosures in Scottsdale AZ will only get you rejected.

  1. The Bank will not allow any strike out on any of the paperwork

  2. Understand that the asset manager’s work will b different from what it is during a normal sale.

Unlike in normal house sales, the asset manager for a foreclosure in Scottsdale AZ will only sign all the paperwork once.

  1. The bank will not allow any repairs before the close of escrow.

The date you’re moving in is your close of escrow.

  1. The Bank will not allow pre-possession before the close of escrow.

  2. Try to close early

Although the bank will give you 30days to close on cash deals, it is advisable that you close way before  – like a week before the end of the month.

Waiting till the 30th or 31st to close usually leads to problems.

The Bank will charge a Per-Diem (a daily charge) if there is any delay in closing.

Have a home that has gone into forclosure in Scottsdale?

If you have a home that has gone into foreclosure, you should know that at Tgaz Investments LLC, providing you with a fast and reliable option to sell your house is our top priority. Get on the phone with us today at 480-848-7173, as we can provide you with a range of suitable solutions.

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