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Arizona metro area has over 5,000 foreclosed properties available. This
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in the Phoenix AZ real estate market today. We can show you any Phoenix
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knowledge of the Phoenix metro area foreclosure, bank owned, short sales
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What is a Phoenix Foreclosure? Foreclosure is a process that allows a lender to
recover the amount owed on a defaulted loan by selling or taking
ownership (repossession) of the property securing the loan. The
foreclosure process begins when a borrower/owner defaults on loan
payments (usually mortgage payments) and the lender files a public
default notice, called a Notice of Default or Lis Pendens. The
foreclosure process can end one of four ways:
1. The borrower/owner reinstates the loan by
paying off the default amount during a grace period determined by state
law. This grace period is also known as pre-foreclosure. 2. The borrower/owner sells the property to a
third party during the pre-foreclosure period. The sale allows the
borrower/owner to pay off the loan and avoid having a foreclosure on his
or her credit history. 3. A third party buys the property at a public
auction at the end of the pre-foreclosure period. 4. The lender takes ownership of the property,
usually with the intent to re-sell it on the open market. The lender can
take ownership either through an agreement with the borrower/owner
during pre-foreclosure, via a short sale foreclosure or by buying back
the property at the public auction. Properties repossessed by the lender
are also known as bank-owned or REO properties (Real Estate Owned by the
lender).
Pre-Foreclosure Buying a property in pre-foreclosure involves
approaching the borrower/owner and offering to buy the property
outright. The borrower/owner can walk away with something to show for
any equity in the property and avoid a bad mark on his or her credit
history. The buyer has time to research the title and condition of the
property and can realize discounts of 20-40 percent below market value.
What Is A Phoenix Short Sale A short sale in real estate occurs when the
outstanding obligations (loans) against a property are greater than what
the property can be sold for. Short sales are a way for homeowners to
avoid foreclosure on their homes and still be able to pay off their loan
by settling with lender.
In a short sale, the bank or mortgage lender
agrees to discount a loan balance because of an economic or financial
hardship on the part of the borrower. The home owner/debtor sells the
mortgaged property for less than the outstanding balance of the loan,
and turns over the proceeds of the sale to the lender. Neither side is
"doing the other a favor;" a short sale is simply the most economical
solution to a problem. Banks will incur a smaller financial loss than
foreclosure or continued non-payment would entail. Borrowers are able to
mitigate damage to their credit history, and partially control the debt.
A short sale is typically faster and less expensive than a foreclosure.
It does not extinguish the remaining balance unless settlement is
clearly indicated on the acceptance of offer.
What Is A Phoenix Bank-owned (REO): If the lender takes ownership of the property,
either through an agreement with the owner during pre-foreclosure or at
the public auction, the lender will usually want to re-sell the property
to recover the unpaid loan amount. The lender will then typically clear
the title and perform needed maintenance and repair; however, the
potential bargain for these REO homes is typically less than a
pre-foreclosure or auction property. Bank foreclosures can become
government foreclosures if the loan is backed by a government agency
such as the Department of Housing and Urban Development (HUD) or the
Department of Veterans Affairs (VA). In that case the government agency
would be responsible for selling the property.
Speak To A Professional Phoenix Home Foreclosure,
Short Sale Expert Realtor NOW.... 480-227-9614
Phoenix AZ Foreclosures - Short Sales -Bank Owned -
REO 
Phoenix
Arizona metro area has over 5,000 foreclosed properties available. This
is a great opportunity to invest in one of the most sought-after areas
in the Phoenix AZ real estate market today. We can show you any Phoenix
metro area Foreclosures, Distressed Properties, Short Sale, Bank Owned,
REO home listing today! Our real estate negotiations skills and
knowledge of the Phoenix metro area foreclosure, bank owned, short sales
process will help you buy a home at huge savings!