Foreclosures provide lenders the opportunity to take what’s owed on a mortgage loan by process of repossessing the property to which the loan is secured. When borrowers default on their loans, the foreclosure process is put into motion following a specified time period. Once the foreclosure process has begun, a public default notice is filed by the lender, and the property is either sold or auctioned off by the lending financial establishment. These types of properties are typically sold at prices significantly lower than those found on the market, but often take a bit more effort to purchase. In this entry, we will walk you through the ins and outs associated with finding your ideal foreclosure property.
1 – Check out government records regarding area properties in person and online. Head down to your government office buildings or the county courthouse and search for available homes in the area you are most interested in. County records will provide you with information regarding public auction times and dates, while giving you a basic list of options to sort through.
2 – Hop online and look for peruse bank websites that list bank-owned properties. Most of these sites will include photos, descriptions and prices alongside contact information for area agents.
3 – Place yourself in contact with local residential management services. Many specialize in foreclosures and can provide you with area listings as they become available.
4 – Hire a local real estate agent who specializes in foreclosures. These professionals will be able to offer information on impending foreclosures and are familiar enough with the local market to point you in the direction of properties you may be interested in. Choosing a foreclosures specialist will help ensure you’re working with someone with knowledge and experience in the field, while maximizing your time, budget and listings reach.
5 – Skim through local newspapers and online for upcoming foreclosure auctions in Arizona. Write down dates, times and auctioneers you find and search online to view their available listings. You may also benefit from listings of auction companies that list nationwide… You never know what you’ll find!
6 – Be persistent. Buying a home – let alone a foreclosure – is never an easy process. With the market gaining momentum following the recent housing collapse, more and more investors are turning to foreclosures to make a quick buck. Though it may take some time to locate your match… with the right mindset, determination and resources on your side, you’re bound to strike big eventually.
If you’re searching for Arizona foreclosures, AZ Valley Rentals is the place to turn. Visit today and sign up to receive the latest Valley foreclosure listings, news and purchasing tips!