Get real estate foreclosure listings in Maricopa, Arizona
Foreclosure listings are some of the most sought after in today’s market. You can now search all foreclosure properties with great incentives and low prices.
There are 4 types of real estate transactions in the state of Arizona that make up 98% of all transactions. They are bank owned properties also known as foreclosures, short sales, resales and new build/spec homes.
Foreclosure listings are bank owned properties. There are fewer foreclosure listings today than a few years ago, but they are still available! Buying a foreclosure listing is very similar to a “regular” sale in the fact that the bank wants a specific price, they are motivated to sell, and they will respond to offers pretty quickly. Generally an offer to purchase a foreclosure in writing will be accepted, rejected or countered. Once in a while there will be a foreclosure listing that gives a head start on the bidding to owners that will occupy a home as a primary residence. Ten to fourteen days after the head start, investors and snowbirds will be allowed to bid. Many times with foreclosure listings, along with the Arizona specific offer to purchase, the bank will have their own offer form that needs to be filled out. By using a knowledgeable agent, you can fill out those documents the same time that you make the Arizona offer to purchase!
The pros and cons of a foreclosure listing:
- Pros: The chance to get a home that is at or below market price
- Fast turnaround from the banks on an offer (except weekends or holidays)
- Contrary from a short sale, the bank sets the price
- It is easier for buyers to make a low ball offer because there is ZERO chance of offending the bank!
- Cons: The home is sold as-is, where-is and no warranties are supplied.
- The bank will not fix anything in a foreclosure listing (the exception to that MAY be something major like heating/air conditioning, plumbing or roof)
- Sometimes it can take a few extra days to get a response. For instance, over weekends the banks are closed, and no one would be there to respond to an offer until Monday. That extra few days is more time for a competing offer to come in!
- The bank will “plead the 5th” about the home. They have never lived in it, and will tell the prospective buyers that! No worries though. That is the norm!
I understand this is quite a bit of information. Whether you are buying a short sale or considering short selling your home, make sure you contact a short sale specialist!