PHOENIX FORECLOSURES – So, you may be asking, “How can I get one of those homes?”
Many of the lenders that own the homes are making it easy for you because they have hired Realtors to list the properties for them. Below are a few requirements and suggestions to make the buying process more smooth.
- You must be ready to buy. If financing you must be pre-qualified by a lender to make a purchase you must ask your lender for an “LSR”, Loan Status Report. The LSR proves that you are ready to rock and roll and are serious about buying this property. Many banks won’t even look at your offer unless the LSR is attached.
- If you are offering cash, you must have proof of funds available to show the bank. (Bank Account, Money Market Account, 401k etc)
- Earnest money is usually only a copy of a check or money order. The actual earnest money does not get deposited until you have a written acceptance from the bank you are buying the home from.
- Once the bank accepts your offer, they will more than likely send a purchase contract from their office, not a standard one that Arizona buyers are used to. That is why I recommend hiring an agent to represent you, it is their job to read over that contract and protect your best interests. They will also help coordinate inspections and help with the escrow closing process. Many times you don’t have to pay them out of your own pocket, they will share the commission with the listing agent.
Free Foreclosure Search, How To Buy Foreclosures, Bank Owned, Default, Auction Properties
Be patient, the banks are overloaded with these properties and may take a while to close.
Based on the number of default notices recorded there will be hundreds more joining the market in the next 4-6 weeks. Some will be move in ready, others will need a little rehab. We have golf course properties, master planned communities and great weather. This is just the beginning, so if you are looking for an Arizona Home there currently tons of low priced bank owned homes here, and there will be more to come!!!
Whether it’s your first time buying or are experienced I can help you get a deal on your next Scottsdale home!
Phoenix Bank Foreclosures & Government Foreclosed Houses, Gilbert Federal Homes, and Chandler Distressed Properties, are all searchable here at the PhoenixMetro365.com.
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