Foreclosures and Foreclosed Homes near me

Posted by Cathy Carter on Wednesday, January 6th, 2021 at 8:44am.

Find Foreclosures and Foreclosed Homes near me

Greater Phoenix area homebuyers can find great deals on foreclosures and foreclosed homes near me. While it may seem cruel to take advantage of others’ misfortune, buyers can benefit. The biggest selling point of foreclosed homes is, of course, their marked-down price, which is often significantly lower from other similar properties in the same area, also known as "comparables." Most foreclosures are sold at a sizable discount below market value. Buyers may also take advantage of additional savings such as reduced down payments, lower interest rates, or the elimination of appraisal fees and certain closing costs. Those who are interested in Phoenix area foreclosures and foreclosed homes near me will want to work with a qualified agent. Lenders increasingly are selling their seized assets through real estate agents, so don’t hesitate to ask a real estate agent for opportunities. These properties are often sold for prices well under market value because the owners are eager to unload it. Cathy Carter is a top REALTOR® for foreclosed homes in Phoenix and the surrounding East Valley with over two decades of experience. Cathy will often know about properties that are nearing foreclosure because she is familiar with the local market, actively networks with other agents, and frequently works directly with banks and other lenders. With access to comprehensive foreclosure listings that include homes already in foreclosure as well as those approaching it, Cathy can help you uncover a great deal on a home that you might not find otherwise. Start searching for foreclosed real estate near me today by contacting Cathy directly at (480) 459-8488 or you can get in touch here.   

On our website, you'll be able to search the MLS for homes for sale in Phoenix and the surrounding East Valley - listings updated daily. You can view photos of available properties, find detailed real estate information, save your search, create a free account, and receive notifications of new listings that match your specific home criteria delivered to your email. Also, be sure to scroll down below to learn about foreclosures and foreclosed homes near me.

View Current Phoenix Metropolitan Real Estate Market Update

If you would like to schedule a private showing or you would like more information about foreclosed homes for sale near me, please contact Cathy Carter. A highly-rated REALTOR®, Cathy keeps her finger on the pulse of the market at all times and is always the first to know when new inventory becomes available, ensuring that her buyers have the advantage they need in a competitive market. 

Locating Foreclosures and Foreclosed Homes

One can find foreclosed properties in multiple-listing service (MLS) periodicals and websites, via online real estate searches, bank offices and websites, and through local newspapers. Lenders are increasingly selling their seized assets through real estate agents, so don’t hesitate to ask a REALTOR® for opportunities. Some real estate pros even specialize in foreclosure properties, which are often sold well under market value because the owners are eager to unload them. Locating foreclosures and foreclosed homes near me in Phoenix and the surrounding East Valley also depends greatly on what stage the property is in during the foreclosure process. Properties can still be owned by the original homeowner or by an entity such as a bank or the government.

Here are the various stages of foreclosure:

Pre-foreclosures

A home is in pre-foreclosure after the lender has notified the borrowers that they are in default but before the property is offered for sale at auction. If the homeowner can sell their home during this time, they may be able to avoid foreclosure proceedings. As a result, some homeowners are willing to negotiate. Cathy can help locate those properties that are still in the pre-foreclosure phase. 

Short Sales

Short sales occur when the lender will accept less for the property than what is owed on the mortgage. Although borrowers don’t necessarily need to be in default of their mortgage for a lender to agree to a short sale, they typically need to prove that they’re experiencing financial hardship, such as the loss of a job, which is likely to result in default. Often, the property is worth less than the outstanding balance on the mortgage. In order to qualify as a short sale, the lender must agree to accept less than is owed, and the property must be listed as a short sale. Although purchasing a short-sale is, for the most part, the same as a traditional home purchase,  the language in the contracts will specify that the terms are subject to the lender’s approval. A successful short sale helps the lender avoid yet one more foreclosed home on their books as well as the cost and time associated with maintaining that home until its potential sale. A short sale can also reduce the likelihood that the borrower or homeowner will trash the property on his way out the door.

Sheriff's Sale Auctions 

A sheriff's sale auction happens after the lender has notified the borrower of default and allowed a grace period for the borrower to catch up on mortgage payments. An auction is designed for the lender to get repaid quickly for the loan that is in default. Auctions often occur on the steps of a city’s courthouse and managed by the local law enforcement authorities. The property is auctioned to the highest bidder at a publicly announced place, date, and time. The large cash outlay required to buy foreclosed property at the Sheriff’s Sale is the biggest deterrent for many buyers. Certified checks and sometimes cash will be required to bid on properties. In addition, you may not be able to inspect a foreclosed property before bidding on it. 

REO Properties

Properties that don’t sell at auction revert back to the bank or become real estate owned (REO) properties. Cathy has access to extensive listings of such bank-owned properties. REOs are generally purchased “as is,” but buyers can negotiate with the lender to pay for any repairs. The option for a home inspection makes REO properties especially attractive to investors because they review the current condition of the property, including any repairs that will need to be made. With short sales or bank-owned (REO) properties, you can finance the purchase with a mortgage. In fact, it's common to do so.

Government-Owned Properties

Some homes are purchased with loans guaranteed by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). When these properties go into foreclosure, they are repossessed by the government and sold by brokers who work for the federal agency. A government-registered broker must be contacted to purchase a government-owned property.  

Partner WIth Top-Rated REALTOR® for Foreclosed Homes - Cathy Carter 

Buyers can take advantage of the fact that financial institutions typically want to rid themselves of foreclosed properties promptly and don’t want to be in the landlord business. The sheriff’s office is also not interested in hanging onto properties. Foreclosed homes are usually sold “as is” which typically translates into a discount. These properties can end up being incredible deals. Buyers have the opportunity to pay below market value for homes that wouldn’t be available to them under normal circumstances. If done responsibly, and with the guidance of a reputable REALTOR® for foreclosed homes, purchasing foreclosed real estate near me can allow a homebuyer to reap a myriad of benefits for many years to come. 

Cathy Carter works very hard for her clients. She will protect your interests, advocate for you, negotiate on your behalf, and be your trusted guide and advisor every step of the way. If you or someone you know is interested in purchasing foreclosed real estate in Phoenix or the East Valley, please give Cathy a call today at (480) 459-8488.

 

CATHY CARTER, ABR, CRS, CDPE 
RE/MAX Alliance Group 
725 W. Elliot Rd., Suite 111 
Gilbert, AZ.  85233 
Cell: 480-459-8488 
Toll-Free: 800-519-5578

Leave a Comment