Foreclosures in Chandler

Posted by Cathy Carter on Wednesday, January 6th, 2021 at 8:45am.

Find Good Deals on Foreclosures in Chandler

Chandler REALTOR® & Certified Distressed Property Expert - Cathy Carter

Interested in purchasing a foreclosure in the Phoenix metro area’s Southeast Valley? Real estate bargain hunters can find great deals on foreclosures in Chandler, Arizona. The biggest selling point of Chandler foreclosures is, of course, their marked-down price, which is often significantly lower than other properties in the area, also known as comparables or “comps” in real estate speak. You will want to get a comparative market analysis (CMA) from your Chandler REALTOR® before making an offer on a foreclosed home. If there are comparable properties in the same area with similar characteristics as the one you want to buy, selling for a higher price, then you may in fact have a good deal. 

Along with the opportunity to buy a foreclosed home at a significantly reduced price, buyers can often take advantage of additional savings such as reduced down payments, lower interest rates, or the elimination of appraisal fees and certain closing costs. That being said, you’ll want to take into account the cost of necessary repairs when buying a distressed property. While some may only be cosmetic such as painting the walls or changing out the carpet, there could be major repairs needed such as replacing the roof or fixing electrical or plumbing issues. 

How to find Chandler foreclosures

Although buyers can search for distressed properties (homes on the brink of foreclosure or already owned by the bank) in multiple-listing service (MLS) periodicals and websites, via online real estate searches, bank (offices) websites, and local newspapers, locating Chandler foreclosures greatly depends on what stage the property is in during the foreclosure process. Properties can still be owned by the original homeowner (in the earlier stages, in the case of pre-foreclosure and short-sale properties), or by an entity such as a bank or the government (in the later ones). 

Buyers will want to enlist the services of a real estate agent to represent them with experience in handling distressed home sales. A skilled and experienced Chandler REALTOR® and Certified Distressed Property Expert like Cathy Carter has access to comprehensive listings that include homes already in foreclosure as well as those approaching it. Cathy can help you uncover great deals on chandler foreclosures that you might not find otherwise. Serving the community since 1994, Cathy is your best resource for foreclosures in Chandler. She is very familiar with the local market, actively networks with other agents, and frequently works directly with banks and other lenders. 

The various stages of foreclosure  

Pre-foreclosure

A Chandler 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. Your agent can help locate those properties that are still in the pre-foreclosure phase. 

Short sales

A Chandler short sale occurs 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 are in fact 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. 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. Also with a short sale, the likelihood that the borrower/ homeowner will trash the property on his way out the door is reduced.

Sheriff's sale auctions

Sheriff's sale auctions happen 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.  In addition, you may not be able to inspect a foreclosed property before bidding on it. 

Real estate owned REO properties

Chandler 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

Government-owned properties or government foreclosures are residential properties that have been repossessed and put up for sale by a government agency. Government agencies such as the Housing and Urban Development Department (HUD), the Federal Housing Authority (FHA), the Veteran's Affairs Department (VA) offer mortgages at special rates for qualified borrowers. When a homeowner defaults on their mortgage, these agencies will repossess their property and sell it to recoup money lost on the unpaid loan.  Homes can also be seized and sold by the IRS due to tax debts and seized and sold by Homeland Security due to criminal activity.  Typically, a government-registered broker must be contacted to purchase a government-owned property.  

Lenders and financing options for Chandler foreclosures

Before setting out to buy a distressed property, buyers should do their research on financing options for foreclosed homes. Lenders will typically not give a home buyer money for a home they consider uninhabitable or that appraises below the purchase price. Of course, if you are paying cash, that will not be an issue. If you are not in the position to pay all cash, it’s worth looking into loans from the Federal Housing Administration (FHA) or Freddie Mac. The HUD Section 203(k) loan program can help in some circumstances. The total amount of your mortgage is based on the projected value of the home after all needed renovation is completed while also taking into account the cost of the work. 

Keep in mind that negotiating with a bank is very different than negotiating with an individual. A Chandler REALTOR® and Certified Distressed Property Expert like Cathy Carter, who has experience working with banks will understand the bank’s processes and can anticipate the bank’s needs to make the transaction go smoother. Even if you have purchased a foreclosure in the past, it’s still in your best interest to work with a qualified agent as each bank has its own procedures and timelines.  

Partner with Chandler REALTOR®, Certified Distressed Property Expert - Cathy Carter

Homebuyers can take advantage of the fact that financial institutions don’t want to be in the landlord business and typically want to rid themselves of foreclosures in Chandler promptly. The sheriff’s office is also not interested in hanging onto houses, which often 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 an experienced Chandler REALTOR®, Certified Distressed Property Expert like Cathy Carter, Chandler foreclosures can allow homebuyers to reap a myriad of benefits for years to come.

Cathy's client testimonials speak for themselves: 

"Cathy was a terrific agent from beginning to end. Her comps were accurate and helpful at the outset. Her marketing was the best we have seen in our experience and we have sold 7 previous homes. She handled all the selling and closing negotiations very well and helped us navigate several anxious turns in the process. Cathy is calm, judicious, and responsive and we found her opinions and ideas valuable. We would use her to sell or buy a house again without hesitation. Great to work with and got great results."

"Cathy Carter is a highly respected, seasoned real estate professional who is very responsive, knowledgeable, and open-minded. She kept my deal together by going beyond the call of duty to do some of the work of a novice agent (representing the buyer) on the sale of my house. Plus, she really went to bat for me on the purchase of my new home, getting upgrades and closing in 3-weeks. I highly recommend Cathy to represent you in selling and purchasing your next home or investment."

“I have dealt with many real estate agents and I would have to say Cathy Carter was a pleasure to deal with. We flew in from New York to see the area and Cathy gave us as much time as we needed. She showed us around and made us feel comfortable and welcome. As of today we are currently in contract for the sale of our home and are actively looking at homes in the Gilbert and Chandler areas. Cathy emails homes for us to look at on a regular basis and we would not use anyone else.”

“My husband and I worked with Cathy to find our home in the East Valley suburbs of Phoenix AZ. We were transferred to Phoenix from the east coast and Cathy did a wonderful job of orienting us to the area and helping us gain perspective into the different homes and neighborhoods in the East Valley. While working with Cathy, she was always very attentive and efficient. Cathy is extremely knowledgeable. She listened to our ideas about the ideal home, offered suggestions, and took us to see properties that were in line with our expectations. Cathy is extremely responsive and has even reached out to check on us after we moved into our hew home. I would highly recommend Cathy to anyone who is interested in selling their home or purchasing a new home.”

If you or someone you know is interested in foreclosures in Chandler, please feel free to call Cathy directly at (480) 459-8488 or you can get in touch here.

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

CATHY CARTER

WWW.REALESTATECHANDLER.COM

SEARCH FOR YOUR DREAM HOME TODAY!! CLICK HERE

EMAIL ME

480-459-8488 DIRECT

 

 

 

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