how to buy a foreclosure at auction in arizona

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A deficiency judgment is available to a lender if a property in is sold at a public auction sale for less than the loan amount that the underlying mortgage secures.
There is a rather lengthy notice and cure period between the time a property owner receives a notice of default until the property is sold at a public foreclosure auction sale – usually about six (6) months or more.
Many Arizona properties are bought at public foreclosure auction sales, but the competition may be strong and the prices are higher than during preforeclosure to cover the lender’s legal costs.
If you wait until the public foreclosure auction sale – or afterwards – the competition may be stronger and the prices will be higher to cover the lender’s legal costs.
To find these sales, read newspaper notices prior to the auction date, look for public notice posted – when required – on the property, or search other public places in the county where the is located.
By law, foreclosure auction sale must be announced publicly and held at the date, time and place required by state statutes.
2:01:14 Seminar: Buying Auction, REO & Foreclosure Homes by Daniel R.
Watch as a home is sold at trustee sale in Arizona, also know as a foreclosure auction.
This is what a foreclosure actually looks like, not like the Fake Made for TV Drama of Property Wars.
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“There’s no emotion in the bidding,” said Mary Nicholes, who runs the Home Ownership Center of Arizona, which bids on behalf of investors who want to rent out their homes.
Bidders on foreclosed properties in Phoenix work for investors who, increasingly, live in Canada, China and other countries.
“You got a hole in one!” one bidder yelled to another who had just bought a house with virtually no bidding.
The bidders, many wearing jeans, hoodies and the occasional nose ring, work for investors who rarely attend the actual bidding.
PHOENIX — To the unknowing, the few dozen people milling around the picnic tables in front of the Maricopa County courthouse here every day could be jurors on break or scofflaws finally coming to pay a ticket.
Hundreds of foreclosed properties are auctioned each week in front of the Maricopa County courthouse in Phoenix.
But in the years since, the auctions have grown into a scruffy economic circus where bargain hunters from around the world have scooped up houses often sold for less than half of the value of the mortgage.
The third session of the trustee sale also known as the public auction starts at 2 p.m. About a dozen investors wearing shorts, t-shirts, tennis shoes, flip flops and baseball caps gather around the youthful-looking auctioneer seated at the corner of the outdoor courtyard of the Maricopa County Courthouse building.
What if I am a property owner of one of these auction sales that is schedule for today at noon and I have a short sale offer that was waiting for approval yet did not get it in time from the nogotionator so that this could be postponed.
My husband and I have been considering purchasing our vacation home through trustee auction and have been reviewing the list of foreclosed homes over the last month.
If the seller was in 2nd position, you could end up the owner of a home that still has a large mortgage ! You also need to be careful as a by the IRS that the property is attached to can be collected for up to six months after the auction.
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The information at this site is provided solely for informational purposes and does not constitute an offer to sell, rent, or advertise real estate outside the state in which the owner of the site is licensed.
Mayes runs the first real-time, live online bidding service for foreclosure homes sold at trustee-sale auctions in metro Phoenix.
The siblings had been operating the system for several months and realized as trustee sales started to climb in metro Phoenix it could be a popular tool for other investors besides themselves.
AZ Bidder started taking subscribers early this year, charging $150 a month for access to the system, which includes a calculator to figure out rents for buyers who plan to become landlords.
Hundreds of people who knew Thomas from the auction or heard about AZ Bidder from friends and clients signed up – so many that AZ Bidder realized it could up its subscription to $1,500 a month.
Searching for cheap Phoenix foreclosed homes for sale? We offer listings of Phoenix repo homes and comprehensive information on how to buy repossessed properties in Phoenix including all types of repo houses such as short sales, government foreclosures, bank owned homes and real estate auctions.
Find great investment opportunities on Phoenix bank owned homes (reo homes), where a great number of apartments for sale, single family homes, multi-family homes, duplex, triplex, lofts, farms, lands, townhomes, mobiles, condos, and other Phoenix repo homes are currently below market value.
Investments in foreclosed homes in Phoenix, AZ pay off in the long term, so whether you're buying Phoenix bank foreclosures for sale or foreclosed houses for sale from government lenders, your properties will continue to earn value.
Through Phoenix home foreclosure auctions, it is possible to find discounted properties of Phoenix hud homes, va homes, sheriff sales and repossessed properties for sale in Phoenix, Arizona.
And now, with the foreclosure procedures, there will be foreclosure costs, default interest payments, fees and any other costs that have been amassed, so it’s likely that the total will be more than you owed in the first place.
U.S. Bank employees and immediate family members are prohibited from purchasing REO, auctioned REO, short sale, and foreclosed properties marketed by U.S. Bank, their affiliates, or their agents.
Additionally, the agent, their employees, or their family members are prohibited from directly or indirectly purchasing any property owned by U.S. Bank or their affiliates.
My son’s house went into foreclosure and was a trustee sale, it was sold for 50% less than they paid -does this mean they are no longer responsible for any monies owing on this house.
I am looking for a document where I ask my mortgage lender to produce the note, where do I get the document and the how to file this legal document because I am facing foreclosure.
Does the mortgage company have the right to put locks on my door? Also I contacted a company referred to me by United Way that says they will be able to stop the foreclosure once I receive the foreclosure papers.
I have a dispute as to my mortgage company, Metlife homes, not being in possession of the original Promissory Note when they recently attempted foreclosure.
I’ve been living at the same residence in Indianapolis on an unrecorded land contract for the last 15 years while faithfully paying property taxes, home insurance, and monthly house payments.
My property in Winter Garden, FL is scheduled for a final foreclosure hearing on 04/03/09; the mortgage co.
I have recently found out that the owner of the home was not paying the mortgage and his home went into foreclosure and was recently sold.
What are the legal procedures to regain property back from foreclosure? I have good credit from prior years and due to a death and illness I fell behind in 2006.
My friend was renting a house and did not know that it was in foreclosure, then the person that bought it a week ago showed up and told her she had to move but he would he would give her until wed.
My husband and I have been served a summons and a notice of Lis Pendens regarding foreclosure of our home.
As the owner of the certificate the investor may expect one of two possible outcomes, 1) An annualized return of 16%, 18%, up to 50% per year on what they paid to obtain the certificate or 2) Through foreclosure, become the owner of the real estate free and clear of any junior liens (aka mortgages and mechanics liens).
When the property owner finally decides to pay his tax obligation he / she must pay a visit to the county tax collectors office where he/she will repay what you paid to acquire that tax lien certificate plus interest.
Record Information Services has the information you need to begin your research for foreclosed properties.  We gather the pre-foreclosure when it is newly filed, follow that recording through to sale and update our reports weekly.  Liens and other important information is also provided for you to make decisions early on whether you will want to invest it a particular property.
Step five.       To buy the property at the foreclosure auction you would ignore all liens that were recorded junior in time to the one going to sale.
Step three.    Determine the property’s fair market value (after fix-up) from local comparable sales.
All rate, payment, and area information are estimates and approximations only.
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Submit the offer asking for a 48 hour decision, and let the selling agent know that you have several offers in on bank owned homes and that you’re only buying one.
The property was on the market for 249 days and the bank slowly dropped the price until it became a smokin deal.
Offer 15%-30% below the banks asking price, if the property is in poor condition than your offer should be in the 30% range.
If the property is in fairly good condition you should offer roughly 15% below list price.
I am buying a property in NYC that I am told will be jointly decided on by the developer and the bank — the bank will receive/review the offer first.
As an active real estate investor we have roughly 40+ offers on bank owned homes at any given time, and are always looking for great deals at the County Foreclosure Auctions.
I am about to put in a offer on a bank owned property that is listed at $119,900, which was just reduced from $124,500 over the weekend.
Acquire a Proof of funds letter from a hard money lender or a bank account balance that will cover the purchase price or a pre-qualification letter from your conventional lender.
Have them write a formal bid to present to the bank on day 3 of the of the inspection period asking for a small price reduction.
This method has worked for us time and time again, please understand that as the market continues to get better the banks will accept offers closer to their list price, so take advantage now as the market is ripe for the picking.
Hey Lee, How many days has this property been on the market? This will determine how aggressive you can negotiate with the bank.
The bank countered our offer at $85,000 with 10% EMD which we counter them back at $72,000 “best and final” and accepted their 10% EMD request.
We made a low offer of $68,000.00 and the bank did not counter offer, saying they wanted to keep it at a firm $108,900.

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