I know we have all heard much about the large increase in the number of homes that have been foreclosed upon by banks, mortgage companies and other lending institutions. Here in the Arizona real estate market they are a fact of life and thus can be found in ALL neighborhoods...from those mansions on the hill to the little condo they exist and they are often a great value for the buyer.
There are a few things that you need to be aware of as you enter into the foreclosure search and purchase process:
1. As always, you must be prequalified for your loan and be in possession of a fully executed LSR (Loan Status Report) in order to have your contract be presented on your behalf. You CAN use your own mortgage provider but be prepared that certain foreclosures may also require that you complete ANOTHER loan qualification with "Their guys" as well. It's not a big deal...just another hoop to be jumped through to prove your credit worthiness.
2. Be prepared to complete many more documents than you would in a standard transaction.Again, the financial institution that has foreclosed upon the house you wish to bid place has many of of's on corporate documents...it's just part of the territory. You do not have to worry though as I will be with you every step of the way and make sure that you are well represented and your best interests protected.
3. Be aware that the foreclosed property is going to be sold in an "AS IS" condition so what you see is what you usually get. Rarely will the financial institution make or pay for repairs . It is precisiely for this reason you will have an independent home inspection so that you can make a sound decision to process or cancel. The choice is yours . It's a bit of a cliche "the best surprise is no surprise" and when you are considering the purchase of a foreclosure the inspection period can be your BEST FRIEND!
4. Once you have decided to continue the transaction after all inspections are made the process will be similar to most other standard home purchases...with just some extra paperwork...again!
IT IS MY JOB AND PLEASURE TO BE YOUR GUIDE THROUGH THE ARIZONA REAL ESTATE PROCESS AS YOU MAKE YOUR HOME PURCHASE AND I WILL BE DILIGENT IN MY RESEARCH TO NOT ONLY PROVIDE YOU AN ACCURATE LISTINGS OF THE FORECLOSED HOMES THAT FIT YOUR WISH LIST I WILL BE ABLE TO PROVIDE YOU WITH MUCH OF THE HOME'S FINANCIAL HISTORY AS WELL AS A CURRENT MARKET ANALYSIS.
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