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Arizona Foreclosures process in brief

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By : John Smith    99 or more times read
Arizona foreclosures include both judicial and power of sale foreclosed property. Pre foreclosure sales are also prevalent in Arizona. The basic primary security instrument here is mortgage or deed of trust. It means, in most of the cases, the lender of home equity loan is an equal lien holder on the pledged property till the borrower has not repaid the loan amount with interest. This clause empowers the lender to initiate foreclosure of the property in case of default without intervention of court of law. This is known as power of sale foreclosure. The general time line for foreclosure is 90 days and it can vary according to the redemption period of the loan amount. Power of sale is gaining popularity among lenders as they do not require any legal intervention.

However, there are some instances, where the home equity loan does not come with a deed of trust. In such a case, the lender has to file foreclosure suit in the court of law to cease the borrower’s right of redemption on the property. This is known as judicial foreclosure. The period between filing of foreclosure plea and the hearing is called pre foreclosure period. During this period, the borrower can sell the property and pay back the lender. Pre-foreclosure sales are also gaining popularity as they offer greater degree of flexibility to the homeowner to safeguard his interest. Both judicial and non-judicial foreclosed properties are sold through the process of auction.

Notices related to auction of foreclosed properties appear on newspapers and real estate websites. However, real estates websites are more helpful and they offer information and federal foreclosure assistance. They analyze the trends and offer the statistics related to sales to the buyer. It helps a prospective buyer to assess the chances of return on investment and invest accordingly. If you are interested in buying a government foreclosed property and seeking federal foreclosure assistance these websites are the most reliable sources. Government foreclosed property do not appear in newspaper displays.

The best part of buying foreclosed properties in Arizona is their cost effectiveness. The average cost of these properties is $ 206,495 which can save up to 28% compared to market price. As these properties generally lay vacant the buyer can take an immediate possession after the payment. A little investment on renovation of Arizona Foreclosures will add to the equity of these properties and you can reap rich dividends on selling them.

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