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Arizona foreclosure listings – A bird’s eye view

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By : John Smith    99 or more times read
Arizona foreclosure listings are compounding with the recessionary waves of global economic meltdown and job market instability. Falling real estate prices, negative growth of real estate market and squeezed credit availability are also fanning the situation. Estimates have found that, the current number of foreclosed homes in Arizona is 111,458 including 14,927 new foreclosure filings in September 2009. These properties cost around $206,495 and can save up to 28% for the buyer. In September 2009, 5,352 foreclosed homes were sold through the process of auction in Arizona. In this write-up, we will discuss regarding foreclosure processes prevalent in Arizona and the ways to buy these properties.

As Arizona is a title theory state, both judicial and non judicial foreclosure processes are legal binding. Like all title theory states, lenders in Arizona are lien holders of the property pledged as security against home equity loans. Hence, they have the right to initiate foreclosure process without judicial intervention while the borrower defaults in the repayment of loan amount. However, foreclosure advertisement is a must before the auction. It means, the lender has to give an interim time period to the borrower for repaying the loan amount and advertisements related to foreclosure should be publicized in local newspapers. These properties are sold through the process of foreclosure auction.

Judicial foreclosure properties are also available in Arizona. This foreclosure process is mandatory when the home equity loan does not come with deed of trust. Sub-prime lenders generally apply for this foreclosure process. All information related to foreclosure auction like date, place, time, deposit amount and grace period are available on the advertisement. The foreclosure process generally takes 90 days. However, the period might vary depending on the redemption period of loan. The basic intention of the auction is recovering lender’s unpaid loan amount, interest on it and cost incurred in the process of foreclosure. From this, one can easily estimate why these properties are cheaper compared to fresh ones.

If you want to track and remain updated on Arizona foreclosure listings, internet can help you a lot. With few clicks on computer, you can access scores of real estate websites offering relevant information related to availability of foreclosed homes and suctions. The best part of taking help of these sites is availing information related to government foreclosed properties. These websites also offer buying tips and assistance.

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