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Free Arizona foreclosure listings - Unleashing the possibility of buying cheaper homes

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By : John Smith    99 or more times read
Free Arizona foreclosure listings treasure foreclosed properties of both government and banks. These listings can be accessed free of cost from newspapers and websites related to sale and purchase of immovable property. However, real estate websites are a better choice compared to newspapers as they provide information related to government foreclosures too. Notices related to sale of these properties appear at court room and public places and not on newspapers. Real estate websites take the pain to compile information related to these properties. In this brief article, we will talk about foreclosure and process of immovable properties in Arizona.

Foreclosure of a property might be due to two reasons. First is pending property taxes on it and the second is inability of the homeowner to repay the loan amount taken against a property? When the property is foreclosed for non payment of property tax, it is called as government foreclosure. Banks and lenders foreclose property in case of loan repayment default. All the above properties are sold through open auction. Anybody can participate in the bidding by depositing the required amount prior to the date of bidding. The auction takes place on all weekdays except court holidays. Generally, the buyers of property from foreclosure auction listings are offered the confirmation within 90 days. This period might vary according to the redemption mode of the loan.

Judicial intervention in the sale of foreclosure auction listings is not mandatory in Arizona as it is a title theory state. The lender can use his power of sale privilege to initiate the process of foreclosure. However, he has to give an interim time period as a last chance to the borrower. If the borrower repays the loan amount within the interim period, the foreclosure comes to an end. Otherwise, the lender publishes foreclosure advertisements in local newspapers for three weeks.

There are several advantages of buying properties from free foreclosure listings in Arizona. They can save up to 28% compared to market price of fresh properties. Moving in to these properties is hassle free as they are generally vacated. However, while buying these properties, make sure that they are free from legal issues and do not have pending tax dues. These factors might delay the possession confirmation process. If possible, make a physical inspection of the property to assess the renovation required.

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