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Buyers Flock to Arizona to Bid on Gilbert Bank Owned Homes for Sale

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By : Allana Castro    99 or more times read
It is not only Gilbert bank owned homes for sale that are on offer at auction houses in Arizona, a lot of foreclosed properties from other counties are also being sold off to buyers and investors who come to the state by the hundreds to take advantage of the low prices of dwellings being put on the market.

Around 50,000 bank owned foreclosures in Arizona and other types of foreclosures are waiting for buyers to be snatched up, with hundreds more being added every week or so. This might sound like a goldmine to real estate investors and other homebuyers, but they should be aware that competition is stiff, as most buyers seem to find the state a top place to make a property purchase.

People interested in buying bank owned properties and foreclosed dwellings have trekked to Arizona for the past 18 months. Realtors have reported that since 2009, the number of properties purchased by investors from auctions has risen by more than five times. This trend worries some market observers, lest investors decide to dump properties in the market at the slightest sign of weakness.

Meanwhile, others are worried by the fact that Gilbert bank owned homes for sale and other county foreclosed properties are being sold off in auctions instead of banks providing troubled homeowners with more concessions. However, banks and other property sellers have argued that something needs to be done with the high number of properties available for sale.

Analysts have stated that investors serve as means to get the foreclosed properties moving in different hands. And investors have proven to be more willing than ever, with hundreds of them going to auctions as early as the wee hours of the morning to try their luck in bidding for the many available properties being sold off.

It has become common sight in various counties of the state to have auction houses offering as much as 1,000 dwellings to interested buyers. Property runners, or those people hired by buyers to inspect properties, can be found at most times in houses being offered for sale to report on their current status to investors and buyers who hired them.

With thousands of Gilbert bank owned homes for sale and other foreclosures from various areas of Arizona being offered at auctions, the state has become a haven for real estate investors and property buyers who wish to take advantage of the affordable properties on offer.
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