Buying a Foreclosure in Flagstaff
Foreclosure properties have dropped in price since the height of our markets. The following are some tips and information you need to know if you are considering buying a foreclosure in Flagstaff.
Be aware of the foreclosure process, the risks and the timing necessary to close the deal. As your agent and a seasoned professional, I have in depth knowledge in all aspects of buying and selling a foreclosed home. If you have any questions please don’t hesitate to ask.
The foreclosure process begins when a property owner misses up to 3-4 mortgage payments. The homeowner will receive a notice of foreclosure from the lender. If the home cannot be sold or paid up within a certain amount of time, it returns to the bank. The bank must sell the home and try to recoup the costs. You will be dealing with a bank throughout the foreclosure and it may take longer than a typical sale.
- Another way to purchase a foreclosure is through an auction. But this requires cash on hand and and experience in Flagstaff real estate.
- You can also buy an REO meaning a “real estate owned” property. When the bank cannot auction a property, they must sell it. These home can run between 10-20% less than market value, and often need some updates and repairs.
The key to successful foreclosure buying is to be educated, be thorough and be unemotional about the property you purchase. For more info on foreclosed homes in the Flagstaff AZ real estate area submit this form and I would be happy to assist you with all your buying and selling needs.
(Visit our St. George real estate connection for more on purchasing property)