As a major city in Arizona, the Mesa area has many foreclosure auctions on a regular basis. A foreclosure occurs when a home owner with a house mortgage defaults on the mortgage payments. When this happens, a lender first gives the public a notice that the Mesa foreclosure will be sold at auction. Those interested in buying real estate in the Mesa, Arizona area can then show up and place the highest bid at the auction to purchase foreclosed homes in Mesa.
Look at Mesa or Maricopa County newspapers to find foreclosure listings. Arizona foreclosure law states that lenders who foreclose must run a newspaper foreclosure notice in a newspaper in the county of the foreclosed property. Thus, you might find Mesa foreclosure listings in a Phoenix newspaper or other paper in the Mesa area. These notices run once each week for four consecutive weeks. You might want to start your search online. Sites like USNPL.com and 50States.com have lists of Arizona newspapers that you can read online to look for Mesa foreclosures.
Use the Mesa foreclosure listings to determine the following details: the time and date of the auction, the place of the auction, the address of foreclosed properties and the amount due on each property. The lender’s power of sale in the original loan agreement specifies when and where the foreclosure auction will be held. It might be the Maricopa County Courthouse, but this is not a requirement in Arizona.
You should look at the amount due to start compiling a list of foreclosed properties you might like to purchase. Some may be too expensive for your budget, while others might not be worth your time and money.
Always pay a visit to the Mesa foreclosures on your list. Things like visible wear and tear outside the home and neighborhood conditions can help you determine the fair market value of the property. It is vital to at least estimate this value so you can set a maximum bid that will give you a good deal for resale in the event that you end up buying a foreclosed home in Mesa at the auction.
Put together the money to bid on the foreclosed properties you plan on purchasing. The manner and scheduling of payments depends on the Arizona lender. Look at the listings to determine how much cash or other funds you need on auction day and how long you have, if any, to pay off the property when you win a Mesa foreclosure auction. Note that you often have to pay off the property immediately, so keep that in mind when setting maximum bids.
Protect your interest in the foreclosed properties that you buy by properly filing a deed with the recording office in Maricopa County. As with all Arizona real estate, you need to file a deed on a Mesa foreclosure that you purchase to let the public at large know that you have bought the property.
Foreclosure.com Arizona Foreclosure Page