Under Arizona law, a lender can send notice of an intent to foreclose on a Scottsdale home when the home owner goes into default. The lender then advertises a public foreclosure sale of the Scottsdale home. Buyers of real property in Scottsdale can use the notices to find local foreclosed properties. They then use the information in the notices to prepare for bidding and buying foreclosed homes in Scottsdale at the public auctions.
Look at Scottsdale or Maricopa County newspapers to find local foreclosure listings. You should at least check newspapers in the county daily for one week out of each four-week period. This will allow you to find all Scottsdale foreclosure listings in each newspaper because the lenders need only advertise once per week for four consecutive weeks. Because there is obviously more than one newspaper in Maricopa County, you might wish to use online newspapers to hunt down Scottsdale foreclosure notices. You can visit either USNPL.com or 50States.com (or both) to find Arizone newspapers from Scottsdale or Maricopa County that have online editions.
Get specific foreclosure and auction information in the actual listings. In Arizona, the lender typically chooses when and where in the county of the foreclosed property the auction will take place. So while you know that Scottsdale foreclosure auctions will take place in Maricopa, you must look at each notice to determine the exact location.
Make a list of suitable foreclosed properties that suit your requirements. First, start by looking at the amount due on each property. Then, you should visit the properties to decide whether you like the condition, neighborhood and other factors. Come up with a maximum bid for each Scottsdale foreclosed property that is less than the approximate fair market value. You may wish to consult with local real estate professionals to help you estimate the home or land values.
Look at each listing to see the bidding and payment procedures for properties in which you have decided to place a bid. Take the necessary money and head to the Scottsdale foreclosure sale for each property. Bid and pay for any auctions in which you place the winning bid.
Obtain a property deed from the lender’s trustee once you have bought a Scottsdale foreclosure. You now want to quickly take this deed and file it in the recording office in Maricopa County to preserve your full ownership rights in the Scottsdale foreclosed properties.
Foreclosure.com Arizona Foreclosure Page