Lenders typically sell foreclosed homes in Arizona at public auction. Aspiring home owners and real estate investors can try to scout out good house deals through these Arizona foreclosures. Lenders must first give public notice of a foreclosure sale. Buyers can then check out the properties and decide which foreclosed homes in Arizona they would like to purchase. They can then follow the details in the foreclosure listings to bid on and buy Arizona foreclosed properties.
Look at Arizona newspapers to find foreclosure listings. Lenders must advertise Arizona foreclosure listings in a newspaper in the county where the property is located. The listing must run for four straight weeks at least once each week. Several online websites like 50States.com (50states.com/news/arizona.htm) have lists of newspapers accessible over the Internet. Use the lists if you would like to search for Arizona foreclosures in multiple counties.
Look at the Arizona foreclosure listings to find out the place and time of Arizona foreclosure auctions and the location of each foreclosed home or land. Many states require that foreclosure auctions be held at the county courthouse. In Arizona, you should look at each listing, as the lender can decide where to conduct the auction based on the power of sale in the mortgage.
You should also look at each auction listing to determine how to pay if you win at auction. Lenders typically require cash but may accept a certified check or other cash equivalent.
Check out the properties you might like to buy and come up with a suitable maximum bid. You do not have authority to conduct inspections of Arizona foreclosures. However, you should at least drive by, get a feel for the neighborhood and area real estate prices and come up with a bid amount based on the information you can gather. You may also ask neighbors or real estate professionals to aid you in determining the market value of Arizona foreclosed property.
Prepare the bidding money. Remember that you will need a way to pay upon placing the maximum bid at an Arizona public foreclosure auction. It can obviously be risky carrying around that kind of cash, so ask the trustee for instructions on how to submit your winning bid before the day of the auction. In some cases, you can arrange to put up funds beforehand for safety reasons.
Pay for any Arizona foreclosures you buy at auction and receive a deed from the lender’s trustee. Take that deed and file it with the recording office in the county where you bought the foreclosed property. You should always file a deed immediately because it can affect your rights to foreclosed homes in Arizona even if you bought a foreclosed home in full.
Foreclosure.com Arizona Foreclosure Page