Arizona mortgage lenders may foreclose on Gilbert homes to recoup losses caused by a defaulting home owner. The lenders must first post local foreclosure advertisements. After notifying the public with the advertisements, the lenders then hold a public foreclosure sale around the Gilbert area. Buyers can purchase Gilbert foreclosures by placing the highest bid at one of the foreclosures sales.
Obtain newspapers originating in Maricopa County, the home of Gilbert, to find Gilbert foreclosure listings (advertisements). Arizona lenders must run these foreclosure notices once per week for four weeks. You might save time and money by including Internet newspapers in your Gilbert foreclosure search. Both USNPL.com and 50States.com have compiled lists of online Arizona newspapers. Click on the newspapers to find the classifieds/legal notices in each paper originating from Phonix, Gilbert or other cities in Maricopa County.
Find and scope out Gilbert foreclosure addresses and auction locations. You can find this information by looking at the individual Gilbert foreclosure notices that you find in area newspapers. Lenders throughout Arizona can decide when and where to conduct a foreclosure sale. Make sure you know how long it takes to get to an auction location so you are not late on the scheduled sale date.
Visit properties to do additonal research. It is wise to drop by a Gilbert foreclosed property before bidding on it. For starters, there are occasionally red flags which would make you wary of buying the property. This could include the condition of a home or even neighborhood conditions that might drive down property values. Get a sense of the fair market value of all foreclosed homes around Gilbert if you want to place a bid. This is important because you need a max bid on each property. Real estate professionals servicing Gilbert or even neighbors may have information about home values in that area.
Get the bidding money together. You need to refer to each listing of a Gilbert foreclosure to figure out the particular sale terms (acceptable payment methods and deadlines). Go and bid on the properties at local sales. Pay the money you bid when you win an auction.
Ask the lender’s trustee for an Arizona property deed. You must file this deed at the recording office in Maricopa County as quickly as possible. A property deed is filed to let the public know that you have bought your Gilbert foreclosed property and have an ownership claim on it. This is important to protect your property claim.
Foreclosure.com Arizona Foreclosure Page