Arizona law allows mortgage lenders to foreclose as protection against a home owner defaulting on a mortgage loan. As one of the major cities in Arizona, Tucson has many foreclosure auctions throughout the year. Lenders first advertise Tucson foreclosures with a public notice. Buyers can then check out the properties and bid at public auction to buy foreclosed homes in Tucson.
Look at Tucson newspapers to find foreclosure listings. Lenders must advertise Arizona foreclosure listings in a newspaper in the same county as a foreclosed home at least once a week for four straight weeks. In this case, you will need to look in Pima County newspapers, as that is the home of Tucson, Arizona. You might be able to find Tucson foreclosures in Pima County newspapers online. Visit the “Arizona” page on USNPL.com to look for Arizona newspapers that publish online editions.
Determine the date, time and location of Tucson foreclosure auctions. According to Arizona law, this schedule is based on the lender’s contract with the home owner. You can’t see the contract, but the foreclosure listing will give you details about when and where an auction for a foreclosed home in Tucson will be held.
Of course, you should also use the listings to find out the address of each foreclosed property. Finally, determining the amount due on each property will help you narrow down which properties fit within your bidding range.
Narrow down the list of Tucson foreclosed properties you may wish to purchase by visiting the properties. For this step, you do not have any inspection rights, but neighbors may be able to help you get information or even determine a rough estimate of the home’s fair market value. You would then use that figure to come up with your own maximum bid. Stick to that bid if you want a good house deal through Tucson foreclosures.
Get together the money for bidding at the Tucson foreclosure auction. The listings should give specific instructions about how to pay if you win an auction. Follow these instructions exactly. Otherwise, the lender may be able to void your winning bid and auction off the property again.
Get a property deed once you have finished paying for the Tucson foreclosed property. A deed is a legal instrument that works sort of like a receipt, but it is far more important than that. In fact, you need to file this deed with the recording office in Tucson. Filing is the only way to protect your property interest in any Tucson foreclosed properties that you buy at auction.
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