Buying a Foreclosure
In our current Phoenix area market buying a Foreclosure can be a great
opportunity. Foreclosures in the City of Phoenix, City of Surprise and other surrounding cities like Litchfield Park, Goodyear, Peoria etc. are very common. Many people have a stigma about foreclosures but truly many are
very nice properties.
It is not uncommon for a bank to complete landscape work, paint interiors, install new carpet and replace old or missing appliances. Many banks have come to terms with the fact they must maintain and sometimes improve properties because of the many properties they will take ownership of in the future.
There are some risks to buying a foreclosure including but not limited to:
- Seller does not provide disclosures regarding past events such as floods, vandalism, repair issues etc.
- Properties are purchased in As-Is condition but always with an inspection period.
- Seller may require you to get prequalified with their company
In many cases the bank that is selling the property will pay closing costs, provide a home warranty and complete lender required repair work.
Our team is experienced in both buying and selling foreclosed properties and will guide you through the necessary steps to ensure a smooth transaction.