Arizona Foreclosure and the Property Investor

The people looking to move into a house will want one with the least amount of repair needed. They list their properties with agents who they know and are used to dealing with. The property investor will want a good deal and not be as concerned with the amount of work needed. Banks who deal in REO’s deal only with a small number of agents. REO means real estate owned and refers to property the bank has taken ownership of via the legal foreclosure process. You can find a real estate agent who is familiar with this market.

If you are an investor in real estate you can find a lot of good deals which you can turn over to other investors or rehab and make a profit selling on the retail market. Here are some of the benefits of buying an Arizona foreclosure. If you are a first time home buyer you can find some fantastic deals on the foreclosure market you will not find on the retail market. We’ve got the best inside scoop on Az foreclosures .

Arizona Foreclosure market Offers Many Benefits. The foreclosed property is the house that was taken back by the lender usually a bank when the people could not pay the house payment. For the people looking for there first home this is a market they can find a lot of good deals. You can find prices thirty percent on the dollar. For the real estate investor you can find a lot of good deals to pass on to other investors or homes you can rehab and sell on the open market.

After three months of missed payments the bank will take the house back and evict the people in the home. It depends on the house and how people treated the house before having to move out. The bad part is that people will neglect the house and it will need a lot of repair to get it back to the standard people want to live in the house. But this is not always the case. Some homes will not need a lot rehab. But this not always the case. The people will sometimes even trash the house on purpose because they want to ruin the house to get back on the bank somehow.

You must realize that others bid on the house and the bank wants the best deal they can make. Buying an Arizona foreclosure makes sense for the first time home buyer because you can get a good deal and because a lot of the homes are in good condition. If you are investing in the land to rehab and resell it then you want to keep your bids down in order to keep from losing money on the deal. You have to know your profit margin going in with each bid. You need a back up plan in case the bid does not get accepted. If you cannot sell the property for a profit because you bid too high then you will be out of business fast.

These are the agents you want to work with. They know the process and will give you the straight talk about your bid and chances of getting the home you want. The bank does not care about your wants or needs. This might be difficult if you fall in love with each house you bid on. They want the best deal they can get. Do not get emotionally tied to the process though.

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