What is a Foreclosure Home? 

A foreclosure home is any house, condo or manufactured home whose original owner defaulted on his mortgage; resulting in his lender repossessing the home. The lender then reserves the right to sell the foreclosed home to another buyer. Savvy homebuyers can sometimes purchase foreclosed homes from the bank at a discount

 

Flagstaff Real Estate: Foreclosure Marketing

 

Not all foreclosure homes make it onto the open market. Before a bank markets foreclosure properties through a real estate agency, it attempts to sell foreclosed homes at auction. A bank may ask any price for a home, but often banks will price a foreclosed property at the amount the former homeowner owed on her defaulted mortgage. If no one at the auction bids an acceptable amount for the home, the bank will retain ownership of the property and place it on the open market.


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Types of Foreclosures

 

If the original homeowner obtained a conventional mortgage on the property, the bank is responsible for repossessing and marketing the foreclosure home. If, however, the original homeowners loan was government-insured, such as an FHA or VA loan, the government department that insured the loan is responsible for marketing the property. Government foreclosures sometimes carry special incentives for buyers. For example, the Veteran’s Today Foreign Affairs Journal states that you dont have to be a veteran to qualify for vendee financing on VA foreclosures from the Department of Veterans Affairs.

Have you defaulted on your mortgage payments? 

       12 Frequently Asked Foreclosure Questions 

 

Benefits of Buying Foreclosures 

Lenders have an interest in recouping their losses, but don't want foreclosed homes to sit on the market or in their accounting ledgers. Because of this, interested buyers can sometimes purchase foreclosure homes for less than fair market value. Doing so gives the homebuyer instant equity and helps him realize a greater profit should he choose to sell the home in the future.

 

Flagstaff Real Estate News: FHA has reduced waiting time after short sales and foreclosure! Are you qualified? Click on this link to view the new FHA guidelines.

 

Buying a foreclosure home? Make sure you qualify! Here's : How to Improve your Credit Score & Fix Your Credit Issues 

 

Flagstaff Foreclosures

4962 S Topaz Road, Flagstaff AZ 86001

$399,900

4962 S Topaz Road, Flagstaff

Need Room?, this 4 bedroom 3.5 bath with 4199 square feet has it. Lots of large windows to let in the sunlight in this custom built home. There are 4 separate decks to ...

  • Beds 4
  • Baths 3.5
  • MLS 159431

4955 E Crestview Street, Flagstaff AZ 86004

$257,600

4955 E Crestview Street, Flagstaff

Property is being sold via an online marketing event. Please submit all offers through Auction.com. Any financed offers require a pre-qual from Greenlight Loans @ 888-668...

  • Beds 4
  • Baths 2.0
  • MLS 159504

2857 S Highland Mesa Road, Flagstaff AZ 86001

$219,800

2857 S Highland Mesa Road, Flagstaff

Great location, easily situated on the popular southwest side of Flagstaff close to NAU and Mountain Line!!! This 3BR has a lot of beautiful natural light and ample stor...

  • Beds 3
  • Baths 2.5
  • MLS 159691

451-3781  Griffiths Spring, Flagstaff AZ 86005

$199,000

451-3781 Griffiths Spring, Flagstaff

Large, Private Lot in Forest Highlands backing the National Forest. Easily build your dream home on this rolling lot. Forest Highlands features (36) holes of championship...

  • Beds
  • Baths
  • MLS 158806

468  Comanche, Flagstaff AZ 86001

$194,900

468 Comanche, Flagstaff

Vacation or live in your own LOG CABIN in the cool Flagstaff Pines. This lovely 2 Bedroom 1 bath LOG HOME in Flagstaff's Mountainaire area features quick access to Coconi...

  • Beds 2
  • Baths 1.0
  • MLS 158821

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