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

4420 E Coburn Drive, Flagstaff AZ 86004

$399,900

4420 E Coburn Drive, Flagstaff

Beautiful home located in Elk Run on large treed lot. This home offer 3 bedrooms, 3.5 bathrooms, large kitchen, formal dining room, large game room with built-ins and gas...

  • Beds 3
  • Baths 3.5
  • MLS 160160

10980 E Henry Drive, Flagstaff AZ 86004

$241,927

10980 E Henry Drive, Flagstaff

Desirable Hutchison Acres Location. 3bedroom 2 bath home on .83 acres. Split floor plan. Solar system set up. This property is now under auction terms. This property may...

  • Beds 3
  • Baths 2.0
  • MLS 159906

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

$166,900

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

2809 N Tindle Boulevard, Flagstaff AZ 86004

$164,300

2809 N Tindle Boulevard, Flagstaff

Beautiful 4 bedroom, 1.75 bath Greenlaw home close to shopping, dining and Bushmaster park. Property to be sold in As-In condition.

  • Beds 4
  • Baths 1.75
  • MLS 160148

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