Foreclosure Search
Latest Flagstaff Foreclosures & Nearby Area Foreclosures
Amazing opportunity to own in one of Flagstaff's most prestigious communities, Forest Highlands. 5 bedroom 4 bath home on .78 acres of heavily treed Ponderosa Pines. This...
- 5 Beds
- 4 Baths
- 174002 MLS
Spacious and bright town home features 1937 sf with 3 bedroom, 2.5 bathrooms, a loft and a study. Granite kitchen and bathroom counter tops with brushed nickel accessorie...
- 3 Beds
- 2.5 Baths
- 173851 MLS
Nice opportunity on a cul de sac in Munds ParkSeller requesting any and all highest and best offers by Friday July 20, 2018 at 10:00 am
- 3 Beds
- 1.75 Baths
- 173406 MLS
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.
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 don't 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. 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
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