Flagstaff Arizona Foreclosures

Latest Flagstaff Foreclosures & Nearby Area Foreclosures

3210 N Monte Vista Drive, Flagstaff image

3210 N Monte Vista Drive, Flagstaff $224,000

Grandview Homes mid century ranch with tons of potential. Just one home away from a small swatch of National Forest smack in the middle of town. Close to shopping, mass t...

3 Beds
1 Baths
180773 MLS

1384 W Canvasback Trail, Williams $275,000

Located on 14+acres. Fantastic masonry built home. Potential for a 3rd bedroom. 2 car attached garage. Wood stove, 2 covered patios. Move in ready. Property is being sol...

2 Beds
2 Baths
180517 MLS

4920 E Paintbrush Ln Lane, Flagstaff image

4920 E Paintbrush Ln Lane, Flagstaff $330,000

Beautiful home in desirable Timberline Estates! Gorgeous views of Humphrey's Peak! Bright, Open Floorplan! BIG Kitchen with tons of counter space and eat-in area! Family ...

2 Beds
2 Baths
180450 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.