Many consumers look at buying a foreclosure or a pre-foreclosure home as a means of profiting off another person’s misfortune. But the truth is that the real estate and financial issues of the seller will only get worse if the home is not sold before they are evicted and the home is taken back by the lender. In fact, it is really a benefit for the homeowner to have the home sell during pre-foreclosure. That will have less of an adverse effect on their credit than a full foreclosure. So it will be helping the homeowner and you because you can get a great deal on a pre-foreclosure home in Arizona. Many homes in pre-foreclosure sell for as much as 40% less than market value.
Once you select the area in which you would like to purchase a property, make sure that homes are selling in the area and that you have an idea of the overall condition of the real estate market in the area. It does you no good to purchase a home at a great price if you will be unable to sell it after you have completed repairs and renovations. With knowledge of the area and the market you are now able to look at specific homes to find one that you feel will be a good investment.
You might encounter difficulty in contacting the owner. Most pre-foreclosure homes are not vacant but the residents will not answer the door because they are avoiding their lender and other creditors. It is best to slide a note in the door telling the homeowner that you are interested in purchasing the home and giving them your contact information. You can also attempt to get contact information from the lender. Some local real estate agents who specialize in foreclosure and pre-foreclosure might also have contact information for the owners. Visit www.azrealestatewholesale.com to learn about the services that they offer and how they can help you to purchase a pre-foreclosure home in Arizona. Having the experience of a professional is a great way to learn the process of purchasing during a foreclosure or pre-foreclosure and it assures that your transaction will be as smooth as possible. With three parties involved, the buyer, the seller and the lender, it can be a more complicated process than a conventional sale. But it could end up being a great investment for you and it will also be good for the homeowner to be relieved of their debt to the lender.