Are there still lender or bank owned homes are available for sale in the Phoenix metro area market? The answer is yes, but not that many. Read on for details...
These homes are also known as REO (Real Estate Owned) and have gone through a trustee auction process and have been forelcosed on by the lender. These available listings are down from previous years but are still there for a buyer looking for a deal. Prices for these homes are typically lower than a short sale or a traditional sale. Repeat...these lender owned homes are typically priced lower than traditional sale homes on the market but will need more work to bring them to their previous glory. If you are looking for a bargain and to see these see available homes with pictures and maps and details: lender or bank owned REO homes currently for sale in the Phoenix metro area market.
Lender, bank owned or REO homes for sale are still available in the Phoenix metro
Lender or Bank Owned Homes For Sale in Phoenix Arizona Metro Area
To view these lender or bank owned REO homes currently for sale in the Phoenix metro on a full page view see the link
Advantages of Purchasing a Bank Owned Home
The averabe detached home in the Phoenix metro is priced at about $297,000. Lender owned homes are priced lower on average but will need some work. Buyers that finance with an FHA loan need a 3.5% down payment and can apply for an FHA 203K loan to help with home fix up costs which are often needed. Mortgage rates are still low making buying a lender owned home an interesting possibility.
Compare Bank Owned to a Trustee Auciton
Another possibility for a buyer is buying a home at trustee sale auction, hower cash is needed and there is no opportunity to inspect the property and exit the purchase. Finding and acquiring a lender owned home through a buyer's Realtor provides the additional safety of being able to inspect the home and exit the contract if the inspection is not acceptable to the buyer.
Short Sales
Another alternative to a foreclosure home is a short sale home although there are few of these available now, but they do exist. Banks often now prefer to dispose of their non performing inventory of homes in a short sale rather then taking the home back and selling themselves. Short sales have a longer close wait time, but the homes are often in better condition than a lender owned home and the prices are often still better than a traditional sale. The owner still owns the home and can provide their seller property disclosure on a short sale which is not the case with a foreclosure home that has already been taken back by the lender and the former owner is out of the picture. To see pictures, details and map locations of Short Sale" homes for sale in Arizona A buyer may inspect the home in a short sale and exit the contract if the inspection does not work out.
More Information on Lender or Bank Owned Homes in Arizona
Feel free to contact me or learn more information about "lender owned homes for sale in Arizona" if you have questions.
Happy Living in Scottsdale and the Phoenix Arizona Metro Area
Jeff Masich, REALTOR® describes Scottsdale area living and real estate
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MLS Search for homes for sale in Scottsdale
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To learn more about Scottsdale living and to see homes for sale: Scottsdale and Homes For Sale or Arizona Homes For Sale.
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