Phoenix Arizona Foreclosures.

By
Real Estate Agent with DeLex Realty

Phoenix Arizona Foreclosures.  Maricopa County Foreclosures.

For Free access to Phoenix Arizona Foreclosures visit:  http://www.buy623.com

Provided
by Daniel McCarthy - (623)628-7372 or dan@buy623.com

Lately I have been spending a lot of time writing about bank owned homes, phoenix foreclosures, and pre-foreclosures.  Today I wanted to write about the nuts and bolts, the numbers, and the figures.  I am going to be taking information from ARMLS (Arizona Regional Multiple Listing Service) and giving some figures to all of you statistic people out there.  Please understand that this information is intended to be accurate, but is not guaranteed.  Neither ARMLS nor am I to be held responsible for the opinions or choices you make from this information that is intended to be accurate (I blog at night, I could have made mistakes).  Due to the volume of Foreclosures in Phoenix Arizona, I would like to discuss completely foreclosed homes in certain cities in Maricopa County.  These properties that I am referring to would be searched under lender owned property in ARMLS.     

I am writing this for you the potential real estate buyer in Arizona, this is a breakdown of phoenix Arizona foreclosures and the surrounding areas.  This is a guide for you the buyer to have data in front of you, so you do not have to do the research yourself (would you want to do this research, probably not but you may enjoy detailed information like I do).

I am going to be discussing March and April 2008.  Below is going to give information of the total number of lender owned homes/foreclosures that sold in Phoenix Arizona and surrounding areas for March and April.  The total number of lender owned homes/foreclosures that are currently on the market or active on ARMLS in Phoenix Arizona, and surrounding areas.  Also further down some things to look out for when buying a foreclosed home in Phoenix Arizona from a lender. 

In March 2008 - Phoenix Arizona - 176 foreclosed or lender owned homes sold.
In March 2008 - Glendale Arizona - 44 foreclosed or lender owned homes sold.
In March 2008 - Peoria Arizona - 34 foreclosed or lender owned homes sold.
In March 2008 - Surprise Arizona - 72 foreclosed or lender owned homes sold.
In March 2008 - Buckeye Arizona - 18 foreclosed or lender owned homes sold.
In March 2008 - Scottsdale Arizona - 39 foreclosed or lender owned homes sold.
In March 2008 - Cave Creek Arizona - 9 foreclosed or lender owned homes sold.
In March 2008 -Gilbert Arizona - 61 foreclosed or lender owned homes sold.
In March 2008 - Tempe Arizona - 11 foreclosed or lender owned homes sold.
In March 2008 -Mesa Arizona - 77 foreclosed or lender owned homes sold.
In March 2008 - Chandler Arizona - 51 foreclosed or lender owned homes sold.

In March 2008 - In Maricopa County Arizona 762 foreclosed or lender owned homes sold.

To give you an idea in March of 2007 only 70 lender owned homes sold in Maricopa County.  I had to do that search over and over again to make sure I did it right.  That would mean lender owned homes or foreclosed homes in March of 2007 in comparison to March of 2008 have increased tenfold.  If you continue to read on I am going to do the same searches for April, and following I will give some good information about what to expect when buying a foreclosed home from a lender. 

In April 2008 - Phoenix Arizona - 256 foreclosed or lender owned homes sold.
In April 2008 - Glendale Arizona - 60 foreclosed or lender owned homes sold.
In April 2008 - Peoria Arizona - 48 foreclosed or lender owned homes sold.
In April 2008 - Surprise Arizona - 87 foreclosed or lender owned homes sold.
In April 2008 - Buckeye Arizona - 19 foreclosed or lender owned homes sold.
In April 2008 - Scottsdale Arizona - 49 foreclosed or lender owned homes sold.
In April 2008 - Cave Creek Arizona - 1 foreclosed or lender owned homes sold.
In April 2008 -Gilbert Arizona - 66 foreclosed or lender owned homes sold.
In April 2008 - Tempe Arizona - 10 foreclosed or lender owned homes sold.
In April 2008 -Mesa Arizona - 84 foreclosed or lender owned homes sold.
In April 2008 - Chandler Arizona - 54 foreclosed or lender owned homes sold.

In April 2008 - In Maricopa County Arizona 948 foreclosed or lender owned homes sold. 

In April of 2007 only 77 lender owned homes sold in Maricopa County.  In one year's time in the exact month foreclosed homes selling on the market has skyrocketed in Phoenix and the surrounding areas.

Currently on the market:

Phoenix Arizona - 2,037 foreclosed or lender owned homes Active, and Pending.
Glendale Arizona -492 foreclosed or lender owned homes Active, and Pending.
Peoria Arizona -265 foreclosed or lender owned homes Active, and Pending.
Surprise Arizona -388 foreclosed or lender owned homes Active, and Pending.
Buckeye Arizona -202 foreclosed or lender owned homes Active, and Pending.
Scottsdale Arizona -237 foreclosed or lender owned homes Active, and Pending.
Cave Creek Arizona -27 foreclosed or lender owned homes Active, and Pending.
Gilbert Arizona -313 foreclosed or lender owned homes Active, and Pending.
Tempe Arizona -52 foreclosed or lender owned homes Active, and Pending.
Mesa Arizona -534 foreclosed or lender owned homes Active, and Pending.
Chandler Arizona -259 foreclosed or lender owned homes Active, and Pending.

Total in Maricopa County Arizona you have 6,134 Active and Pending foreclosed or lender owned homes on the market out of a total of 54,425.  According to that you have approx. 11% of the active market in Maricopa County being foreclosures. 

The question I always get asked is "have we hit bottom?".  Folks I think for anyone to answer that question at this point would be an undertaking.  I am not a fortune teller, although I feel my intuition is great I do not want to breach that subject at this time.  Regardless you can buy a home now, and there are great lending programs for buying, so if you like an area and can see yourself being there for a while, I think buying a home is a great investment right now. 

Ok I would like to go over a few things that I am seeing now when buying a Phoenix Arizona Foreclosure.

Step 1: You see a home on the internet.
Call a realtor.  Have them call the agent and find out if the home is still available.  Even though it says that it is active, the lenders are pricing these homes to sell fast, and the listing agents are having a hard time.  So you must know if the banks are already in verbal acceptance with an offer already.  You do not, and I repeat do not want to fall in love with a home you cannot get. 

Step 2: The home is available, and you want to get inside the home with your realtor.
Great!!  In some, not all, some cases you will see that the home is missing washer, dryer, refrigerator, stove, and in some cases, AC unit, water heater, light fixtures, etc..  So understand you may walk into a home that needs some money just to move into.  Many foreclosures need money to reach FHA standards, so make sure you understand the loan you are applying for as well.   Using a FHA loan to buy a foreclosure may cause obstacles.

Step 3:  You want this foreclosure.
Ok this can get sticky.  You are going to be writing a purchase offer on the home.  If your offer gets accepted by the lender they are going to send over their own lender addendums.  Their addendums in most cases supersede the original contract you have drafted.  Please go through the bank addendums with your realtor.  I can tell you I see a set of bank addendums every day; they can be scary for you the home buyer.  Make sure you are comfortable buying a home under the terms.

Step 4:  Buy that house.
In the future blogs I post I will go into more detail of bank addendums and what I am seeing until then give me a call, I would be glad to talk about the most common things I am noticing.  Bank owned homes or cooperate owned homes make up a huge amount of inventory on the market.  If you have never bought one before I can tell you that it is a different beast.  When buying a foreclosed home in Phoenix Arizona, you are going to be playing by a different set of rules.  I look over a bank contract every day.  None are exactly the same.  This is not like filling out a contract on your terms.  The banks own the homes, they need them off their books, they price the homes to sell, and you have to play by their rules or they will find somebody else who will.  I know the banks rules and I understand what they are trying to do.  I understand that these banks are taking loses that are unfathomable.  Phoenix Arizona Foreclosed homes have different contracts, different penalties if you fail to perform.  In closing I am not suggesting that it is a problem for you the home buyer.  In many cases the lenders have been much better to work with then the homeowners themselves, but I as a real estate agent who has paid my dues, knows what the banks want to see.  I have built relationships with many of the bank real estate agents, and they know that when we are working with home buyers it is a good deal.  I know how to help you buy a foreclosure home in Phoenix Arizona.

We are ready for your business in 2008, we know who is selling, we know how to handle bank owned homes and foreclosures in Phoenix Arizona, and we do it every day.  In addition we are building something the likes of which have never been seen before in real estate.  For the last 8 months we have set our office inside Wal-Mart the largest retailer in the world.  The reason for that move is to build a real estate team that will spread to other Wal-Marts with the purpose of convince and innovative marketing for our clients.  When you decide you want us to sell your home, we are inside Wal-mart 65 hours a week, and that is mandatory from Wal-mart cooperate.  We love this for our clients because you can see us and get us face to face practically anytime you want.  Also there are thousands of people who can see your home for sale inside their store on foot.  If you decide you want us to help you buy a home, once again we are there 65 hours a week, come in a see us talk to us about the market, look at MLS with a actual real estate agent.  When you buy come on in and talk to us about what is going on in your transaction.

In closing the point of this blog was to help you as a potential home buyer buy or help you decide if you want to buy a foreclosure home in Phoenix Arizona.  The last thing I would like to mention if foreclosures make up only approx. 11% of the market, and about 7%-10% of homes on the market sell each month, the lender owned foreclosed homes are not the majority.  It is a buyer's market but the current trend is the lenders are pricing the homes to sell fast, and most buyers are looking for foreclosures, so do not be surprised if your realtor says this home is going to sell fast, it is not a gimmick most bank foreclosed homes are being sold very fast.  

Once again this information provided was researched using ARMLS, deemed reliable but not guaranteed

Daniel McCarthy           
623-628-7372
www.buy623.com
dan@buy623.com

Call with questions about Phoenix Arizona foreclosures.             
 

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