Phoenix Foreclosure Information
A Phoenix Foreclosed Home is a property also known as a Bank Owned, Lender Owned, or Real Estate Owned Home. These Foreclosed properties once received back to the bank are listed on the MLS by listing agents selected by the Banks, Fannie Mae, or Freddie Mac. These properties normally get multiple offers which result into bidding wars. Not all properties have bidding wars but some do.

The Purchase Contract on a Phoenix Foreclosure
After the bank approves the terms of the original purchase contract they draw their own contract that superceeds that original contract, which is a contract of their own. Please make sure that when you get the bank’s contract that you review it to make sure that the terms that were agreed on are the same because once you execute their contract that is the contract.

Title on Phoenix Foreclosed Homes
The Banks normally select their own Title company or will use a servicer or a third Party company.

AS-IS Addendums on Phoenix Foreclosed Homes
Most bank Owned properties are sold AS-IS meaning they will not fix anything on the property, but in some cases if the buyer is going through FHA financing and the home has to clear those guidelines they might fix those issues just to get the house off their books.

Do you get better deals on lender owned properties?

That Question is tough to answer, sometimes you do and sometimes you don’t.I’ve seen Foreclosure properties get listed at a lower price than the sold price, I’ve also sold homes a lot less than the listed prices. I guess you just have to play the game and jump into the mix with the rest of us.

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