Understand Foreclosure Lingo Before Purchasing An Arizona Foreclosure Property
Arizona foreclosure listings will provide you with area properties which are
in foreclosure. However did you realize that there are several stages to
foreclosure and each stage has its own separate rules to follow. The
world of foreclosures has its own language in this article we will attempt to
discuss the words most commonly used when dealing with foreclosures
and foreclosure listings.
Preforeclosure This is the initial stage of foreclosure. At this point in the
foreclosure process the home or property owner has defaulted or fallen
behind on payments. At this point the homeowner can be approached in
an attempt to conduct a sale. An independent appraisal viewing of the
property as well as inspections can be easily arranged. Many times a
distressed homeowner will be very open and cooperative as the
homeowner is attempting to avoid the negative affect of a foreclosure on
his credit rating.
Auction or Trustee Sale C The lender is attempting to sell the property via
auction. Buyer beware many times the property is not open for viewing
independent appraisals nor inspections. Additionally properties sold at
auction or a trustee sale must be purchased with cash only. At times the
homewoner has refused to leave the property also causing additional grief
for the new owner. A redemption period may also be attached to a
property in the auction or trustee phase of foreclosure. Auctions may be
the place to get a good deal however it does not come without risks.
Redemption Period C This is a time period afforded to homeowners
following the sale of their property at a auction. During this time the
homeowner is allowed to secure funds or other financing to maintain
ownership of their home prior to relinquishing residency and legal
ownership.
REO or Real Estate Owned REO properties are properties which were
placed on the auction block however did not have a winning bidder.
These properties are then returned to the lender who will take on the
responsibility to sell the property or have a real estate agent sell the
property.
Arizona foreclosure listings should give you accurate timely information and
should inform you of which stage of foreclosure the property is residing.
About the writer: Bob Smith regularly writes for EForeclosureSearch. If you want more information on Arizona Foreclosure Listings and other real estate related topics you can visit www.eforeclosuresearch.com/.
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