Foreclosure properties have dropped a little since the start of the economy situation but there are still fabulous deals to be had. The following are some tips and information you need to know if you are considering buying a foreclosure in Flagstaff real estate.
Be sure that the home you buy will be worth it in the end. You don't want to spend all your time and money fixing up repairs if it won't add to the value later on. It's a fine line to weigh. Be aware of the foreclosure process, the risks and the timing necessary to close the deal. As your agent and a seasoned professional, I have indepth knowledgable in all aspects of buying and selling a foreclosed home. If you have any questions please don't hesitate to ask.
The foreclosure process begins when a property owner misses up to 3-4 mortgage payments. The homeowner will receive a notice of foreclosure from the lender. If the home cannot be sold or paid up within a certain amount of time, it returns to the bank to which now they must sell and try to recoup the costs. You will be dealing with a bank throughout the foreclosure and it may take longer than a typical sale.
You can buy the home under a short sale which is actually opposite of what it sounds like. A process in which the bank accepts offers on the home this can take up to 6 months as there are numerous parties involved now. (Learn more on short sales from our Las Vegas real estate affiliate)
Another way to purchase a foreclosure is through an auction. But this requires cash on hand and is really only for experienced investors who buy and sell Flagstaff real estate as a living. It can be a great opportunity for a great bargain.
You can also buy an REO meaning a "real estate owned" property in which the auction was unsuccessful and the bank took hold of the property to sell traditionally. These home can run between 10-20% less than market value but will usually need some updates and repairs. It might be a good idea to bring a contractor along to find out what kinds of repairs are needed and what they will cost before you make a offer.
The key to successful foreclosure buying is to be educated, be thorough and be unemotional about the property you purchase. (Visit our St. George real estate connection for more on purchasing property)
For more info on foreclosed homes in the Flagstaff AZ real estate area submit this form and I would be happy to assist you with all your buying and selling needs.
to spend all your time and money fixing up repairs if it won't add to the value later on. It's a fine line to weigh. Be aware of the foreclosure process, the risks and the timing necessary to close the deal. As your agent and a seasoned professional, I have indepth knowledgable in all aspects of 
