Gilbert Foreclosures
Foreclosures and bank-owned properties have become a first stop during home searches in today's turbulent market. Ironically, there's no guarantee that buying a foreclosure will save money compared with buying the traditional way. Discounts vary tremendously depending on where you live, and how you buy the home. And as far as pricing goes, many foreclosed homes are priced higher than market value because sellers are trying to pay off the mortgage and cover taxes and transaction costs.
"As Is, Where Is" These homes usually sell "as is," meaning the lender doesn't guarantee the condition of the property and the buyer is responsible for all repairs. Here in Arizona, the bank will typically pay a contractor to "trash out" the house, meaning clear out all debris and left-behind furniture. They may also try to get the lawn and pool under control, but most repairs will be left for the buyer.
Financing. Unlike buying at auction, you can usually get a traditional mortgage for an REO, and banks trying to sell foreclosures sometimes offer highly competitive financing packages to buyers, including low down payments and attractive rates.
The best way to begin your foreclosure research is by contacting us. We will guide you through the whole process, and help you find a home that suits your needs. Contact us today at 480-269-0625 for more assistance.
Foreclosure Resources:
Fannie Mae Foreclosures
Home Search
Gilbert Zip Codes
