Guide to Purchasing Phoenix Arizona Foreclosures

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Over 1 million people call the city of Phoenix home. Phoenix is the Arizona state capital as well as an example of the proverbial American melting pot. There are people living in the city from all different backgrounds and cultures. There are other reasons why you may want to consider purchasing a home in the Phoenix area.

Why Phoenix?

Arizona is a hot dry climate, but the weather is beautiful year round. The humidity is also relatively low throughout the year. Because of the great weather and low cost of living, many people have been moving to the city and its suburbs. In fact, over 21% of the population is aged 65 or older.

Several universities are located in the area including Arizona State University. ASU is also a leading employer of the local population. Phoenix also has various sporting arenas. Phoenix is also close to other cities in Arizona, and is only a few hours away from Las Vegas and San Diego.

The Housing Market

Housing values in the area have actually remained quite high despite the housing crunch experienced in other parts of the country. In 2009, mortgage foreclosures were at an all time high in the city of Phoenix. About 3 out of every 4 properties that sold were foreclosures. Since that time, the number of foreclosed homes has actually dropped to a little bit over half of the homes. This is good news if you are looking to purchase a reasonably priced home in the Phoenix area but can’t afford to purchase a home.

Purchasing one of the many foreclosures can be a good way to get the home you want at an affordable price. However, you will need to do your homework. When considering purchasing foreclosures, you should understand the state and local laws. You may want to hire a real estate agent that is experienced selling foreclosures and short sales in the area. If you do not want to hire a real estate agent, you will need to retain an attorney to draw up any agreements you may need.

Before you look at any foreclosures, you will need to decide how much you can afford to pay. This is especially true if you do not have a real estate agent. There are many online calculators that can help you with this task.

Once you have decided how much you can afford to pay, make a list of the properties that meet your qualifications. You may be able to find the listings online or at the county courthouse.

Purchasing a Foreclosed Home

When viewing the house, take someone with you who knows about home inspections. Make an honest assessment of all the things that will need to be fixed and determine how much that will cost. Factor these costs into the amount that you are bidding on the home. Then, place an offer on the home.

Hopefully, your offer will be accepted and you can work on closing the deal. If you are acting as your own agent, you should go to a lawyer to have the proper paperwork drawn up to finalize the deal. After the paperwork has been completed, you can start packing your things and getting ready for your move!

Phoenix Arizona Foreclosures – If you’re interested in buying a foreclosed home in the Phoenix area, Paielli Realty can help.

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