There is a staggering increase percentage wise of homes coming into the Arizona foreclosures listings this year compared with last year. The greater part of default notices are on homes near the outskirts of Phoenix, in Maricopa County. The Phoenix metropolitan area, the 13th largest in the nation, is home to more than 4 million, the land aplenty on the edge of this sprawl drove a demand for housing that many borrowers can no longer afford, and the short-term forecast is for more of the same.
Across the state the story continues, rising mortgage payments, little or no price appreciation restricting refinancing attempts, and mounting housing inventories keep Arizona in the top ten states in terms of numbers of foreclosures. Investors are now returning into a market where the baton has passed from the seller to the buyer; how does a new investor or home buyer seeking best advantage in a distressed price home get an edge over the competition?
For starters, know your desired location and the intricacies of the foreclosure market. Understand the pros and cons of each of the three phases of foreclosure especially when adequate liquidity and pre approved financing is a requirement to bid. Read up the useful briefs on foreclosure law provided by most good online listings services. Most importantly set yourself some strategic objectives and translate them into budget limits. Many's the new investor who has got carried away in the heat of the bidding and has ended up paying market price for a formerly distressed price foreclosure or more.
Sign up for access to a reputable listing service. With the numbers and choice of foreclosures in many counties and neighborhoods, you will not survive long out there without this essential tool of trade. Once you have determined availability by property type, price range and location, your search result can be further refined by size and age of the property, by the length of time in the listings (it is usually recommended that you start with the newest listings).
Then start that essential legwork, get into your car and view for yourself. From the curb of course. Not sure about the neighborhood? Make sure you drive by at dusk and at weekends. Check out the make and year of the cars in driveways. These and many more helpful tips to get you away to a head start, available on most good listing sites, make your subscription real value for money, just like those foreclosures in your sights.
