Welcome to “BankPropAZ” a Buyer Service provided to you by Principal Realty. Principal Realty has access for our clients to buy properties at any stage in the Pre-Foreclosure, Foreclosure Auction or REO/Lender Owned process. More importantly, we have assisted numerous clients and are experts in buying these types of properties. Principal Realty puts our clients first in providing full disclosure on items that should be taken into consideration when buying a Pre-Foreclosure, Auction Property or REO/Lender owned property. Please contact us if you have any questions regarding buying a property in Arizona. There is no obligation and we do not charge any fees to our buyers for this service.
Please click on the Search Property tab above to search the most current Pre-Foreclosure and Lender Owned (REO) properties located in Arizona. You can also modify and save your search to accommodate your specific needs, i.e. Location, Price, # of bedrooms, etc. You will also be automatically notified as soon as a property becomes available that matches your exact criteria.
Please click on the Search Property tab above to search the most current Pre-Foreclosure and Lender Owned (REO) properties located in Arizona. You can also modify and save your search to accommodate your specific needs, i.e. Location, Price, # of bedrooms, etc. You will also be automatically notified as soon as a property becomes available that matches your exact criteria.
How to Buy a Pre-Foreclosure, Foreclosure Auction or REO/Lender Owned Property?
Whether you are buying a property for your personal use or investment, you need to understand the terms in buying a property of this type. Pre-Foreclosure is simply a property that Notification of Foreclosure has been issued, but the property has not been sold at the Foreclosure Auction. This is issued due to the current Homeowner not making satisfactory payments to their Mortgage Company, and the Mortgage Company has elected to pursuit foreclosure. The Foreclosure Sale according to Arizona Revised Statute 33-807 cannot occur less than 90 days of recording of notice of the sale. It is possible the sale to occur on the 91st day after notification, but we have seen a lot of these sales being postponed due to the bank working with the current homeowner in an attempt to modify their existing loan, the seller and bank working diligently with a new buyer to purchase the property or there can be a variety of other reasons for the sale date to be postponed. The Foreclosure Auction is the actual sale date of the property when the current Homeowner’s rights to the property are severed. Typically the Mortgage Company will notify the Trustee (the one handling the auction on behalf of the mortgage company) 24 hrs prior to the Foreclosure Auction date to confirm the sale and the opening bid for the property. The Foreclosure Auction is different than the Auction Road Shows you see advertised on TV. Foreclosure auctions can occur at the property, the courthouse or the trustee’s office that has been appointed to conduct the auction. At the auction, it is common for bidders to place a $10,000 refundable deposit with the trustee in order to bid, and the highest bidder receives a certificate of sale. The remaining balance of the purchase must be paid in full by 5pm the following day at which time the trustee transfers ownership by Deed to the property within seven days. As mentioned earlier, there is a minimum bid that the Mortgage Company requests, if the Mortgage Company fails to receive the minimum bid at the Foreclosure Auction, the property will then revert back to the Mortgage Company as the new owner, this is also known as a REO(Real Estate Owned) Property or Lender Owned Property.
