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In a recent report published by Arizona State University’s Realty Studies Department, home sales in Pinal County have gone up and a larger part involves foreclosed homes for sale.
According to the study out of the 2,100 sales that were recorded in the second quarter of 2008, 845 were homes involved in foreclosures, constituting 40% of the sales. In the first quarter it was 47% with 1,680 sales taking place.
With a visible increase in overall sales over the two quarters it is clear that more houses have started to sell.
Homes not involved in foreclosure are known to sell for more than homes in the same neighborhoods which are involved in foreclosures. With foreclosure homes selling for less than their market values they present an appealing option for prospective home buyers.
Homes can be bought at various stages of the repossession process. A ‘short sale’ is where the buyer would have to deal with a home owner facing foreclosure. Foreclosed homes are first sold at auctions and if they do not end up selling at the auction, the title of the home is then transferred to the lender (REO properties).
If choosing to opt for a house involved in foreclosure, the buyer should check on unpaid property taxes, secondary loans taken out on the property and the title of the property. Homes in the process of repossession more often than not sell for less than their market values, with no bank particularly keen on foreclosing a home.
Auctions are best left to the more experienced home buyers. However if a first time home buyer does intend to buy at an auction, a fair amount of research should go into the process, as these houses are not subject to inspection before the auction and are sold on an ‘as is’ basis.
Bank owned (REO) properties are considered to be a safe bet as prior arrears on the property are taken care of during the foreclosure process. These too, usually sell for lesser than the market value.
The stage of foreclosure the home buyer is looking to purchase notwithstanding the process should involve going through all possible avenues to find the right home.
HUD Fair Housing Equal Opportunity