Understand Foreclosure Lingo Before Purchasing an Arizona Foreclosure Property
September 14, 2008
Arizona foreclosure listings will provide you with area properties which are in foreclosure. However, did you realize that there are several stages to foreclosure, and each stage has its own separate rules to follow. The world of foreclosures has its own language, in this article we will attempt to discuss the words most commonly used when dealing with foreclosures and foreclosure listings.
Preforeclosure - This is the initial stage of foreclosure. At this point in the foreclosure process the home or property owner has defaulted or fallen behind on payments. At this point, the homeowner can be approached in an attempt to conduct a sale. An independent appraisal, viewing of the property as well as inspections can be easily arranged. Many times a distressed homeowner will be very open and cooperative as the homeowner is attempting to avoid the negative affect of a foreclosure on his credit rating.
Auction or Trustee Sale The lender is attempting to sell the property via auction. Buyer beware, many times the property is not open for viewing, independent appraisals nor inspections. Additionally, properties sold at auction or a trustee sale must be purchased with cash only. At times the homewoner has refused to leave the property also causing additional grief for the new owner. A redemption period may also be attached to a property in the auction or trustee phase of foreclosure. Auctions may be the place to get a good deal, however, it does not come without risks.
Redemption Period This is a time period afforded to homeowners following the sale of their property at a auction. During this time, the homeowner is allowed to secure funds or other financing to maintain ownership of their home prior to relinquishing residency and legal ownership.
REO or Real Estate Owned - REO properties are properties which were placed on the auction block, however, did not have a winning bidder. These properties are then returned to the lender who will take on the responsibility to sell the property or have a real estate agent sell the property.
Arizona foreclosure listings should give you accurate, timely information and should inform you of which stage of foreclosure the property is residing.
Bob Smith regularly writes for E-ForeclosureSearch. If you want more information on Arizona Foreclosure Listings and other real estate- related topics, you can visit http://www.e-foreclosuresearch.com/
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