Sharing two things you need to consider when buying a foreclosed home.

How do you find and buy a foreclosed home? Purchasing a foreclosed property can be a great way to get a good deal. Foreclosed homes are houses that have been repossessed by the bank when the owner failed to make mortgage payments. Here are the two main methods to buy a foreclosure:

1. Auctions. Foreclosure auctions take place at an attorney's office or the courthouse steps in Arizona. To participate, you'll need to register beforehand and have $1,000 to $5,000 available for bidding. If you win the bid, that amount serves as your earnest money, and it's non-refundable. Keep in mind that many of these properties are sold without being seen beforehand.

“To purchase a foreclosure at an auction, we can assist you by connecting you with a reputable bidding service.”

2. Buying from the bank. Lenders usually sell their foreclosed properties through real estate brokerages on the Multiple Listing Service (MLS). Although there are some exceptions, they are rare and complicated.

To purchase a foreclosure at an auction, we can assist you by connecting you with a reputable bidding service to guide you through the process. On the other hand, when buying from the bank, they typically engage REO agents who cannot represent buyers for their listings. However, at Good Company Real Estate, we specialize in investments and have strong relationships with these agents. We exclusively represent buyers in such transactions, which is crucial for securing the best deals.

While foreclosures might seem attractive, it's worth noting that the number of foreclosures in Maricopa County is currently at an all-time low, despite what you might hear at real estate seminars. There are alternative ways to find good deals, though they require considerable effort. We can do the heavy lifting for you. Feel free to call or email your Good Company agent today if you're interested in buying a property for a deal. We look forward to hearing from you.