Forclosures DEALS!

CLICK HERE to FIND a Bank Owned or REO Foreclosed Properties

REO means Real Estate Owned and Foreclosures are those properties which have been foreclosed upon and now being offered for Sale by the Bank and/or Asset Manager hired to handle disposing of the property.  Our own Hays Team has participated and managed several hundreds of these types of Transactions for Asset Management Companies and Banks.  We have the tools and resources to list these assets for sale and mange through the process of the myriad of details that follow the purchase transaction.  Our current market in Phoenix has changed to where there are now many more Short Sales being offered than Bank-Owned or REO properties.  This is an indication and acceptance that if the property can be sold via the Short Sale process, this process can be more effective for the Bank and for the neighborhoods as statistics have proven time and again that these transaction help to maintain property values at a higher rate than a foreclosure.  Not to mention the impact on neighborhoods that may have several of these properties which are not being maintained in the area.

Arizona primarily operates as a title theory state where the property title remains in trust until payment in full occurs for the underlying loan. Foreclosure is a non-judicial remedy under this theory. The document that secures the title is usually called a deed of trust, but in Arizona, this is also referred to as a trust deed. Arizona law also permits mortgages to serve as liens upon real property and for judicial foreclosures to occur through the courts. Because the power of sale provisions in trust deeds is a faster mechanism to effectuate foreclosure, this is the primary vehicle to foreclose. Lenders are prohibited by statute (ARS 33-729) from obtaining deficiency judgments in foreclosures where the land size is 2.5 acres or less and where the property was used as either a single one-family or single two-family dwelling.
A current look at REO info is available at the following link (Call me about this)

Whether you are a buyer interested in finding a foreclosed home or an Asset Management firm, call or email of Team of Professionals to assist you in this process.