subject: Az Foreclosures Push Supply Up To Historic Levels [print this page] AZ Foreclosures AZ Foreclosures
Arizona foreclosures have continued to be amongst the highest in the United States during the recent economic downturn. Behind Nevada, Arizona was the second leading state in July of 2010 with the amount of new foreclosed homes that hit the market. In Scottsdale and Phoenix, Arizona foreclosed homes on the market have reached record amounts. At one point in 2008 there was a 534% increase in the amount of AZ foreclosures listed in Phoenix. With so many homes in foreclosure investors are now poised to step in and take advantage of the situation.
AZ foreclosures not only affect home owners who lose their home but also other people who own homes in the area. With so many foreclosures, property values begin to plummet and other owners lose equity in their homes. This also affects people who may be trying to refinance their homes as banks will not lend them money if the homes do not have the necessary equity. In Arizona, foreclosures also have an influence on new home sales as buyers will be looking for discounts on property and unwilling to pay huge amounts of money for a new home.
If you are looking to invest in real estate then buying an Arizona foreclosure would likely be a wise investment on your part. As banks are looking to get rid of the large amount of inventory they have on hand they are selling inventory via auction so buyers who have cash to spare will be able to get deals on Arizona foreclosures. When banks have to foreclose on property they are already taking on a loss on the home and therefore are willing to sell it at a discounted price.
If you are interested in buying AZ foreclosures then you must be willing to move quickly on the property by contacting an acquisition specialist. Property listed for under $100,000 will likely have multiple bidders so you must make sure you are ready to move and submit a bid when you see a home listed for a price you like. If you want to get a jump on buying an Arizona foreclosure then you will want to work with an acquisitions specialist who can give you a head start. Acquisitions specialists will have access to lists which have pre-foreclosed homes on them. From these lists the acquisitions specialist will be able to tell you when a home will be foreclosed.
To get started on AZ foreclosures then you should contact an acquisitions specialist, one that has been in the market for some time and knows which homes are the best bargains when they hit the market. Don't make the mistake of thinking that going to the Trustee's Sales and bidding is all there is to it - it takes months of tracking and a team of at least 6 full-time skilled specialists to be successful in this highly competitive arena.
Keep in mind that foreclosure property can be used as rentals or as quick flips to other buyers. Properties which are selling for cheap and only need minor repairs will be the best properties to invest in as you can flip them relatively quickly. However if you are cash rich you can also hold the properties until the market corrects itself, and in the mean time, you can be making 15 to 25% cash-on-cash returns in a high-demand rental market.
