Foreclosure Resources from R.O.I. Properties: Buying a Foreclosure in Metropolitan Phoenix, AZ

R.O.I. Properties^® is dedicated to helping you get all of the information you need about buying a foreclosure in Metropolitan Phoenix, AZ.  The following foreclosure resources will teach you how to buy a foreclosure and share with you useful links that can help you in the process.

Buying a Foreclosure in Phoenix, Arizona

Find a Property

• Define your criteria – location, price range, age, size, condition, etc.
• Begin your search with R.O.I.’s free foreclosure lists
• Use a trusted REO broker with experience buying and selling foreclosures

Get Financing

• Contact a lender
• Work with the lender to find out what you qualify for
• Consider additional costs such as closing costs, fix up/rehab costs and carrying costs

Use an Agent

• Use a real estate agent with REO experience
• An experienced REO agent can identify properties, provide property comparables and valuations and make the transaction go as smoothly as possible

Is the 203k FHA Loan For You?

• The 203k FHA Loan gives buyers the opportunity to wrap rehab costs (up to $35,000 for a streamlined loan) into the purchase price
• Buyer must be an owner occupant (not an investor) to qualify (but property may consist of up to four units)
• Estimates from a licensed contractor must accompany all offers
• Use a certified 203k loan specialist to finance your offer
• Additional guidelines apply -- contact R.O.I. Properties^® for 203k Loan specialists

Paying Cash?

• Determine how much you want to spend
• Ensure the cash is liquid
• Provide proof of funds with your offer

Do Your Due Diligence

• Get a home inspection!
• Personally visit the home before making an offer
• Get an estimate of repair costs from a licensed contractor
  

Write Up the Offer

• REOs are sold “As Is” and “Where Is” with no seller representations or warranties – most sellers require a signed addendum to this effect
• The bank generally will not do repairs
• The simpler the offer, the better
• Put money down and provide proof of funds
• Response time is generally 3 – 5 business days, although it can be longer
• Seller designates title company
• No SPDS or CLUE report

6 Pitfalls to Avoid When Buying a Foreclosure in Phoenix, Arizona

• Lowballing when you actually want the home
• Not knowing your estimated repair costs
• Failing to visit the home before making an offer
• Not getting a home inspection
• Writing a complicated offer
• Attempting to change or modify the offer after acceptance by the seller

Useful Links:

Research

• The Cromford Report is best source for accurate and timely REO statistics in Maricopa County
• The Ultimate Information System’s New Homes Guide 

203K FHA Loans

• Mac Homes
• TDC Interiors
• HUD
• FHA Info

Neighborhood Stabilization Program

• Neighborhood Stabilization Program (NSP) – helps families purchase foreclosed homes at a discount
• City of Phoenix

Phoenix Area Information

• Maps
• Schools
• Phoenix Golf Courses
• Phoenix Attractions
• Phoenix Weather
• The Arizona Republic

Phoenix Jobs

• Jobing.com
• Phoenix Business Journal
• ArizonaJobs.com
• Career Builder

If you are interested in buying a foreclosure in Phoenix, Arizona, contact ROI Properties today!