Arizona Foreclosure Understanding The Foreclosure Language
Arizona foreclosure listings provide potential buyers with area properties which are in foreclosure. However, there are several stages to an Arizona foreclosure, and each stage has its own separate rules to follow. The world of foreclosures also has its own language, in this article we will attempt to discuss the words most commonly used when dealing with foreclosures and Arizona foreclosure listings.
The initial stage of an Arizona foreclosure is called the pre-foreclosure stage. This is the point in the Arizona foreclosure process when the home or property owner has defaulted or fallen behind on mortgage payments. This is the moment when the homeowner can be approached in an attempt to conduct a sale. An independent appraisal as well as viewing and inspection of the property can be easily arranged. Usually a distressed homeowner will prove to be very open and cooperative as the homeowner is attempting to avoid the negative effect of an Arizona foreclosure on his or her credit rating.
If the property isn't sold during its pre-foreclosure stage then the lender will attempt to sell the property via auction. In the case of an auction you need to know that usually the properties in question are not open for viewing, independent appraisals nor inspections. Also the properties sold at an auction have to be purchased with cash only.
The Redemption Period is a time period afforded to homeowners following the sale of their property at an auction. During this time the homeowner is allowed to secure funds or other financing in order to maintain ownership of their home prior to relinquishing residency and legal ownership.
Real Estate Owned or REO properties are properties which were placed on the auction block, but did not have a winning bidder. These properties are then returned to the lender who will have to take responsibility to sell the property or to have a real estate agent sell the property for them.
Any Arizona foreclosure listings should offer accurate and timely information and should also inform the prospective buyer of which stage of the Arizona foreclosure process the property is residing.