Sedona, Arizona Foreclosures:
Pre-Foreclosures Can Be a Better Bargain than Foreclosures
First, it is important to know what the foreclosure process is all about. In the state of Arizona, the most common type of foreclosure is the non-judicial foreclosure. This means the process is administered without court supervision, which greatly streamlines the time frame while still protecting the rights of the Lender and the Borrower.
This type of foreclosure is enabled through the Deed of Trust which contains a Power of Sale clause. This clause provides a strict procedure and timeline of notifications for the Lender to follow in taking back the property and putting it up for sale in order to satisfy the outstanding debt.
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Non-judicial foreclosures in Arizona consists of three basic steps:
- Filing a Notice of Sale - After a delinquency period of 40-120 days, the Lender requests the Trustee (in charge of the proceedings) to file a Notice of Sale.
- Sales Date is Set – At least three months after Step 1, the Trustee sets a date and time for the sale.
- Trustee’s Sale – An auction is held on the steps of the county courthouse. If the minimum bid is not met, the property reverts back to the Lender and can then be purchased directly from the Lender.
As one can see, Step 1 and Step 2 can be considered Pre-Foreclosure. This is an ideal time for the Borrower to consult with a reliable real estate agent and become a Seller. Properly priced, the property can usually be sold prior to being put up for auction, with theSeller/Borrower walking away with the equity in his/her pocket and a credit rating free of the damaging effects of a foreclosure.
The IDEAL time to consult with an experienced Sedona Real Estate agent
is during the PRE-FORECLOSURE time period.
The Pre-Foreclosure time can be an opportune time for a Buyer/Investor to make a wise purchase. More often than not, there is a greater bargain to be had before the bank takes ownership of the property and puts it on the market at market value.
Right now foreclosures are on the rise nationally, and Sedona and the Verde Valley are not exempt. In fact, in Sedona and the Village of Oak Creek, there have been 42 notices of pre-foreclosure and 25 foreclosures of banked-owned properties reported in the last 12 months.
I specialize in a service that notifies me when Borrower/Owners receive a Notice of Sale in Sedona, Cornville and Cottonwood. I am therefore able to bring Buyer/Investors to a property that has not yet been listed and the Owner is open to a reasonable offer.
I welcome your call (928 300 5050 direct) or email (Lee@LeeCongdon.com) if you are interested in exploring further in the area of Pre-Foreclosures and Foreclosure properties in the Sedona, Arizona area. I am happy to put my experience and expertise to work for you in this and in all of your real estate interests.
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call me at 928-300-5050 or
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Take advantage of my years of experience and look forward to buying your new Sedona home with an expert Sedona Real Estate
Professional!
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