Maricopa County Foreclosures How To
Where to Get Maricopa County Foreclosures list
Read Previous post. What do we mean when we say “This where the opportunity is?” Well if you are looking for a real estate opportunity and have some cash in the bank Maricopa County Foreclosures can be an amazing investment with returns of in some cases 160%. How is the price or opening bid chosen? The bank chooses the opening bid at whatever there rock bottom price for that property may be and then they let the bidders or investors bid up the price and by doing so, hopefully they can recapture there initial investment and any other cost they have into the property. If the property is postponed you wait until another day. If no one bids against you, you buy the property at the opening bid. Good job! What happens if the bank sells the house for over and above the amount they are owed? They must return the balance back to the foreclosed homeowner.
Here is what you need to know for making money with Maricopa County Foreclosures.
First. The county requires a earnest money deposit of $10,000 for all Maricopa County Foreclosures before you place any bid.
Second. If you are the winning bidder the $10,000 is put towards the winning bid amount and the difference is due within 24 hours or your $10,000 is forfeited. You’ll want to make sure you have your cash available for quick withdrawal to avoid this issue.
Third. The deed is recorded and mailed to you. You own the house.
What are some potential risks in buying Maricopa County Foreclosures?
First. You need to ensure your not bidding on a second mortgage or home equity line unless you want to buy the first mortgage too.
Second. Once you own the house, if it is occupied, you may need to honor the lease or evict the homeowner. There are legal requirements that you want to follow in order to do this effectively.
Third. When buying Maricopa County Foreclosures you don’t have access to the interior of the house before the auction or at any other time so the condition of the interior could be in bad shape. Often times the morning of the auction investors will go see the houses that are being foreclosed on an try to look in the windows or knock on the door to see if there are occupants. Do this at your own risk as this could be considered trespassing. The bank does not own the house yet. Sometimes on rare occasion the properties will be listed with a realtor in attempt to sell the house before the bank has time to foreclose. In this instance you may be able to view the interior.
Fourth. There is not a lot of time for financing. 24 hours is not enough time to get a loan on Maricopa County Foreclosures, with the exception of a hard money loan. These loans usually have high interest but can work well if you have a good exit strategy.
Fifth. If you are bidding on a first mortgage then don’t worry about other liens as they will be dismissed or released when your bid is accepted.
Finally, because of these potentially huge risk factors Maricopa County foreclosures can scare away the average buyer, however for the savvy investor it can also leave great deals for the taking.
Note: Due to the large risk and large earnest money requirements with Maricopa County Foreclosures we do not provide access to the Foreclosure list to the general public, however if you are interested in getting a Maricopa County Foreclosure or a Pinal County Foreclosure click here or contact us to get you started. We provide a bid service that allows you to bid on Maricopa County Foreclosures without running down to the courthouse. We check that what you are bidding on are first mortgages. Maricopa County Foreclosures are more popular than Pinal County Foreclosures.