Finding government-seized homes and foreclosures | Tucson Real ...

When it comes to finding Tucson foreclosures, it is fairly easy to do so in a depressed market. Many of the homes that were once available as short sales eventually end up as foreclosures. Ultimately, these generally end up deeded. There are a number of reasons that a purchaser may refuse a short sale:

• It was not possible for the seller to do a short sale
• The buyer preferred a different approach than the short sale
• The bank did not agree to accept less than the present mortgage balance
• The seller vandalized the property or stripped the home?s assets

Places you can find foreclosures

• Real estate agents ? You can find agents that specialize in listing foreclosures. Unlike agents, consumers do not have access to the MLS. The reason many people prefer to use a professional is because these professionals understand the market and often have an in with the listing agent.
• Real estate signs ? Yes it may be a convoluted approach, but you can drive through neighborhoods that you are interested in to see if you can find some foreclosures yourself. Look for signs posts that have the words foreclosure, bank repo, or bank-owned on them.
• Major bank websites ? Quite a few of the larger banks keep a list of foreclosed properties online. A quick search may reveal whether there is something available in your desired area.
• Auction houses ? These auction companies sometimes sell more than 100 homes in a single day. Even though it is possible to find a steal in their inventory, remember that people are often worked into a frenzy because of the constant bidding. As a result, they end up spending more money than they wanted, or their property is worth.
• Government agencies ? You can find some good deals here, providing that you qualify for purchase.

Things to remember

Remember that foreclosure is not another word for ?bargain?. Some Tucson foreclosures have cost their new owners more money than originally expected. There are a number of drawbacks when it comes to buying foreclosures, be sure to talk to a professional agent who can assist and guide you throughout the process.

Source: http://www.blasshomes.com/finding-government-seized-homes-and-foreclosures/

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