Ilegal foreclosure auctions in Maricopa County
W hen foreclosure homes come up for public auction in Phoenix, a minimum opening bid is set and bidding is open to anyone. At least that is the way it’s supposed to work. But a Republic investigation into the daily public auctions held on the Maricopa County Courthouse steps and at some local law offices suggests a growing number of homes are sold for less than the posted opening bid. Prices on some foreclosure homes are being dropped below the opening bid just hours or even minutes before the auction. Buyers aware of the "drop bids" scoop up the houses before other bidders know … read the rest of this post
Controversial Arizona foreclosure law, SB 1271, repealed
A rizona owners of second-homes or investment properties facing foreclosure have one less thing to worry about. The law that could have made them liable for tens of thousands of dollars, SB 1271 was repealed on Monday when Gov. Jan Brewer signed SB 1004. Controversial SB 1271 required some Arizona homeowners in foreclosure to prove they had lived in a home for six straight months or they would be liable for their lenders loss on the property. SB 1271 was repealed in the Arizona’s special budget legislative session a few months ago. But then in October, the Arizona Bankers Association filed a lawsuit … read the rest of this post
Should I buy foreclosed Arizona Real Estate?
A rizona has the 3rd highest rate of foreclosures and pre-foreclosures in the country and more home buyers are drawn to foreclosed Arizona real estate because of the bargain prices. Obviously, the opportunity to buy a home below market value is a huge benefit to buying a foreclosed home. However, there are also some risks that bargain hunters need to assess: 1. You might not have time to do research: If you decide to buy a foreclosed home at auction, you won’t have time to research it. Liens will be wiped clean and you will be responsible for any property taxes. There is also no home inspection, and homes sell sight unseen. You could also get into a bidding war and end up paying more that you intended. Bargains can be had at auctions, but the risk may not...
Phoenix foreclosures flat in October
P hoenix-area foreclosures climbed in October but pre-foreclosures were almost flat. Last month, 4,826 homes were foreclosed on, compared to 3,759 in September, according to the Information Market. The monthly foreclosure, or trustee sale, rate hit a record in July when 5,316 houses taken back by lenders. Pre-foreclosures totaled 7,841 in October, compared to 7,857 in September. The record for Valley notice of trustee sales was 10,689 in March. “With the Federal government firmly planted in the banking system, monthly numbers tend to jump up and down quite a bit, especially during the onset or conclusion of fiscal quarters,” said Tom Ruff, Information … read the rest of this...
Move to repeal controversial Arizona foreclosure law, again
O pponents of a controversial Arizona law that could make some homeowners liable for tens of thousands of dollars on homes that go into foreclosure aren’t giving up. Real estate groups, including the Arizona Association of Realtors, are trying to have the SB 1271 repealed again in the current special legislative session. SB 1271 was repealed in the Arizona’s special budget legislative session a few months ago. But then in October, the Arizona Bankers Association, which backed SB 1271, filed a lawsuit in Arizona Supreme Court saying the repeal of the law was unconstitutional because it exceeded the scope of the session. “Legislators … read the rest of this...