Sedona Foreclosures

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What is a Foreclosure?Sedona Foreclosures Search

 Foreclosure is the legal process by which the Lender becomes the owner of the foreclosed property..

When foreclosed properties don't attract bidders at the auction or trustee sale, the property or asset is transferred to the Lender. From now on end this property  will be known as an REO.  What most people think of as Foreclosure then is really an REO. Lenders are motivated to recover the current balance of the asset and minimize the future loss.

Here's an overview of the selling and buying process of a Foreclosure:

An Asset Manager will be  assigned by the Bank (Lender now official owner) to oversee the buying and selling process of the foreclosed property--- from the time it is given to a  listing broker to the close of escrow. Once assigned, the Asset manager will work with the listing broker (both  represent the bank).

The buyer's agent or buyer's representative will counsel the buyer on procedures when making an offer and writing the purchase contract. Typically, the initial offer is written on the contract form customarily used Buyer's agent or buyer's representative. The chances of the buyer's offer being accepted are greater when:

The buyer makes an offer based upon market value.

The buyer has been pre-approved for financing and includes this information with the contract.

The buyer asks for a quick closing date, allowing enough time, however, for those home inspections deemed necessary by the buyer.

The buyer agrees upfront to an "as - is" transaction with minimal exceptions ---home inspecton being one exception.

The buyer does not have any home sale or home close contingencies. 

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