If you are looking for foreclosed or bank owned homes for sale in Tempe, AZ, you will be disappointed. From June 1, 2018 – June 1, 2019, There were only NINE (yes, 9) foreclosed homes sold in Tempe. There is very little foreclosed inventory.
The Phoenix metro economy has improved. Sellers who previously lost their homes to a bank foreclosure have much more equity in their homes today. Also, banks are more willing to consider a short sale when a seller is unable to make their payments.
What is a foreclosed home? This is a home where the lender has given the buyer a 90-day notice that they have 90 more days to bring the loan current or the bank will use legal action to take away the house. After the second 90 day period with no payments, the lender in Arizona conducts a sale of the property. This sale can be on the courthouse steps in downtown Phoenix, or an attorney’s office. During this process, the lender can sell the property to the highest bidder who meets their minimum sale price. If the property is not sold, the bank will eventually list it with a real estate agent, and the property becomes available in the Multiple Listing System (MLS)
There are few “deals” left in the Tempe housing market. The improved economy along with the desirability of Tempe have left Tempe with only a few months of inventory of all homes for sale. For June 1, 2018 – June 1, 2019, there were only SEVEN (yes, 7) homes sold as short sales.
You may also enjoy reading about No Loan Origination Fees
Below are the current Homes available for Sale in Foreclosure in Tempe AZ
There are currently no bank owned homes on the market in Tempe.
Do you need to sell your house? Are you upside down on the loan amount compared to the market value? Is a short sale a good idea for you?
If you are considering short sale of your house, please call me for a free seller consultation to understand your options.
Contact the Shirley Coomer Group at Keller Williams Realty Sonoran Living