How to Buy Arizona Foreclosures

Arizona primarily follows non-judicial process, for deed of trust foreclosures. However, if language of power of sale in the deed of trust hasn’t been used or if regular mortgage has been used; the lender has a choice of seeking judicial foreclosure. Property in preforeclosure can be bought from the existing owner.

The cure period in Arizona is lengthy. The foreclosure can be bought at a public auction of foreclosure sale which is usually after six months of owner of the property receiving the notice of default.

After failing to sell at the foreclosure auction sale, the foreclosure property goes to the lender, becoming Real Estate Owned. At this stage, the property in question would sell for more than it would have during preforeclosure.