Rita Ranch and Vail, Arizona Foreclosures Report: October 2008

Ultimate Bargain Hunters List, Tucson and Vail Arizona: Foreclosure and Short Sale Property List

Buying a bank owned home provides an excellent opportunity. In years past, this was a scary prospect at best, but things have changed for the better. The banks are competing against each other to get these homes sold. Even as recent as 5 years ago the number of bank owned homes were in small numbers. The current market has increased quantity and forced the banks to move quickly when pricing this inventory for market. What you'll find in most cases are homes that are priced 5-10% below the rest of comparable homes in the same neighborhood.

Buying Foreclosures is a smart investment. It's important to be active in your search by being prepared to submit an offer when you find the right house. That means to have a signed Pre-Approval Letter from your mortgage consultant or a Loan Status Report. One of these documents must be submitted with the offer to purchase for your offer to be considered by the seller. *****Remember: Buying a home from a bank is no different than buying a home from any other seller.

Foreclosure List as of October 27th, 2008 for Rita Ranch and Vail Arizona

As you can see there are dozens of foreclosures available and this list is for just the Southeast area of Tucson which has a population of about 22,000. If you'd like the address for the above properties or your own customized list for any area in Tucson please request one at no cost or obligation.

In addition, foreclosures are just one way to find great buying opportunities on Real Estate. The lesser known are short sales. Short Sales occur when the Mortgage company or Bank allows a borrower to sell their home for less than the mortgage balance. Hence the term short sale. A short sale transaction generally requires more time to close the deal for various reasons. One of them being the fact that banks have literally thousands of borrowers requesting to sell for less than what they owe. This results in millions of dollars of potential losses for the bank if they choose to allow this course of action. So the banks are trying to service more people than they can handle right now and it simply take a longer.

This information is courtesy of Kevin Wood, Realtor, in Tucson Arizona. You can contact Kevin at 520.260.3123 and Kevin@HomesInfoTucson.com, or visit him at HomesInfoTucson.com.