Lender Owned REO Real Estate In Phoenix & MLS Search

June 27, 2009

Phoenix bank owned market and how to search for REO properties.

Lender owned homes in Phoenix

(Graph is from the Cromford Report)

There less then half the lender owned residential properties for sale there were just 3 months ago. Despite that, 5,104 remain on the market with a steady trickle of new inventory. Finding a property that is foreclosed presents some challenges, but not as many as actually buying a property. Since there are so many buyers and so many cash buyers all wanting to buy the good deals situations of multiple offers on single homes are the norm: that's what you should expect.

There is less then a month of supply of REO properties on the market. That means that more lender owned homes sold in a month then are available for sale now. Unless the property is mis-priced or in bad condition don't expect much of a discount. On average properties are selling for 99% of asking price. Many are selling for over list price. Sometime people over pay and many times the price listed was simply too low for the demand.

How to search for bank owned homes?

There's also a good many places to search for active foreclosed homes for sale but many of the major search places have a delay from the time the property is listed for sale to the time you actually see it on the screen. Our Phoenix Foreclosure Home Search is undated regularly as it's directly tied to the local listing service.

Since bank owned homes are selling rather quickly you need to talk to your agent to confirm availability. Should you have questions about any particular property and its availability please call us and we'll be able to check: if, you already have an agent your working with, please call them.

Newest Central Valley REO Properties For Sale ($200K+)