Find All Foreclosures in Tempe AZ
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What exactly is a foreclosure? The term foreclosure has been associated with bank owned homes, short sales, pre-foreclosures, and auctions. We at Metro Phoenix Homes generally like to use the term “foreclosure-type” properties to encompass the entire group. Types of foreclosures in Tempe AZ:
- Bank owned homes, also known as REO’s ( real estate owned)
These properties have been repossessed by the mortgage company (bank) and are available for resale. For a mortgage company (bank) to repossess a home the owner must be 180 days delinquent on their payments. On day 90 the homeowner would receive a Notice of Default (NOD) and a sale date. If there are no postponements of any kind the property would be sold at public auction, known as the Trustee’s Sale in Arizona, at or near the 180th day. All such properties can be sold as foreclosures in Tempe AZ 
Short Sales
A sale that cannot take place without the approval of the mortgage lender or bank. The reason: the property sale won’t produce enough profit to pay off the mortgage note. Therefore, the mortgage holder must take a “short” payoff, hence the term short sale. More on should I consider a short sale?- Pre-Foreclosure
A general term used when a property owner stops making payments and is facing default. This could be a short sale or any sale in which the homeowner is in the default stage (as mentioned above). Properties of owners who can’t find a way to stop the process loose their homes as foreclosures in Tempe AZ - Auction Home
Different from the trustee’s sale mentioned above. Bids can be placed on a public website. Homes can be bank owned or short sales. Mortgage companies or banks use the MLS to attract attention to the bids and drive up the purchase price.
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Here is the average proportion of property listings found in the MLS:
| Number of Bedrooms | % |
| 1 bedroom homes | 3.2% |
| 2 bedroom homes | 17.3% |
| 3 bedroom homes | 37.5% |
| 4 bedroom homes | 29.5% |
| 5 bedroom homes | 10.3% |
| 6+ bedroom homes | 2.2% |
