I would like to know what % of the current Phoenix area real estate market transactions are foreclosures?
Question:
I live in Phoenix and I think I read where it is something like 1-2 % but that is still high and a lot more are expected. ( I have two friends that are going to be foreclosed on within the next two months. I also have another friend who is trying to buy these homes before they go up for auction but its not easy. )You would think people would love to get a little equity instead of nothing and avoid having a full blown foreclosure on there credit report but people in this situation are scared and they take even the best offer as a personal insult. They find it hard to give up their home but to preserve their credit and be able to try again sooner, selling would be the best option for some. But remember if you do go into this area that you need to treat people with dignity and respect.
Good Luck
Its less then 1%.
You dont want to mess with a foreclosure at auction... you dont know what you are getting. Once it is bank owned and you can SEE the property, it might be worth it. But while it is actually IN foreclosure, the previous owners could trash the place to a point that its not worth it.
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