What To Look For At An Arizona Repo Auction

Going to an Arizona repo auction can lead to some awesome opportunities to purchase a home that is just right for you, or for investing in to resell and make a profit. However, buying a foreclosed home does bring with it some certain aspects that you should be ready for. It is a common misconception that you show up to a Arizona repo auction and easily walk away with the deed to a home. Before you get to the point, there are some things you should realize.

First and foremost, and Arizona repo auction could take all day. If this was anywhere else, like Michigan, South Carolina, Colorado, or even Florida, that wouldn’t be a big deal. But, in Arizona when the temperature can get up to over 110 Fahrenheit, then you should be prepared for it. Arizona repo auctions take place on the front steps of the County Clerk’s office beginning at 11 A.M. You could be standing out there most of the day if there are a lot of homes to be auctioned off and the bidding is pretty heavy. Some places just bring special circumstances into the mix when you go to auctions in different states.

Secondly, make sure you know what you are going to be bidding for. Many people will show up to an Arizona repo auction and believe they can bid on any home that they like. While they can, it really isn’t advisable. You should do your research before you get to the auction. Take some time to look over the home to see what the condition is. Then go to a real estate agent, or look through the public records of the County Clerk’s office, and find out the value of the surrounding homes. If you are bidding and the bids go higher than this value, you don’t want to buy it then. If you don’t know the value, you would be paying way too much for the home. Do your research and come armed with the right information to make a solid home choice.

The third thing you need to do is have your money ready. At an Arizona repo auction all sales are final and are whatever the ending bid price is. You must be able to pay 5% deposit after your winning bid is accepted and then pay the rest of the purchase price before the end of the day. While you are researching the property it is a good idea to either get pre-approved for a mortgage or find other means to get the funds necessary to purchase the home that day.