Tucson Foreclosed Homes for Sale. Tucson foreclosured homes for sale give buyers a unique opportunity to save on their home purchases. However, with the rise in home prices, there were less than 300 foreclosed homes sold in December of 2013.
When a homeowner defaults on their residential mortgage, their lender often take possession of the home through a foreclosure process.
These properties — also referred to as Real Estate Owned (REO) — become a liability that weigh down the lenders’ balance sheets. Until banks are able to sell these properties to another homeowner, it negatively impacts their ability to make new loans to buyers with an ability to make their mortgage payments.
Foreclosed properties come in all types; condos, townhouses, manufactured homes — and even land. These properties give you the opportunity to save compared to what you might expect to pay if you were buying retail real estate. As home prices go up in Tucson, the margin of savings between buying a foreclosed vs a resale home is reducing.
Foreclosures: Not for Everyone
While foreclosures give you ample reasons to consider the Tucson area for your next home purchase, foreclosures aren’t for everyone. If you’re not comfortable rolling up your sleeves and making what (in most cases) are minor, superficial repairs, you might be better off paying retail for your home purchase.
However, if the idea of making your house a “home” excites you and opens you up to the concept of decorating your home to suit your tastes, then you should consider finding a Tucson foreclosure in a neighborhood that will make you feel right at home.
To find out if a Tucson foreclosure property is your best opportunity to achieve affordable home ownership, browse our foreclosures listings (sidebar to the right) and contact us today to arrange a showing of Tucson foreclosed homes for sale.
Call Kai Realty at (520)-616-3426 to visit Tucson Foreclosed Homes for Sale.
Tucson Foreclosed Homes for Sale – Newly Listed