www.FindAzProperties.com - Types of Properties for Sale in Arizona

• Normal Sales. A normal sale contains an offer from the buyer and acceptance from the seller, and is contingent upon the buyer's inspections and obtaining financing.  The owner sells the home and breaks even or makes a profit from the sale.

• New Builds.  The agent in a sales center is a "seller's agent."  You will have to hire an agent to work for you as a "buyer's agent."  Make sure and understand what's included in the base price of a newly built home.  It's not everything you see in the model!

• Short Sales & Pre-foreclosures.  These will involve an offer from the buyer and acceptance by the seller, contingent upon the seller's lender approving the short sale, buyer's inspections, and obtaining financing.  They are usually sold "as is."

• Foreclosures & REO's.  Referred to as foreclosures, bank owned, lender owned, or real estate owned properties.  The seller is the bank or lender, and properties are usually sold "as is" without disclosures.  You can generally expect multiple offer situations with these properties.

• Corporate Owned.  The owner accepts a buyout from their employer and probably vacates the property.  Read carefully, as they will have their own addendums to the contract.  An "as is" clause in this situation means they will still do repairs, but nothing will survive the closing.  Signing contracts may also take several days.

• HUD Homes.  The U.S. Department of Housing & Urban Development (HUD) oversees the Federal Housing Administration (FHA) which provides default insurance.  If payments aren't made on an FHA insured loan, it's foreclosed on and an insurance claim is filed.  The title to the property is then transferred to HUD.

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