The foreclosures available in Phoenix have dropped dramatically in the past 3 months. At the same time, the price of homes have hit bottom in many areas of Phoenix and are starting to rebound. These factors combined have caused a huge amount of prospective buyers to jump off the fence and all try to buy the remaining foreclosures at the same time. Multiple offers for foreclosures is the norm. When we make an offer on a foreclosure 
these days and there are NOT multiple offers, we are always shocked. The key to getting the best foreclosure without competing with multiple offers is to act fast. As soon as you see a foreclosure on line that you are interested in you should make an offer to lock it up under contract. Once your offer is accepted the bank cannot accept other competing offers. On the other hand, you are not contractually obligated to buy the property until the end of the 10 day inspection period. You can change your mind and walk away from the deal any time during the first 10 days without losing anything.
Here is a great CNN article about how important it is to act fast when buying a foreclosure.
About the Author: Carmen Brodeur BA, LLB is a former lawyer from Edmonton Alberta who is now a Phoenix Realtor. She specializes in working with Canadians who are purchasing a home in Arizona. Her Alberta legal background is a tremendous advantage to Canadians who purchase in Arizona. She can explain all the differences in the process between Canada and Arizona. She welcomes your calls at 1-800-300-0263 or Carmen@ThePhoenixExperts.com.
www.ThePhoenixExperts.com
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