Most Canadians that are buying a home in Arizona are interested in foreclosures. I am a certified foreclosure specialist and always show my Canadian clients the foreclosures on the market. Foreclosures will often represent the best deals in a neighborhood so are a serious consideration. Currently about 75% of our business is foreclosures. So as you can imagine, we are very knowledgeable about how to get the best foreclosure deal.
The process of buying a foreclosure in Arizona is very simple for a Canadian.
- Contact us and we’ll discuss your price range and areas to consider.
- We will do a custom search for you and email you listings of properties with full details and photos that match your criteria. You will also be set up to automatically receive an email alert whenever a new foreclosure goes on the market in the area and price range you are considering.
- Review those properties and let us know what appeals to you most. Your search will evolve over time as you consider all of the options. We are here to help you determine what type of property and what area suits your needs best.
- Set up financing if necessary. About 90% of our Canadian clients end up financing their Arizona homes with a personal line of credit or home equity line of credit in Canada. It is possible to get a mortgage here in Arizona but you end up paying more with a much higher interest rate.
- Book a trip to Arizona to take a look at your favorite properties. Be sure to bring your “proof of funds” which is required in Arizona to make an offer on real estate. That would be a copy of your line of credit, bank statement, RSPs, stock accounts etc. Anything that shows you are financially capable of purchasing the homes you are interested in.
- After you choose the home for you we will draw up the offer. It will usually take 2 days to get a response on a foreclosure.
- Once your offer is accepted you wire a small earnest deposit directly from your Canadian bank account to the Title company. It is usually $1000-5000 depending on the purchase price.
- An inspection is scheduled. You will usually have 10 full days to complete all inspections and due diligence. If you decide not to proceed we cancel the contract and you get your earnest money during the inspection period. If you choose to proceed then the Title Company starts their work.
- You wire the remainder of the purchase price shortly before close of escrow. You usually “close escrow” which means you actually purchase the home and take possession within about 30 days. Congratulations are in order!
Please call me at 1-800-300-0263 if you have any questions about buying a foreclosure. We specialize in finding homes for Canadians in Phoenix and Scottsdale. Visit www.ThePhoenixExperts.com for more information. Canada to Arizona is our specialty!
Marc Brodeur BS, DC
www.ThePhoenixExperts.com
1-800-300-0263
