Click on the link below for a complete list of Arizona Bank Owned Homes & Arizona Bank Owned Listings / Arizona Lender Owned Homes / Arizona Foreclosure Homes / Arizona Foreclosed Homes / Arizona REO Homes / Arizona Foreclosures / Arizona Bank owned Property / Arizona Lender Owned Property / Arizona Foreclosure Property / Arizona Foreclosed Property / Arizona REO Property / Arizona Foreclosures This is an "Active" list of homes in the Arizona MLS Gilbert Arizona Bank Owned Homes - Listings, Mesa Arizona Bank Owned Homes - Listings Chandler Arizona Bank Owned Homes - Listings, Scottsdale Arizona Bank Owned Homes - Listings If you see something you like, call me! Don't see the city or location you want. Send me an email and I will add it! Looking for the latest pre foreclosure list? Send me an email. Definitions and terms: Short sales: A short sale is when a homeowner is behind on their payments to the Mortgage Company and are about to be foreclosed upon. They owe more on their mortgage than their home is currently valued at, so in selling their home, they will be "short" the difference in those two values. The bank will have to step in and forgive part of their loan to cover the difference. If the home doesn't sell in time, it will go to sheriff's sale and become a foreclosure. Short sales can be thought of as pre-foreclosures.(Buying a short sale can take months to close) Foreclosures: A foreclosure is a type of home on the market that has already gone to sheriff's sale. If the bank that holds the mortgage in default doesn't get a high enough bid at the sheriff's sale to warrant selling the home, they will buy it back and re-sell it. Bank-Owned: Bank owned properties are those in which the bank has bought back the house at sheriff's sale and now needs to turn around and sell it. The term is synonymous with REO or Real Estate Owned. Real Estate Owned (REO or R.E.O.): This is another term for bank owned. |