If you’ve been watching the news, surely you’re aware of our nation’s real estate crisis. Every day and every month, more and more homeowners are defaulting on their mortgages. And with rising unemployment and economic stagnation, foreclosures are taking place in record numbers! However, if you’re able, this is a great time to purchase bank-owned homes. There are some incredible values of which you can take advantage. Because the banks’ main goal is to recover their initial investment, you may be able to purchase a fabulous home for much less than you ever thought possible.   

The Phoenix area’s real estate market has been hit hard by foreclosures. Whereas the real estate market was booming just a few short years ago, and builders were plowing ahead full steam, they are now struggling. And many homeowners find themselves in the uneasy position of not being able to make their mortgage payments. For instance, in Apache Junction, short sale properties can be found in abundance. Sellers of short sale properties have agreed with their lenders to sell their homes before falling into foreclosure. Savvy buyers can greatly benefit from this phenomenon!

On the other hand, Apache Junction bank-owned homes have gone through foreclosure and will be sold by the bank at auction. There are still numerous opportunities to purchase fine homes at incredible prices, but you’ll have to have cash in hand at the auction in order to complete the transaction. Typically, you need to pay 20% of your winning bid, in cash. That’s in contrast to short sale properties, where a buyer can secure financing in order to complete the transaction with less than 20% down. As always, it’s wise to seek the expert counsel of a real estate professional before purchasing a short sale property or bank-owned home!

As a resident of Apache Junction, you’ll be treated to a peaceful lifestyle that’s worlds away from the hustle and bustle of urban Phoenix. At the same time, the city is less than an hour’s drive from Apache Junction, so you’ll still commute into Phoenix with ease to enjoy unique entertainment and renowned attractions! Quite simply, Apache Junction real estate offers the best of scenic Arizona living along with convenient access to downtown Phoenix! Settle into Apache Junction, and you’ll delight in the best that the city and its suburban areas have to offer. To learn more about the area, be sure to click on this link to visit Apache Junction’s Chamber of Commerce website.