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Arizona foreclosure listings comprises of properties sold through both judicial and non-judicial foreclosure process. Arizona is a title theory state. It means the lender owns a particular parcel of the property under home equity loan until the borrower does not repay the loan amount completely. Once, the repayment is done, the trust of deed effectively transfers ownership from the lender to borrower. In other words, the lender is an equal lien holder of the property till the borrower has not paid completely. Hence, when the borrower defaults on repayment, the lender can initiate the process of foreclosure to get back his money. This is popularly known as power of sale foreclosure or non-judicial foreclosure. Here, the court does not interfere in the foreclosure process but the lender has to follow the procedure of foreclosure by advertisement.

Foreclosure by advertisement makes the power of sale more transparent and competitive. Under this clause, the lender is legally bound to make public advertisements before making sale. The advertisement is done through local newspaper ads. Major real estate websites also offer information related to the sale. However, before foreclosure advertisement, the borrower is paid a 20 days interim period to payback the money. If the borrower fails in complying with the time period, the lender issues foreclosure advertisement. This advertisement appears once a week for three weeks prior to the foreclosure auctions. These advertisements comprise of all details related to the property including the unpaid loan amount, auction date, minimum deposit required for participating in bidding etc.

Foreclosure auctions in Arizona takes place between 9AM and 5PM on a working day. It can not take place on Saturdays and legal holidays. Time, date and place of auction are mentioned in the notice. Trustee plays the moderator role in the whole process. All the participants have equal rights to bid on the property, but the property goes to the highest bidder.

Arizona foreclosure listings include properties that are up to 28% cheaper compared to fresh properties. The logic behind this lower price is the aim of the lender to recover the unpaid loan amount and cost involved in foreclosure. Most of them are found in good condition and require little renovation to gain equity. They are ideal choices for prospective homebuyers. Real estate investors also get benefit from these properties through renting, using as second homes and selling them at higher price after renovation.

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