Deciphering Phoenix Foreclosures

Any Phoenix foreclosures list will usually detail many types of homes. In fact, the new buyer or investor who has not lived in Arizona before may be confused about all the housing options available in this city. Terms such as “patio homes” and “modular homes” are sometimes used at sheriff’s auctions and foreclosure listings in Phoenix, so before shopping for Phoenix foreclosures, it is desirable to familiarize yourself with these housing options.

A patio home, for example, is generally a one-story house that shares a patio and at least one side wall with other homes. These uniquely Arizona homes are built in groups and are similar to townhouses in other parts of the country. Gemini or Twin houses refer to single units within duplexes. Again, this is a uniquely Arizona term.

Lofts are also quite popular in Phoenix. These homes are warehouses that have been converted into condos. Modular homes are homes which have been built elsewhere and have been transported to a specific lot.

In the Phoenix area, most homes are single-family residences. In the downtown area, there are more condos and lofts available. The suburban areas of the city have a good selection of manufactured homes and patio homes. All these types of properties are available as repossessed homes. Repo houses are homes which have been repossessed because a previous homeowner defaulted on a mortgage. These properties are usually priced at a discount because lenders need to recoup their money.

As a result, these Phoenix foreclosures tend to be one of the more affordable ways to buy property in the Phoenix area.