After a home owner is unable to make the loan payments for his house for a period of time, the lender (Bank) will foreclose on the property. At that point, the home owner will have to move out of the property and ownership of the property passes to the lender. When you see a Foreclosed home for sale that means the lender now owns the property. These properties are known by several names: foreclosures, bank owned, and REO (real estate owned) properties.
For more information - Foreclosure Real Estate Purchase Contract - What to Expect
We have helped many buyers purchase foreclosure properties. We would be happy to help you. Use the searches below to find Phoenix foreclosures for sale that you are interested in, then call us at 480-917-1922 with the MLS numbers of the properties you would like to see.