The county of Yuma in Arizona is highly driven by the relocation of military personnel. People moving from California to get away from the high cost of living are also viable residential partners of the city. People who are looking to retire in a place other than where there is a colder climate usually migrate to Yuma County in Arizona. Many more retirees are looking to purchase property in Yuma and it has become so much more affordable for them to do so with the high foreclosures in Yuma, Arizona.
Adjoining cities such as Dateland, San Luis, Gadsden, Roll and Somerton are also in the real estate foreclosure scene as the market takes a dive. Banks are repossessing homes through foreclosure because of lack of monthly payments by the homeowners. When the bank seizes the home, it goes into an inventory pool and the bank has to sell the home at a fair market value. If, for example, the homeowner owed $200,000 balance on the home and other homes in the locale are selling for $150,000, the bank has to take that loss and join the market by selling their property for that amount or lower.
So this is why bank foreclosures in Yuma, Arizona are going for bargains and the real estate investor is eating up the market. When the bank sells the home at a lower price than the mortgage balance, this is considered to be a short sale. The bank’s loss is someone else’s gain because the buyer can capitalize on this discount to get a home that will be worth far more in a few years.
This county in Arizona is growing in leaps and bounds. The nearby city called Somerton has various types of properties and lifestyle changes that many would enjoy. Due to where it is located, it has a distinct appeal to those who want to relocate. It offers the first time home buyer a choice between desert view and Mountain View because it is bordering to the strong Colorado River. It is not very far from San Diego, California and is very close to the Grand Canyon. In addition, though many cities in Arizona went on a home building spree years ago, Yuma did not indulge in that so there is a lot of space to build more.
The foreclosures in Yuma, Arizona are not as many as the rest of the State, but because of its strategic city locations, it presents a prime real estate holding for those who want to take advantage of good home prices in a friendly environment.