Foreclosure in 19154>Question Details

S. Chan, Home Buyer in Philadelphia, PA

How do I find out about foreclosure homes I want to purchase?

Asked by S. Chan, Philadelphia, PA Mon Mar 9, 2009

Im looking to purchase a foreclosure home, I am able to do 20% down with financing. Is this possible?

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S. Chan, It seems you might be asking for information on the foreclosure purchase/bid process and how you can view REO/Foreclosure properties. If so then this might help.

This should give you a general idea about REO/Foreclosures and links to foreclosure laws in all 50 states ......
http://www.biggerpockets.com/foreclosure-process.html
The Banks and Gov. maintain Databases of their properties for sale and make these Databases available to the public to use for Free. The Databases contain asking price, address, property description, sometimes photos, listing agent/contact info and information about the purchase/bid process. Bank and Gov. property for sale (REO/Foreclosure) sites like these........http://www.wamuproperties.com/
http://reosearch.fanniemae.com/reosearch/ ..........http://bankofamerica.reo.com/search/ ....
http://www.hud.gov/homes/index.cfm

You can find the links to these Bank/Gov Databases and more at these sites..
http://www.biggerpockets.com/bank-reo.html
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
http://www.thedirectoriescompany.com/reos.htm
Hope this helps a bit, Dunes
1 vote Thank Flag Link Tue Mar 10, 2009
Please email me and will send you a complete list of foreclosure homes. You can also check the HUD list for FHA properties. You may be able to buy a foreclosure home with 20% down with hard money or a commerical loan. Michael Cohen mskj@comcast.net
Web Reference: http://www.phillyreo.com
1 vote Thank Flag Link Tue Mar 10, 2009
If this is your first purchase of real estate or a foreclosure I would recomend that you get a buyers agent that knows about foreclosures and potential problems that forclosure properties may have. Foreclosure properties sometimes have hidden defects that you need to look for so you do not run into issues. Most foreclosures are being sold in as is condition because either the owner does not have the money of the banks do not want any liability and want the buyer to take on the responsiblity.

Make sure you have some inspect the property that you want before making any offer to assure you are aware of what you are purchasing.

Good Luck!
1 vote Thank Flag Link Tue Mar 10, 2009
Sure you can. have a local Realer look them up for you. many are bank owned and are on the market by Your local Real Estate company's
1 vote Thank Flag Link Tue Mar 10, 2009
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