Home Buying in 19038>Question Details

Darcelg, Home Buyer in Elkins Park, PA

Foreclosures, hard or easy ?

Asked by Darcelg, Elkins Park, PA Wed May 9, 2012

I see many houses, lots in my price range, but they are mostly foreclosures, What is the process with a foreclosed home? Is it hard to buy a house this way. I am looking to be out of my apt by october at the latest.

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Jeanne Ciociola’s answer
Buying a foreclosure property is not difficult at all, it all depends on the situation, is it bank owned, sheriff sale, etc? I would suggest you give me a call so that I can go over the different situations with a foreclosure property and so that you can get a better understanding of them, also at that time I can answer all of your questions.
0 votes Thank Flag Link Thu May 10, 2012
There are some issues that come with buying a REO property. I have assisted many buyers with the purchase and in my opinion I do not think it is a hard process. You have to know what to expect and how to work through it. There are other issues to REO and they have to do with how you are buying the property. If it is cash deal it’s a piece of cake, if financing is involved then you get into issues as to condition of the property and utilities etc. In short it is a doable purchase you just need to know what to expect and do. Let me know what area you are looking in I might be able to help. 215-917-6184 Len
0 votes Thank Flag Link Thu May 10, 2012
Hello Darcelg,

Foreclosure is a process and depending on the stage of the process the difficulty will vary.
You can buy a home that is being foreclosed on at 3 stages

1) Short Sale - Foreclosure process started.
2) Sheriff Sale - Home has been Foreclosed on.
3) REO or Bank Owned Sale - After foreclosure

If you contact me directly i can explain every step in detail and you can then make an educated decision what to pursue.

Good Hunting,

Alexander Shulzhenko
Realty Mark Cityscape
267 738 0886
0 votes Thank Flag Link Thu May 10, 2012
If it's listed by a Realtor and you have a buyer's agent, not difficult at all. If you don't have a buyer's agent, not too bad if you know what you're doing. If you don't know what you're doing and you don't have a buyer's agent, it might be tricky.

The home or lot could be owned by HUD or a bank. The process is a bit different with each. Being in a new home by October is very doable so get yourself an agebt and a new home. Good luck!
0 votes Thank Flag Link Thu May 10, 2012
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