Home Buying in 19067>Question Details

Beryl, Other/Just Looking in 19067

I am looking for a distressed or REO property in Yardley PA. Anybody have any good leads

Asked by Beryl, 19067 Wed Sep 3, 2008

I am looking for a property in Yardley Pa. Preferably in the Yardley Newtown Rd area.
The budget for this property is 300,000.

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12
Hi Beryl:

Beware! Distressed and REO properties are not that easy to purchase. Usually, there is a long wait time to hear from mortgage holders and distressed property owners may not be in a position to sell greatly below market value b/c they might fall into short sale territory (then sale becomes subject to bank approval = more time and less negotiation) Often, if the home owner is struggling to pay (or not able to pay) the mortgage, property maintenance takes a back seat to other bills. You may be looking at dropping thousands to fix up the property.

Why don't you look for a property with a motivated seller? There are plenty of us out there. Sellers that have enough equity to keep them out of short sale turf can usually offer quicker closings, easier negotiations, and other perks like a home warranty. Nowadays, smart sellers know they are not going to walk away with loads of cash, but realize the net gain in freeing themselves of the carrying costs of the property.

Talk to a realtor and find a house that has been on the market for a while and ask about the situation. Things like... the house is vacant but not a short sale may give you a clue that a home owner had to relocate for something like a job, but is suffering from the costs from 2 mortgages and 2 sets of utility bills. These people want to negotiate. Look for houses that are for rent or sale...these are frustrated home owners who have to move on, but can't find a buyer...hint, hint. I'll bet that the non-distressed homes are in way better condition too!! (less fix up costs)

Talk to a realtor and be open minded. Not all good deals arise from distressed properties and REO's!

P.S. I have a great home in this zip for sale and it is below 300k, in fabulous condition, and we are motivated sellers! Email me and I'll send you info if you want. I am sure we can make an awesome deal!!
2 votes Thank Flag Link Thu Sep 4, 2008
I just got one on Williams Lane in Lower Makefield. 3 bedroom going for 200k. 215-817-4278
Web Reference: http://www.aforwardmove.org
1 vote Thank Flag Link Mon Oct 18, 2010
We have a lot of properties coming in that are Short Sales. Please give me a call at 215-817-4278.

Thanks,
Joel Gruenke
Web Reference: http://www.AForwardMove.org
1 vote Thank Flag Link Sun Oct 10, 2010
I have a client that is moving from philadelphia to yardley and I have been in 20 homes in the last few weeks, and a few of them have been REO's! yardley is large, is there a specific area/neighborhood you want? are you looking to purchase around $300,000? does that include any repairs you will need to make to the home? Let me know if I can be of help....have you considered corporate owned homes(Relo's)? they can also be great buys and they usually are in better condition.

Dennis Strange
RE/MAX Premier
http://www.DennisStrange.com
1 vote Thank Flag Link Thu Sep 4, 2008
Beryl: Any realtor can help. We have an MLS system that will find property in the price range with which you are comfortable. Condition and price go hand in hand and, at the price you suggest, there will be property in greater or lesser need of repair. The thing to do is to meet a realtor and review what is on the market, your source of funding and then start casting your net. You may find it necessary to look further. By the way, most of the road you like runs in Lower Makefield Township, not Yardley Boro, so here’s a clue to start with. If you would like to meet with me, I can set up an appointment for you in my office.
1 vote Thank Flag Link Thu Sep 4, 2008
thats why you may need a 203k fha loan , it helps you purchase and rehab!!!

call mark........ central lending 215 295 9080
0 votes Thank Flag Link Thu Jul 9, 2009
Beryl, There are bargains out there. A good buyers agent can help you. Entrophy has excellent advice for you. A good agent can help you negotiate the price. You can look up all availble listings on my web site http://www.gitabantwal.com and also sign up to be automatically notified of new listings. You need to know that there are conditions for obtaining a mortgage regarding condition of the house , if you buy a fixer upper.
You may find a motivated seller and it may be a better bargain than a short sale or foreclosure.
Good luck 215-343-8200x124
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Thu Oct 9, 2008
Beryl, I'm very familiar with the area as I both work there and I left just off of Y-N Rd. There are soome things available in that area (close to the church) and also on the other side along Dolington Rd. - which might be away from where you want.

If you'd like to contact me to discuss, I'd be happy to help you.

Andy Raffle
Coldwell Banker Hearthside, Realtors
215.493.9080
0 votes Thank Flag Link Wed Sep 17, 2008
Beryl,

Seriously, if you are looking for:
1-a house on or near a certain street AND
2-under 300K AND
3-a homeowner or lender that will make a great deal or accept your offer

You may not be successful (at least not this year) Your search is extremely narrow and you may be eliminating other great spots within the same zipcode. Yardley and Morrisville boroughs are both really nice places and most of the houses are different in build and character from their neighbor, so you should find an excellent selection.

If you are firmly sticking to staying under 300K, then you would find success faster by allowing another variable (like location) a greater range. Just a thought.

Happy house hunting!
0 votes Thank Flag Link Fri Sep 5, 2008
thanks but i need something closer to yardley newtown rd

thanks alot
0 votes Thank Flag Link Thu Sep 4, 2008
Entropymom,

I would like to speak to you about your property, but I dont see how to email you.

thanks
0 votes Thank Flag Link Thu Sep 4, 2008
Entrop hit nail on the head. I am still waiting to close on a Pa distress sale that was to close in Jan! Dont limit yourself and dont be afraid to look above the $300K as prices may be negotiable. A quick close and good downpayment can save you a bundle as well as willingness to assume some property conditions.

Kenneth "Ken" Verbeyst CRS GRI ABR SRES
Broker-Associate Prudential NJ Properties
licensed NJ & PA
0 votes Thank Flag Link Thu Sep 4, 2008
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