any realtor can search their local MLS for "bank owed" "countrywide" or "wells fargo" etc and provide you will all the bank owned properties you wish....

You can get a foreclosure for a few thousand less than competing properties, but you still must be able to financially qualify to get a mortgage

In Philadelphia the Sheriff's Office has a web site http://www.phillysheriff.com There are also listings on Comcast On Demand channel.

Now be careful Carrie. this is one example where a little knowledge is a dangerous thing.

Are you aware of Pennsylvania's Right of Return law? You may not really own what you buy.

Do you know about the Mayor's Initative on Pre Foreclosure? Often, you can get the best properties BEFORE they go to foreclosure - and own them outright.

Basically, unless you want to gamble, you need professional advice to protect your interests. Why do you think some foreclosures occur - the owner didn't get professional advice.

Joe White
Coldwell Banker Preferred http://www.MoveSmarter.com

Hi Carrie!
I'm working for a Real Estate company that it has a huge listing of bank properties, what part of Philadelphia are you interested to invest on.
Arturs@premierreo.net

Good Morning Carrie,

i would suggest first hiring a buyer broker who is experienced in foreclosures to assist you. In most cases you can hire them without paying anything out of your pocket, they get paid by the listing agent at closing teh stated amount offered in MLS. When buying a foreclosure there are some things you need to know. First get pre-approved now. When placing an offer include the pre approval. Also foreclosures are sold as is, so do your inspections prior to bidding, as once the bank agrees on a price they will not renegotiate. Do not add any contingincies on your offer, make sure your deposit is at least 1% of the sales price up to 5% and put in the form of a bank check. Dont ask the bank to fix anything and be ready to close in 30 days from acceptance. Good Luck with your search...

Hi, Carrie,

Getting involved with foreclosure properties takes work - just like anything else you will do to earn a profit. There are also a number of things to consider:
1. Are you cash buyer? If not, you will need to arrange for appropriate financing.

2. Are you handy? Can you do repairs, and if so, to what degree? THe condition of the property will often dictate the type of financing that you can obtain.

3. Can you act quickly? Sometimes that means the difference between a successful deal and a loss.

Buying foreclosure properties can be an excellent way to obtain a real estate portfolio, but there needs to be some thought process and a plan before you jump in. As a realtor and Certified Appraiser I understand how the lenders look at value and the relationship to the sale price. As a former loan originator, I could help direct you to some viable means of financing to help you with repair costs, etc.

When you are ready to move forward, please feel free to contact me. A personal interview is always the best starting point. If I understand your goals, I can help you achieve them. Right now, I am working with several other clients in this arena, but would be glad to see if I can get you on the right track.

Carol Murray Cei
ReMax Millenium
215.643.9661 Cell
215.649.1720 Direct
carolcei@remax.net

Hi Carrie,

Great question. You can find foreclosure properties by looking them up on the township's websites. You can also find yourself a buyer agent who works with bank properties and is familiar with the process. They can guide you and teach you everything you need to know and often times they will know of foreclosure properties that are coming on the market before they actually do. It is not hard to purchase one. If you have a knowledgeable buyer agent who knows how to deal with banks they will be able to help you structure the deal in a way that will be desirable to the banks. I am very familiar with banks because I work with them. I have worked with them for 10 years now. Please let me know if I can help you in any way.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
http://www.reneeporsia.com