Home Buying in 19152>Question Details

cbchen2, Home Buyer in Philadelphia, PA

I was trying to buy the house from auction.

Asked by cbchen2, Philadelphia, PA Wed Nov 28, 2012

I try to buying house at auction on next week in phila. But I dont no idea how it works? I have address 8945 leonard st. 19152. I found that address from realtytrac. The judge amount is 260000. I dont know how much owner owe the liens, intest, liabilty? How much fees and tax If I win it? When I go there. I saw no sign of foreclosure auction and there is no open house. How come? Is it auction from the bank? Is it danger to buying this house from auction? Do I need to hire a lawer to come with me? Please help me!!

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Joseph Sheridan’s answer
You most likely saw the Pre-foreclosure staus on Realtytrac. Just because it says it is scheduled for auction does not mean it will sell for sure at the sheriff sale. It would be best for you to contact the law firm handling the foreclosure to check on the status and the upset price. If it is sheriff sale there is no open house and it comes as is (sometimes with the old owners as well). Be sure to do your research on sheriff sales in Philadelphia if you choose this option. If you're an new investor, It is much safer buying a bank owned or short sale with the guidance of a real estate agent.

Joe Sheridan
Liberty Bell Real estate Agents
0 votes Thank Flag Link Thu Nov 29, 2012
I have clients that buy house all the time at auction, they usally have an open house to view the proeprty and you might get a GREAT DEAL Michael Cohen 610-642-0347
0 votes Thank Flag Link Thu Nov 29, 2012
Hi CB, my colleague Suzanne below is correct. Are you an investor with all cash? Have you renovated a house before? I would be happy to send you bank owned, foreclosures & short sales in 19152. Please let me know.

Eric Axelson, Associate Broker
0 votes Thank Flag Link Thu Nov 29, 2012
Buying a house at auction is a very risky business and generally only seasoned investors will do so. You cannot view the house before the auction so you have no idea what condition it is in. You have to pay a substantial amount of cash and then the balance within a short time. The auction more than likely will take place at the county courthouse.

If you want to purchase a home that is in foreclosure, your best plan of action is to find a local realtor to work with. The seller pays the realtors' fee in almost all cases so it costs you nothing and you will have a real expert on your team. You can probably get just as good a deal and with far, far less risk.
0 votes Thank Flag Link Thu Nov 29, 2012
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