Home Buying in Philadelphia>Question Details

Bereithany, Other/Just Looking in Philadelphia County,...

Whats the difference between sheriff sale and foreclosure homes and what would be the best route to take if i just want a home that can be fixed up

Asked by Bereithany, Philadelphia County, PA Tue Sep 4, 2012

no morgagaes and it does have to be in great shape, because my husband will be doing the work..so it no problem

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The SHERIFF's SALE is also called the TRUSTEE SALE:
It is the final step in the Foreclosure process; in most states.
The Bank usually now owns the property and can LIST and SELL it.

It is possible to take part in this sale, make an offer, and buy the house; it usually requires CASH and there are many, many CAVIATS in doing this. Consult someone local.

Unfortunately, most Fixer-Uppers are Foreclosed homes:
You can get a Buyer's Agent (REALTOR) to represent you and can make an offer.
2 votes Thank Flag Link Tue Sep 4, 2012
Ron Thomas gave you a great explanation. Be very cautious if you buy at the sheriff sale - it is NOT for rookies and comes with lots of risks!
1 vote Thank Flag Link Fri Sep 7, 2012
Hello Bereithany,

Please give me a call at 267-688-1110.

I will be happy to discuss this issue with you.

Warm Regards,

Keith J. Lawson
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
267-688-1110 (cell)
215-992-5534 (office)
LawsonRE@gmail.com (email) http://www.keithlawsonhomes.com (web)
Member- N.A.R.,P.A.R.,G.P.A.R
Member - AREAA Philadelphia Metro
Follow me on Facebook at http://facebook.com/keith.j.lawson
Follow me on Twitter http://twitter.com/#!/KEITHJLAWSON
0 votes Thank Flag Link Fri Sep 7, 2012
OK Bereithany,

Bank Owned Homes can also provide funds / allowances fro repairs by the Bank ie Freddie or Fannie... I do Bank sales alot and the cleaner you are as a buyer than the better chance you have with a bid.

Feel free to call me for details?

I just closed 2 bank sales last month. 1) was a cash deal and 2) was a Mtg condition and the Bank still took the offer. cool beans!

All the Best John Curci RE/MAX 215-757-2889
0 votes Thank Flag Link Tue Sep 4, 2012
A foreclosure is owned by the bank - and chances are pretty good that neither of these options will be in good shape. You will most likely have to set aside thousands for the fixing you will need to do to make it habitable. Mortgages are not an option on a sheriffs sale. You need cash.

Ana Barlow
The Barlow Group of Keller Williams Realty
0 votes Thank Flag Link Tue Sep 4, 2012
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