Home Buying in Holmesburg>Question Details

Vodanh555, Home Buyer in Philadelphia, PA

4725 Shelmire Ave Philadelphia, PA 19136 (Holmesburg) Why this House so cheap?

Asked by Vodanh555, Philadelphia, PA Mon Nov 4, 2013

Help the community by answering this question:


This is what the listing agent has to say,"Spectacular REO opportunity. Come restore this traditional air lite back to it's former glory. Property needs work, but priced accordingly. Property sold strictly as-is. Settlement is contingent upon receipt of Sheriff's deed. For assistance call me in my office at 215-725-5700 X49Buyer to pay $299 Tech Fee to Hubzu.com at closing. Lockbox has already been stolen."
Web Reference: http://www.GreatPaRE.com
1 vote Thank Flag Link Tue Nov 5, 2013

It appears as though this home is a "contract purchase". In other words, the person selling it right now purchased the home at a sheriff's sale, and is re-selling it immediately to turn a quick profit.

The comments indicate that entry is not an option as the lockbox has been removed, the sheriff's sale purchaser may not have a means of entry either and actually may have never seen the inside of the property him/herself.

There are 20+ homes for sale in a 2 block radius of this property, average price $87k, average sold price for the last 3 months in a 2 block radius is $76k.

There is currently an offer on the property and the seller (sheriff's sale purchaser) is just waiting for the redemption period to pass.

If you have any questions about this home or process, please get in touch.

Barbara L. Smith
Direct: 609-980-7593
Email: BarbSmith321@gmail.com
Voted 5 Star Professional, Top Realtor 2012 & 2013 as
appeared in Phila Magazine.
1 vote Thank Flag Link Mon Nov 4, 2013
This property is an reo bank owned asset. The condition is the reason why the price is so far below market value. The interior was vandalized and stripped, only cash offers will be accepted. Feel free to contact me to discuss.


Scott & Colleen Hamilton
Prudential Prime Real Estate
(215) 805-8700
1 vote Thank Flag Link Mon Nov 4, 2013
Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll be the best $6 you've ever spent. Follow the link below.

Best of luck!

Alysse Musgrave
1 vote Thank Flag Link Mon Nov 4, 2013
The 4700 block of all the streets between Rhawn and Bleigh are really ghetto. I live on the 4500 block of Oakmont so that's how I know. Stay away from the 4700 block.
0 votes Thank Flag Link Tue Apr 15, 2014
Call me at 610-308-9001 and I will be happy to show you how to get financing to buy and fix up this home, with a very low downpayment and lo interest rate. Edward Fallon, NMLA # 144708, Allied Mortgage Group.
0 votes Thank Flag Link Thu Nov 21, 2013
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