Home Buying in Philadelphia>Question Details

Lfame, Other/Just Looking in Philadelphia, PA

i have address for abandone houses how can i research them f to purchase a dollar home

Asked by Lfame, Philadelphia, PA Sat Nov 13, 2010

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if you want information you can go to cityhall or http://www.phila.gov and look up the address under brt
0 votes Thank Flag Link Sun Nov 14, 2010
Lfame here is a link to HUD's dollar home program. From what I have seen, when it happens here, there is a local lotttery for the homes and NSP money is available to borrow to make the property habitable. You do have to commit to living in home for a period of time and there are penalties if you do not adhere to everything that you are required to do.
http://www.hud.gov/offices/hsg/sfh/reo/goodn/dhmabout.cfm
0 votes Thank Flag Link Sun Nov 14, 2010
You may be able to buy for a Dollar, howver the property might have title issues such as
back taxes, water and PGW. run a title report before you buy
Michael Cohen 610-642-0347
Web Reference: http://www.phillyreo.com
0 votes Thank Flag Link Sun Nov 14, 2010
Recently HUD had advertised HUD homes for as little as $100 down, but the houses were not costing $100. That was just the "down money."
0 votes Thank Flag Link Sat Nov 13, 2010
I believe you are talking about the $1 HUD Homes? Very few of these homes actually sell for $1, and in nearly all cases it is to a government entity or a charitable organization.

When homes are abandoned things get very gray as to what can be done to "claim" them, but in the end do you really want to have a home you made repairs on and/or fixed up once someone knocks on the door with a nice letter for you to show up in court? Banks are behind right now in some things, and if a bank happens to catch up and an abandoned home is in their inventory, they will have no problem dragging the matter through financial mess until the "occupant" can no longer fight for it.

I would contact a title company if you are really interested in looking up history on the property, and they can help you from there.
0 votes Thank Flag Link Sat Nov 13, 2010
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