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Leslie Harmon, Home Buyer in Philadelphia County,...

How can I buy this property from the bank?

Asked by Leslie Harmon, Philadelphia County, PA Thu Oct 8, 2009

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You can't buy this property directly from the banks. You have to see it through a Realtor; then make an offer. if it is acceptable to the Seller, the banks will be notified. Usually it takes at least 3 months to get to settlement because the banks have to negotiate with each other to accept less than they are owed. The debt is greater than the asking price. Once the banks have come to an agreement, the buyer must settle within 2 weeks.
0 votes Thank Flag Link Wed Oct 13, 2010
This was sold to on 9/25/2009. What are your plans? Call me when you get a moment. 610-812-6575 Cheryl Supplee.
0 votes Thank Flag Link Thu Oct 8, 2009
Good Afternoon Leslie,

After reviewing the history of this home it indicates that the home expired from the market on October 7, 2009. This house is not owned by the bank, it is seller owned. I'm not sure where you received information that it is a foreclosure. It was listed as a short sale and there is a difference between a short sale and a foreclosure. A short sale indicates that the owner of the home owes more on the property then the market value therefore they are selling however the bank has to approve the amount they accept in order to provide clear title to the new buyer. Not all short sales evolve into a foreclosure. Some sellers decide to wait until the market will provide them with a market value that matches or exceeds their mortgage balance.

As this home did just expire it may or may not come back onto the market. Are you searching specifically for foreclosures or are you looking in that particular area? If you would like some guidance please feel free to contact me.

Jennifer Daywalt, Realtor
Re/Max Results Realty - Collegeville
Top Agent 2004 2005, 2006, 2007, 2008
Author of "Ask The Realtor" Column in The Saturday Edition of The Phoenix Newspaper
Licensed since 2001 in PA
610-489-7355 Main Office
610-999-7693 Direct Line
0 votes Thank Flag Link Thu Oct 8, 2009
Hi Leslie. This home just expired from the market and, as such, appears to no longer be actively for sale.

If you'd like, however, I would be happy to reach out to the owner and inquire as to their continued interest in selling their home.

Would you kindly call me at (610) 324-5240 or send me an email at and I will get right on that for you.

I look forward to hearing from you...and to the opportunity to earn your business.


Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience"

CENTURY 21 Alliance
2828 Audubon Village Dr
Audubon PA 19403
O: (610) 666-0202 x. 226
C: (610) 324-5240 (preferred)
F: (610) 666-1942

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0 votes Thank Flag Link Thu Oct 8, 2009
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