Property Q&A in Pittsburgh>Question Details

Jean Comer, Home Buyer in Pittsburgh, PA


Asked by Jean Comer, Pittsburgh, PA Thu Mar 18, 2010

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Websites, such as or RealtyTrac (which Trulia gets their feeds from), try to get you to pay for their services. Actual addresses are not published.

The foreclosure process is quite lengthy and starts when the borrower defaults on the loan. The following steps are included but are probably not all of the steps in the process after the borrower defaults.

- The lender petitions the court to sell the property.
- Borrower notified, has chance to catch up on payments, fees, remaining balance of loan.
- Borrower can't pay, home is slated for sheriff sale.
- Borrower can petition the court to stay the sale.
- If the sale goes on, potential buyers bid for property.
- If the property is sold at sale, sheriff evicts squatters (prior borrowers).
- If the property is not sold, the bank “buys” the property back.
- Bank puts the property on the market through a broker.
- For lenders who have VA or FHA backed home loans, they give the property to those agencies recovering the funds and those agencies either list with a broker or post those properties on their own web sites.

Now, even before this happens, the borrower sometimes lists the property (with the lender's approval) as a short sale (the price of the home is less than what is owed).

Moral: Get a real estate agent to help you out. They can show you properties which are either in foreclosure or will be a short sale. They can also assist you with properties which are slated for sheriff sale to see if they would be profitable.

Hope that helps,

Terrence Charest, e-Pro®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
Office: 215.659.5250
Fax: 215.659.5550
“Giving to Those Who Gave”
0 votes Thank Flag Link Fri Mar 19, 2010
Yes, according to RealtyTrac it is up for auction and it would only take $1931 to fully restore this property... which sounds like a load of crap. It's not listed on the local MLS which is odd, but this would be the second RealtyTrac property I've come across that appears to be.... Well, the average asking price on this street is over 100k... Jean, if it sounds too good to be true, it usually is. I would recommend you talk with a Real Estate lawyer if you're going to pursue this one. Have a look at the property first and do a title search before putting an offer in. I would recommend that if you're looking for a foreclosure, you look with an agent or at least talk with an agent before trying to do it all on your own.
0 votes Thank Flag Link Fri Mar 19, 2010
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