Property Q&A in Philadelphia>Question Details

Cindy, Other/Just Looking in Philadelphia, PA

Who would I speak with regaurding the purchase of tis property?

Asked by Cindy, Philadelphia, PA Tue Apr 21, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2004164197--N-Bodine-St-Ph…

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Alot of times they will just post the area and give you barely any info so you sign up for the service. If you seek foreclosures I suggest you contact a local realtor to do a search for you in your area of interest. They can then help you navigate the whole process if you wish to purchase one.



Sean Dawes
Long and Foster Real Estate Inc.
Web Reference: http://www.SeanDawes.com
0 votes Thank Flag Link Tue Apr 21, 2009
Websites, such as Foreclosures.com or RealtyTrac (which Trulia gets their feeds from), try to get you to pay for their services. Actual addresses are not published. As much as they try to be punctual with the timing of posting foreclosed homes, they are usually way too early or too late.

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
1 vote Thank Flag Link Tue Apr 21, 2009
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