Home Buying in Philadelphia>Question Details

Steve, Other/Just Looking in 19114

The houses in the foreclosure section seem to be such a good deal, there has to be a catch right, would i be

Asked by Steve, 19114 Sun Feb 1, 2009

paying off the prior homeowners loan on the house or what im not sure about this could someone help me

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Most of the houses in the forclosure section are legal postings from Realtytrac. These properties are not for sale at that price . These are just a notice that a forclosure on one of liens on the property.. You need to click on the more information on the property and you will see that it is a notice not an offer for sale.

Click on the link below to see the description on this one.
http://www.trulia.com/foreclosure/2003002533--E-Ontario-St-P…


If you are looking to buy a lender owned property contact a Realtor® in your area as most available lender properties are available on the MLS.


I sure wish those prices were purchase prices for the homes I would buy a couple of dozen.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Mon Feb 2, 2009
Hello Steve,
You are right…… foreclosures are a great opportunity for buying low and gaining some good equity..... ONCE you get through the purchase process.

Just to outline some of the process you need to;
• Have plenty of time for the banks to return your offer.

• Have clean financing or Cash would be better

• If you want to make your sale is contingent on inspections than ……..
1. Be prepared to risk you Home Inspection money.

• I have had experience with Banks "shopping your deal" Be careful... buyer beware!

Call me if you have any interest in us batting for you :-)
GO Steelers!
Thx John Curci RE/MAX Properties Newtown
Top 20 in the State of PA for 2008.... 215-757-2889
Web Reference: http://www.HomeCatch.com
0 votes Thank Flag Link Sun Feb 1, 2009
Hi Steve,

I have almost 11 years of dealing with bank owned properties and what I can tell you is that it's not as easy as everyone makes it out to be. There is a lot involved and even more to know. I could fill up three pages on everything you should know and be aware of. If you have some time, check out my blog at http://www.reneeporsia.com. I write a lot about foreclosures. I think you may find it helpful.

I also wouldn't mind answering all of your questions if you wanted to contact me some time.

If this is something you are thinking of getting into, now is a great time but you must surround yourself with an experienced, aggressive buyer agent who knows how to deal with banks as well as a reputable mortgage company.

I'd love to hear from you.

Take care.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
0 votes Thank Flag Link Sun Feb 1, 2009
Foreclosure homes can be a great buy, but you need to know what you are doing. You will be buying "as is" and there may be hidden problems. Sometimes you don't know how long the home has been vacant and that can affect its infrastructure. Some mortgages have clauses where the buyer can come back within a year and reclaim. There is a lot going on.

If you would like to discuss the foreclosure purchase process at great length please contact me. I work with investors on this type of business and can help you get through the red tape.

Carol Murray Cei
ReMax Millennium
215-643-9661
carolcei@remax.net
0 votes Thank Flag Link Sun Feb 1, 2009
Steve, I would contact a buyers agent that can go over a list of houses that are available on the market, whether it is bank owned, real estate owned, a short sale or a distress situation. Many of the links I see on here might be a house that is on the foreclosure list but it is not on the market. Which illustrates the importance of having a great buyers agent to help navigate through all the info and one who knows the market inside and out.

For Philadelpha investment properties, one great resource is http://www.phillyinvestorhub.com .

If you have other questions, feel free to contact us through our site below.
0 votes Thank Flag Link Sun Feb 1, 2009
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