Property Q&A in Pittsburgh>Question Details

Jonas Devita, Home Buyer in New Jersey

Can I see pictures of the property?

Asked by Jonas Devita, New Jersey Tue Jan 27, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2003663157--42nd-St-Pittsb…

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Hi Jonas,

Terrance gives a very good overview of the foreclosure process.

To expand on his answer, there are no pictures available for this property because the house is not on the market and there is no listing (yet). This is just a preforeclosure notice; it might take months before the property gets listed (if it even makes it that far).
0 votes Thank Flag Link Tue Jan 27, 2009
Trulia, and other sites similar to it, need you to sign up for their services to view any property details, if any. Yet most of the info received from these site are out dated or they are not yet listed.

The foreclosure process goes through a tedious process going through the county sheriff as such:

- Borrower defaults on the loan.
- Lender petitions the court to put the home up for sale.
- If the borrower can't provide the past payments, fees and/or the remaining balance of the loan the home is slated for sale.
- If the home is not purchased by a buyer, the bank "buys back" the property.
- Property is then listed with a real estate broker.

Not the entire process, but you get the idea. Morale of the story: If you want to get foreclosures "hot of the press", you will need to hang out at your local sheriff sale (typically once per month). You can also get contracted with a local buyer's agent to look for bank owned properties. Or, if you really want to try your luck, have your agent look for short sales. These are the properties which are about to go into foreclosure.

But whether in foreclosure or just a short sale, the buying process will take several weeks to months just to get a response to your offer.

Hope that helps.
0 votes Thank Flag Link Tue Jan 27, 2009
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