Question Details

Gwyn Johnson, Home Buyer in California

I will soon be house shopping in the NJ, Delaware and/or PA area. I am interested in both traditional

Asked by Gwyn Johnson, California Wed Jan 2, 2008

resales, but would like to see what the current glut of foreclosures have to offer. Do most realtors work both traditional resales and foreclosrures?

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In reference to your question about traditional resales and foreclosures, it is best to consult with the agent that you have chosen to work with. In the Philadelphia region which encompasses parts of DE, NJ and PA, there are quite a few homes currently on the market, many of them traditional resales as well as homes in the preforeclosure stages. Best of luck on your house shopping.

Marcie Voight,
Realtor Associate
Long & Foster Real Estate
(856) 616-7174
0 votes Thank Flag Link Wed Jan 2, 2008
Hi Gwyn,

Many pre-foreclosure properties are listed in the MLS. Some pre-foreclosure properties are not offered for sale, but the owners might consider selling. Other pre-foreclosure properties are not for sale at all. Simply because a property makes a list as a pre-foreclsoure does not mean it is available, or that is will be a good deal, if it is available.

If there are many liens against a property and insufficient equity to clear those liens, sometimes the only remedy is bankruptcy or foreclosrue.

Buying a property at foreclosure at auction carries many unknowns, and is not recommended for the risk adverse, or the beginner.

Once a property has been foreclosed, and goes back to the lender, it is offered for sale. This is commonly known as an REO property. REO properties are frequently listed with Realtors and placed in an MLS system. You can also search online for lenders and their REO departments to review their offerings.

If a pre-foreclosure of REO property is listed in MLS, any Realtor member will be able to provide you the listing details and schedule a showing. A more knowledgeable and skilled Realtor will provide menaingful advice to you, and take a more diligent approach to research on your behalf.

You can hire an exclusive buyer agent and want your agent to aggressively search all avenues for the best property at the best price for you. Although many buyers' ears will turn up at the sound of foreclosure, there are many great deals in many markets that have nothting to do w/ foreclosure. Downward pressure on pricing, and oversupply of inventory has led to price reductions in several markets. Look at all avenues for properties that fit your criteria and budget. You never know where your best deal might be.

Deborah Madey - Broker
Peninsula Realty Group
New Jersey
732 530-6350
0 votes Thank Flag Link Wed Jan 2, 2008
Deborah Madey, Real Estate Pro in ,
Realtors will work with homes before the foreclosure, should the home not be sold at auction (you'll need all cash to purchase these foreclosed properties) and is being held by a bank (REO) a Realtor can also help you with that.
0 votes Thank Flag Link Wed Jan 2, 2008
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