Home Buying in Bensalem>Question Details

Tammi, Home Buyer in Bensalem, PA

Buying a foreclosure in Lower Bucks County

Asked by Tammi, Bensalem, PA Mon Sep 1, 2008

I am looking for a single family or townhouse property, but do not know where to start, any suggestions?

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To All: I was referring to out of state advice. Real Estate, as we all know is State Regulated. Answering questions, except of a very generic nature, out of your own baliwick, can be misleading, if not outright erroneous. If there are no answers from the locals perhaps there's an excused but really, New Hampshire?
1 vote Thank Flag Link Mon Oct 27, 2008
Renee and William,

Please take this outside. Bickering amongst yourselves on an open forum is not very professional.
1 vote Thank Flag Link Mon Oct 27, 2008
Gee William, I hope your answer wasn't meant for me because I am a licensed Broker and I take offense to your comment! And if you don't wish to give advice because you do not get paid, perhaps you shouldn't post here and you should be out making your bread and butter some other place. If the consumer wants to look for foreclosures then thats what they should do! What you said was very unethical and in my opinion unprofessional!
1 vote Thank Flag Link Mon Oct 27, 2008
Hi Tammi,

I'd love to offer you my services. I am a full-time real estate Broker with RE/MAX ACTION REALTY. I've been in business now for 10 years now. I service Bucks, Montgomery and Philadelphia Counties. I handle residential sales. I have also been dealing with bank foreclosures since I have been in the real estate business. I work with banks so I know everything you need to know about helping you find a foreclosure property if that is what you are looking for. I'd love to tell you about everything that I provide in more detail. Please give me a call.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
1 vote Thank Flag Link Sun Oct 26, 2008
Call me to get started on your home search. It's one thing to surf the net to look for property but it's another to get qualified for a mortgage. That's the first you need to do. From there we can start looking. Contact me at
215-493-0200; info@paulkstout.com.
0 votes Thank Flag Link Tue Jan 4, 2011
Tammi, There are many ways to find foreclosures. You can even find them on the web site of some banks. But be careful if someone asks you to pay them for a list. Check them out before sending any money.An easy way would be to work with a buyer;s agent. The agent can show you foreclosures, shortsales and homes listed by motivated sellers.Please note that sometimes foreclosures may not be good buys.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Mon Feb 23, 2009
Tammi: I wish that unlicensed in the state Realtors would refrain from commenting. There is NO reason to look for foreclosures, as you have heard from others. Find what you need at the price you can afford. Foreclosures, just like other porperties, are owned by someone who wants to sell. The same bargaining can go on. If you want to go to sheriff's sales, realtors can't be very helpful, because we earn our bread on commissions, not by giving advice.
0 votes Thank Flag Link Mon Oct 27, 2008
I am going to have to disagree with Scott. If you have contingencies that you want to put in your offer to the bank you should put them in. I have had many clients put contingencies in their offers and the banks accepted the offer. I am sorry Scott but as I've mentioned, I've been dealing with banks for 10 years now and even though they own the property, they can still be treated like any other seller and if the buyer wants credits or repairs then they should ask for them.

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 Oct 26, 2008
If you want to but a foreclosure you should find a buyer broker who specializes in this. this way you have somneone looking out for you. when placing an offer make sure you do all your inspections before bidding, most properties are siold as is, make sure you put down a healthy down paymnet at least 1% of the sales price up to 5% of the offer. dont ask the bank to dio anything,. make sure the offer is clean, no contingincies. enclose a pre approval letter, be ready to close in 30 days and dont change anything on the bank addendums
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Oct 26, 2008
Here's where to start...contact a real estate agent. You'll need an experienced agent to help guide you and to be sure the ball doesn't get dropped through the entire process. The are probably a lot of requirements you may not think of(u/o certs, tax certs, transfer taxes, county/township requirements, inspections, etc) that an experienced agent will help with.
Before you start you'll want to do a little research for yourself and decide which area and price range will work for you, do you qualify for the $7500 tax credit from the federal government?
I do business with clients in lower bucks, lower montgomery co., and NE Philadelphia. Let me know if I can help.

Dennis Strange Your Guide in Real Estate.
Remax Premier
http://www.DennisStrange.com
0 votes Thank Flag Link Tue Sep 2, 2008
Tammi,
Foreclosure may not be the answer you're looking for. To stay competitive in this market, regular, individual sellers also need to price their property right if they want to get it sold. I can find you many distressed owners and other sellers with different circumstances that are highly motivated and ultimatly present more value to you than a foreclosed property.
As a home buyer beginning her journey, I'd suggest keeping your options open and not limiting yourself to REO's even though my search system includes those as well. It really all comes down to your wants and needs, and you may find that at a bank owned property or private owner just the same.
If you're interested in getting more information and learning what I do for my Buyers, please feel free to give me a call at: 215-360-7573 or email Odelia@OdeliaAminov.
Web Reference: http://www.odeliaaminov.com
0 votes Thank Flag Link Mon Sep 1, 2008
Tammy: Your question is much too broad. Lower Bucks covers a lot of territory and price ranges. I firmly believe and tell my clients that bottom fishing for foreclosures will not work, at least in this region. You are looking for the place you will live. If you're just looking for an investment, know enough about the prospects. It would be unwise to invest in anything you don't know well. I can lead you to a wonderful lot, for example, that just cannot be built on. Foreclosure does not automatically equate to bargain. I know because that's a segment of my business, as I sometimes represent a mortgage company, who, believe it or not know exactly what their property is worth.
0 votes Thank Flag Link Mon Sep 1, 2008
Hi Tammi-there are certainly a number of avenues to explore when looking to buy a foreclosure property or any property for that matter. Today's market also has an drastic increase in foreclosure properties and there are many motivated sellers desperate to move. The one thing to remember is that once a property is in "pre-foreclosure" the lending bank is involved and it becomes a much more complex transaction.

The best place to start looking for these types of properties is to begin working with a local Realtor who can assist you in locating these properties. I would be glad to send you listings that are, as Realtors like to say, "bank controlled". The best resource to have in this market is a great agent, and I am never too busy for a motivated buyer!

Regards,
Brian Hicks
Web Reference: http://www.BucksHomesR.Us
0 votes Thank Flag Link Mon Sep 1, 2008
What price range, what areas, are you preapproved for a loan, do you have cash. Many questions abound. If you have the cash, you could go to the County Sheriff's sale which is held once per month.

The only problem with those sales is that you need to go in thinking you need to gut the whole place, you usually can't see the inside of it, and you need to do your homework with going through the public records.

If you don't want to go that route, I could look in the MLS for properties for you if you wish. Just let me know.

Terrence Charest, e-Pro
0 votes Thank Flag Link Mon Sep 1, 2008
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