Rich Schiffer

Your question was about this property:

http://www.trulia.com/property/1071880748-4600-Tosh-Ln-Chest…

which is in Chester, Virginia.

The question was for some reason posted in the section about Chester, Pennsylvania. (Which was presumably the basis for the answers relating to Chester, Delaware County, PA.)

I was about to add my 2 cents to what Aleshia and Kevin said, but once I saw that the area in question was in Virginia, I figured that what ever I had to say wouldn't be worth 2 cents anyway.

Good luck, wherever you are looking! - Wed Jan 14 2009, 14:26

As someone who lives in the area, I can tell you that the public records are not always accurate. For example, the county records (which Kevin referenced in his answer, below) state my home was built in 1900, when in fact it was built c. 1754. Your best bet, if you have questions is to ask your Realtor, and for older homes, confirm with the Delaware County Historical Society at 408 Avenue of the States, Chester, PA 19013. Their phone number is 610-872-0502. Good Luck and Happy New Year. - Tue Dec 23 2008, 14:31

The property had been listed for $219,000 on Dec 11th, 2007. They reduced the asking price to $217,9000 on Jan 2nd, 2008, then to $214,900 on Jan 5th, then to $209,900 on Jan 18th. On Jan 22nd, 2008 they accepted an offer of $200,000 which settled on Feb 28th, 2008. The sale was recorded at the county courthouse on March 7th, 2008. - Tue Dec 23 2008, 14:10

If your offer has been accepted by the seller, the listing agent should consider putting a "Sale Pending" sign over the "for sale" sign. The lock box will remain until the day of settlement, so that inspectors, appraisers, repairmen, etc., will have access to the property as needed.

There are times when the "for sale" sign remains, even when there is a contract pending. If the pending contract carries a sale of home contingency (meaning the buyer must first sell their house, before buying this one) there is often a clause that allows the seller the right to continue marketing the property, and seek additional offers.

Each situation is different, but once you have actually closed the deal, and the property is officially yours, you are of course free to remove the sign and lockbox.

Have a Merry Christmas, and enjoy the New Year in your new home! - Tue Dec 23 2008, 13:55

"Public Information" is not always synonomous with "free." You can go to the count courthouse in Media, and get information about foreclosures by asking for a list of upcomming sherrif sale properties. This will tell you which properties are about to go to auction.

To find out about properties not yet on the auction block, you can request a report on notices of default that have been filed with the court. This report will tell you which properties banks have sent a notice of default to. (Sometimes referred to as "pre-foreclosure") some of these will get remedied, and some will end up in a sherrifs sale.

Bank often purchase the foreclosed properties at the Sherrif's sale. These are then referred to as REO (Real Estate Owned) properties. The banks will then put them on the market with an REO marketing brokerage, and try to recoup their loss on the open market. These (and HUD homes) are the ones you will find listed on the Multiple Listing Service. Before the Sherrif's sale, the only way properties get on the MLS is if the owner lists it with a broker, trying to sell it before the bank can get it at the sherrif sale.

Anyone can bid on a property at the sherrif sale, but you have to have cash or certified funds.

There is a lot happening in the Chester market, because of all the economic development happening there (Harrahs, the New Soccer Staduim, Pacifica Ventures Movie Studio, the Crossroads at Widener, and the Chester Community Grocery Coop, to name a few) and investing in real estate in Chester has never been as promising, in my opinion. Foreclosures are one way of finding good deals, but don't rule out traditionally listed properties, or even some new construction that is happening. (Some of the new townhomes are selling for around $110,000, and can rent out for $1100 a month or more.)

Feel free to contact me if you want any more information. - Mon Aug 11 2008, 11:55