Rich Schiffer

"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

There are currently 14 rental listings on the Multiple Listing Service in Unionville/Chadds-Ford:

MLS # Address Price Bd Bth Type
5393149 414 Brandywine Dr $1,495 2 1/0 Sng
5371106 3503 Bridlewood Dr $1,550 2 2/1 RTC
5333692 305 E Street Rd $1,750 4 2/1 Sng
5387478 16 Longview Rd $1,800 4 2/1 Sng
5397913 110 N Village Ln $2,200 3 3/1 RTC
5399581 330 S Village Ln $2,200 3 3/1 RTC
5394820 1319 Vale Dr $2,275 3 3/1 Twn
5367718 541 Windy Hill Rd $2,500 3 2/1 RTC
5366975 20 Old Orchard Ln $3,000 5 4/1 Sng
5393733 302 Manor Dr $3,200 4 4/1 Sng
5347499 110 Kelly Dr $3,500 4 4/1 Sng
5356172 80 Atwater Rd $3,750 4 2/1 Sng
5354763 1686 Waterglen Dr $4,500 7 4/1 Sng
5390405 621 Webb Rd $4,950 4 3/1 Sng

Let me know if you need specific details about any of these properties, and I will email you the detailed reports. - Mon Aug 11 2008, 11:34

Chester, despite some of the comments made prior to mine, is certainly worth a look. 22nd Street, especially, is in one of what is considered one of the more desirable areas (1st ward).

There are many redevelopment projects happening that will influence the future of property values in the Chester market:

Crossroads at Widener: a new hotel and retail center across from Widener University is underway.
Chester Towers: demolished, 4 new mid-rise buildings to replace the former hi-rise eyesores.
Waterfront Redevelopment: Professional Soccer stadium, new homes, and commercial areas
Movie Studio: Pacifica Ventures is building a hollywood-style movie production facility in Chester Township (which is likely to bring an estimated 2000 new jobs to the region)
Harrahs Casino: Brings an estimated 15,000 visitors DAILY to the city.

Perhaps the best news is the Chester Community Grocery Co-op. A coalition of families in the area have come together to provide a full service grocery to the city (which has not had a grocery store in over 15years.) (see the web reference below for more details)

The momentum for Chester is forward-moving. Property values have continued to increase. Companies that have moved to Chester are succeeding. Despite the negative reports, Chester is not all drug dens and gun violence. I am not spouting a "positive spin." I live nearby, and frequently attend worship in Chester. I regularly take my twin 5-yr old boys to play in Chester Park. I shop regularly in Chester, and attend a Christian Businessman's Breakfast weekly in Chester. Some of the finest people I know live or work in Chester.

The school district is getting an overhaul, and the charter schools are doing well. (The new Chester School for the Arts is opening this year.)

Don't let the nay-sayers make your decision for you. Learn about the area, weigh the good and the bad, and decide for yourself.

If you ask people about investments, they will tell you to "buy low, sell high." Right now, Chester property values are about the lowest in the County, and are climbing. I expect (though I cannot predict, of course) that because of all the money flowing into Chester, there will be considerable upward movement in the marketplace, and there could likely be a substantial appreciation on Chester properties in the following years. - Mon Aug 11 2008, 11:21

Delaware County does have several programs to help out home buyers. One program provides a $5,000 loan, at 0% interest. No payments are made till you sell the home, and if you live there for 5 years of more, the loan is forgiven.

There are also other programs available. See the web reference below for more details, and feel free to contact me if you have any questions I can help you with directly. - Mon Aug 11 2008, 10:50

In Springfield, during the last 3 months, the average Original List Price was $296,488. The average Sold Price was $277,791. I don't think your offer is too low, at all. It is a starting point, and all negotiations have to start somewhere.

In the 1st Quarter of '08, the recorded sales in zipcode 19064 averaged 97.3% of the asking prices, (See page 25 of the referenced report) so I suspect you will end up closer to $260,000, when everything is said and done.

Good Luck. Feel Free to contact me if you need any more help understanding the local market conditions. - Mon Aug 11 2008, 10:43