Pamela Porter, Home Seller in Philadelphia, PA

I need a realtor who specializes in forclosures/REO

Asked by Pamela Porter, Philadelphia, PA Tue Apr 8, 2008

My Husband and I want to purchase a home in the Elkins Park area, but we do not want to pay market price as we are exspecting our first child and are afraid of getting into to much debt.

Thanks

The Porters

Help the community by answering this question:

+ web reference
Web reference:

Answers

12
Horlow , , 19440
Tue Apr 8, 2008
BEST ANSWER
Pamela,
I have sold a forclosure property to one of my clients last month, that expressed the same idea, Please be advised that the response to the offer is somewhat lengthy and can take from 1 to 4 weeks. Also, most of these poperties are sold in as is condtion and buyers are responsible for use and occupancy certificate and /or both sides of the transfer tax. I have so much to share with you in that subject . I am showing 2 forclosure properties this Saturday in the Philadelphia area. Please email me to answer your questions and help you plan your purchase further.
0 votes
Lee Stiber S…, Agent,
Tue Apr 8, 2008
Hello Porters,
I hope this will answer some of your questions. If you have any other questions please feel free to email me at LeeStiber@kw.com Recently I have decided to specialize with a few REO servicing companies where banks process thier foreclosures. What I have learned is that once a property is slated to go to foreclosure the banks go through agents and list the property on the MLS system, so all the other agents and consumers are aware about it. However, most of these homes need cosmetic updating and may come with other issues. If the property has not sold on open market via the mls then it is kicked over to the foreclosure auction. With your first child on the way I would advise staying away when it is at this stage. You need much more cash and a lot of the times you can't even tour the home before placing a bid. It can be very lucrative for some people but honeslty it turns out to more of a headache that what its worth and im not sure you really need the extra stress right now.
The best bet, as stated before is to possibly search for homes in a lower price range, max out your qualified seller assist and work with an agent that can negotiate a good price. Every seller is in a unique situation and you may find some great houses in your price that have been on the market for a while but the seller needs to move asap and will accept a much lower offer. It may take a little more time viewing properties but the risk will be a lot less. If you work hand in hand with a good lender and great agent you will be assured of how much debt you will be getting into and see if feel comftorble with not, if not then some of the number just have to be shifted around to make it work for you. It is your market now!!
Web Reference:  http://www.LeeStiber.com
2 votes
Jeff K, Home Buyer, Bristol, PA
Sat Mar 14, 2009
Hi Pamela,

You seem to be getting a lot of well-considered advice here. I would also support the notion that you would be likely better off getting a normal resell - and from a distressed seller.

This way you can tour the house in detail, get it inspected, get a full disclosure - and STILL get a very good deal. Just be patient - if the house you want isn't on the market today, it will be over the next few months.

And congrats on the baby!
0 votes
John Burns, Agent, Souderton, PA
Sat Mar 14, 2009
Wow, where do I begin. Do you have enough savings for 20% down payment? If not you are probably waisting your time looking at bank owned properties unless they are HUD approved owner occupied properties. Why? Most REO properties are not in the best of condition, most REO properties are sold as is. This makes financing more difficult. Inspections are at your own cost and you pay to turn on the utilities for the inspections. There is much for you to learn. Most of all buying a property at a reduced price because of it being bank owned, is not always the best NET deal. When you add the probable improvements and the time and effort, you may be better off finding a home in the sane area in good condition and negotiating hard. This is a buyers market.
Web Reference:  http://www.sepennahomes.com
0 votes
Voices Member, , Benton County, OR
Sat Mar 14, 2009
Brookview, Have you read the community guidelines?
0 votes
Chris Reed &…, , Reading, PA
Wed Jun 4, 2008
Any agent can sell any foreclosure property. They are not listed differently, other than sometimes they say foreclosure or repo. Just be aware they are normally "as-is" and there is typically additional paperwork other than the Agreement of Sale which is waiving some rights and alerting you to situations surrounding reposesed and foreclosed properties. Don't believe marketing that leads you to believe they are a foreclosure expert because any agent can handle a foreclosure property. It is important to work with someone you are comfortable with and that will take the time to help you. Just be prepared to read every document and seek help if unsure of anything. Good luck.
Web Reference:  http://www.ReedSells.com
0 votes
Angela Gueva…, , Jenkintown, PA
Wed Jun 4, 2008
I am a realtor with lots of experience in foreclosures. Mostly of the foreclosing properties are in Philadelphia, but there is a number of bank owned properties that would be your best bet. The difference is that a foreclosed property, you are buying it cash, as is, and in most cases you will not have access of previewing the property. Also because the property is being sold through the sheriff office you are not able to finance it. So it is cash and you have to be able to close within 15-30 days. On the other hand if you buy a bank owned property, they already went through the foreclosure process and they now own the property. They appraised the property and note the condition of the property. They winterize the property but you have the option to do a home inspection as well as apply for financing. You get a much better deal and if you are handy you can remodel and have an instant value added to the property.

If you would like further assistance, I would be happy to help you find the right house at the right price. This is one of my specialties.
0 votes
John Burns, Agent, Souderton, PA
Mon May 5, 2008
I have sold real estate for 20yrs.It has been my experiance that unless you are a professional in the building trades,your best bet is to find a property in great condition and negotiate the best price up front..with the low interest rates available you will come out better in the long run..People usually vastly under estamate the amout of work a property needs and vastly over estamate what they are able to do.
Web Reference:  http://wwjbrealtyservice.com
0 votes
Donna Saylor…, , Malvern, PA
Tue Apr 15, 2008
Given your current situation, we would STRONGLY suggest you re-evaluate the decision to focus on REO properties. While it is possible to get a great deal on one, it is also possible to get in over your head very quickly. Hidden problems have a way of surfacing at the worst times and when they do they need to be dealt with immediately. With a new baby on the way, finding the time to handle them will be challenging at best. Not to mention the need for cash to address the issues.

In today's market the previous owner may have owed more than the home is currently worth. If you check the history of the home there is a good chance that it was listed previously by the homeowner but remained unsold. As was stated below, the REO homes often are marketed on the MLS (multi-list system) just like other homes.The lenders still want to receive fair market value and price them accordingly. So just because it is a foreclosure does not mean it will be a good deal. Sometimes it makes sense to buy a similar home not being sold as-is.
0 votes
Chris & Step…, Agent, Philadelphia, PA
Wed Apr 9, 2008
The good news about Elkins Park is that it is one of the best buyers markets ever. There is a lot of inventory, a lot to choose from and many motivated sellers. As a result, you may not need to buy a banged up foreclosure that needs work but a property that is in better condition at less money ! Either way, the bank owned and real estate owned properties will be listed on the MLS as well. I know some great buyers agent in that area so if you would like for me to refer one of them to you let me know. For more helpful hints, visit my website below. Good luck in your search !
Web Reference:  http://www.thesomersteam.com
0 votes
Cheryl R. Su…, , Schwenksville, PA
Tue Apr 8, 2008
What price and what area?
0 votes
Russell Volk, Agent, Bucks, AL
Tue Apr 8, 2008
Pamela,
if you're afraid of getting into too much dept, you might want to consider a less expensive home. These days, the interest rates are still very low and many sellers are extremely motivitated, so you can purchase a really nice property at below market price.

I would suggest to look for an agent who's good at negotiating a good price for you.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more