Foreclosure in Schwenksville>Question Details

Audrey Lacy, Home Buyer in Schwenksville, PA

Is there any way to get a showing of houses that are bank owned?

Asked by Audrey Lacy, Schwenksville, PA Sun Sep 22, 2013

Help the community by answering this question:


Absolutely, pick out the Realtor you trust the most and have them set up your appointments. Be aware that bank owned problems have their own issues, a foreclosure doesn’t happen overnight and the previous owner doesn’t usually spend money on maintenance for a very long time. Most lenders are going to sell the property “as is” which means you buy everything including the problems with the house. If it were me, I would not limit my search to a specific type of problem but rather the type of home I want. You may pass up a better priced home right down the street with no issues just because you narrowed the search to only REO’s. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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0 votes Thank Flag Link Mon Sep 23, 2013
Hi Audrey, I want to make sure that I understand your question correctly because you mention "showing". Is there a home or homes that you already have interest in that you would like to see, or are you looking for a list of homes that are bank owned? Either way, as previously mentioned, your buyer's agent should be able to generate a list with ease. Our MLS has recently added improvements that not only let us search for REO listings, but short sale listings as well. In the event you're looking for a fresh list of homes to review or would like to schedule a showing of a home your currently have interest in I would be more than willing to provide you with the necessary assistance. Best of luck!!

Chris Nelson, ABR
National REO Broker Association (NRBA) Member
REOMAC Member Member
Certified Distressed Property Expert (CDPE)
794 Penllyn Pike, Ste. 120
Blue Bell, Pa 19422
215.641.2500 Main
215.641.2542 Fax
484.576.7430 Cell*
0 votes Thank Flag Link Mon Sep 23, 2013
Bank-owned properties are listed through real estate agents. Ask your buyer's agent to refine your search to include only them. Good Hunting!
0 votes Thank Flag Link Sun Sep 22, 2013
All bank-owned properties currently for sale are listed with brokers. Your Realtor (if you already have one) can do an easy search for you.

If you are not currently working with a Realtor, message me, and I will be happy to help you out.

Joshua Stein, REALTOR®, e-Pro
Coldwell Banker Preferred – Conshohocken

Office:(610) 828-9558 * Cell: (215) 866-8030
Direct:(484) 270-1165 * Fax: (215) 999-5894
PA License #RS317975
0 votes Thank Flag Link Sun Sep 22, 2013
Sure, all you need to do is tell your Realtor. But why fixate on bank owned properties only? Most of them take offers for the first 2 weeks or so and decide on the best one from their point of view. That may mean that a mortgage gets preference over cash since in the end the seller gets cash anyway.
If an REO or lender owned property says "cash only" it is because without fixing an existing defect first, insurance can't be placed on the property. Hope that helps and good luck!
0 votes Thank Flag Link Sun Sep 22, 2013
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