Please give me information on purchasing a foreclosure

Asked by Rita, Langhorne, PA Sun Jun 12, 2011

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Gita Bantwal, Agent, Jamison, PA
Tue Nov 15, 2011
Lenders usually list their REOs with an agent who will list it in the multiple listing. You should work with a Buyer's agent who can show you foreclosures and short sales in the area as well as other homes that are in the price range. Sometimes a motivated home owner may sell at a competitive price.
If you are thinking of buying at foreclosure auction that is a different matter. You should go to the court house in Doylestown and find out which properties are up for sheriff's sale and remember that banks usually buy these and list with agents most of the time.
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Glenn DeStef…, , Bucks County, PA
Fri Oct 14, 2011
Hi Rita,
I am a mortgage consultant specializing in the FHA 203K mortgage. This is a program typically used when buying a foreclosure since these homes typically have some additonal work that needs to be done in order to get financing approved.
With the 203k you get a loan that covers the purchase price + the amount needed to fix the property up (even add to it).
It is more involved than a straight up purchase loan, but this is probably what you will need to be prepared to use when you are looking at Foreclosures.
Give me a call to discuss further details and let me know if you need a good Realtor who knows these types of properties.

Best Regards,

Glenn DeStefano
Federated Lending
1669 Edgewood Rd
Yardley, PA 19067
Office: 215-493-1500 x 127
Cell: 215-603-6227
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Tony McMahon, Agent, WHITE PLAINS, MD
Mon Jun 13, 2011
Some of the differences from a normal transaction are that the bank/investor is exempt from disclosures about the property, and the property is usually sold as is. (Very important for you to do a home inspection). They also will provide bank addendums to you to sign after you agree to terms ,outlining the terms of the transaction, with some additional protections for them in most cases. It is very important you have your own Realtor representing your interests, to guide you through the process.
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Michael Emery, , Minneapolis, MN
Sun Jun 12, 2011
Could you be more specific in your question?
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