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Foreclosure in Harrisburg : Real Estate Advice

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  • Local Info28
  • Home Buying72
  • Home Selling8
  • Market Conditions16

Activity 4
Mon Sep 29, 2014
Majic Jones answered:
Hey Chris,

I have a 5 bedroom/2 bth home available for sale in Harrisburg. It needs some work so I have no interest in listing it.

Harrisburg, PA. 17103
5 bedrooms/2 bathrooms
1,890 sqft
Built: 1910
Price: $22,000

All brick, 3-story semi detached home located close to public transportation and can be completed to be a great rental or polish it up with high-end finishes for a retail sale. Full basement with refurbished heater in 2012. Working gas stove and heat (radiant heat). Upstairs bathroom has a walk in closet but needs a new tub and sink or just repair sink. Kitchen needs new flooring.

Give me a call if you want to swing by and take a peek.

Michael Jones
Call or text me
... more
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Mon Feb 24, 2014
Sally Grenier answered:
Buying a foreclosure is basically the same as buying any property. To begin, you'll want to get pre-approved for a loan (unless you can pay cash). Next you should find a Realtor to represent you as a Buyer's Agent. A agent will be able to show you any and all properties (including foreclosures) listed for sale in the MLS. Don't fall for companies or people that say you can sign up for a free list of foreclosures. They WILL be in the MLS that agents have access to.

Buying a foreclosure does have it's risks -- but buying any type of real estate will have that.

Check out my blog post on the subject at:
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Tue Apr 13, 2010
Bob Movin-On answered:
Has anyone advised you on how a short sale will affect your life over the next 3 or more years? Have they informed you the bank does not just take a short sale offer usually they expect you to pony up the difference or at least a portion of it.
Continue to attempt a modification because short sale is a form of foreclosure and foreclosure is a life changing event.

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of-foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like your job, yes employers are checking credit records these days.

Your credit score will be reduced by 200-400 points, short sale a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure
* Buying After a Foreclosure
The waiting period is 5 years up to 7 years.
* Buying After a Foreclosure with Extenuating Circumstances
The waiting period is 3 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure
The waiting period is 4 years up to 7 years.
* Buying After a Deed-in-Lieu of Foreclosure with Extenuating Circumstances
The waiting period is 2 years up to 7 years.
* Buying After a Short Sale
The waiting period was just upped from 2 to 3 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. It's a reason to stay current on your payments while the home is on the market as a short sale.
In addition to the waiting period, most loans require a minimum down payment of 10% and a minimum FICO score of 680. The home purchase must also be the principal place of residence, not a rental nor a vacation home.

Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.

Good Luck,
Bob Patrick
Buy a home after foreclosure expert
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Fri Sep 21, 2007
Brooke 'The Kiwi' Realtor answered:
Although you can get info from Realty-Trac (I was a recommended agent for them for quite a while) YOU will find out the data is mostly out-dated - just too old and your time looking will be, for the most part fruitless! The best bet for Pre-Forclosures is to find an experienced agent/Realtor and get onto their 'Hot List'. WHY? - because the 'short-sales' etc are being listed in this local area. I just sold one to an investor client (I am an experienced investor myself) that was a short sale - great property, great condition and good upside for the 'tight investor' market in the Harrisburg market. Do you have a 'TEAM'??? If not - you need one! If you are wanting to do all the leg work then drive around and look for distressed property, go to the court house and get the owners details and send them a letter or postcard that you have interest to buy. This is probably the longest method! You can also goto the tax/upset sales but tath is a different formula. Do you have a specific Formula and strategy? If not - you need one! (or more depending on the market phases)...Hope that helps! ... more
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