I found a property on a foreclosure site, the property next door to it lists 3(three) times the value of the home I found, try to buy & sell?

Asked by Wilbert Mininall, Logan/ Ogontz/ Fern Rock, Philadelphia, PA Wed Sep 29, 2010

Looking to capitalize on potential equity in property to pick-up cash for more deals.

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Peter Lavelle, Agent, Philadelphia, PA
Thu Sep 30, 2010
Good Morning,

What site did you get this information from? Some sites "only" place what the judgement is on the property from RSS feeds; which I feel is misleading, and for the consumer to register and pay for more information. Another factor can also be that if it is an REO (foreclosed) property, it could be listed below market for the asset management company to get the house off the books for the bank.
0 votes
Linda Genzano, , Philadelphia, PA
Thu Sep 30, 2010
Wilbert: Even though the property next door is "listing" for 3X's the value of the home you found, it is important to find out what the comparable properties sold for within the past few months. It is to your advantage to contact a real estate agent to help you with your transaction.
I would be happy to help you out.

Linda R. Genzano
Prudential Fox and Roach
1800 Rittenhouse Sq
Philadelphia, Pa 19103
Web Reference:  http://lindagenzano.com
0 votes
Scott Miller, Agent, Boca Raton, FL
Wed Sep 29, 2010
Hi Wilbert. Most 'foreclosure' sites are full of misinformation, outdated listings and otherwise questionable facts about properties they list.

Why don't you contact an agent here on Trulia that works in your neighborhood in Philly? The agent will give you a list of foreclosures available for you to buy, AND, let you know if the one you found can be purchased.


Scott Miller, Realty Associates, Boca Raton, FL
p.s. i miss philly
0 votes
Barbara Smith, Agent, Marlton, NJ
Wed Sep 29, 2010

The foreclosure listing sites usually list the dollar amount of what is owed on the mortgage, which is not the market value or what it will sell for. Those listings are actually not currenlty listed for sale/ When a homeowner gets a foreclosure notice, it becomes public information and many real estate websites list those homes as a service to their visitors, it entices people to visit that particular website. When the bank is ready to list the home for sale, they check the market value and list at or near that price with a local broker.

I can send you listings of some bank owned properties in the Phila area, but there are also investment opportunities that are not bank owned.

Please feel free to get in touch anytime.

Barbara Smith
Weichert Realtors
PA & NJ LIcensed
cell/text: 609-980-7593
email: BarbSemti321@comcast.net
Web Reference:  http://BarbSellsSJ.com
0 votes
Carl Caldas, Agent, Philadelphia, PA
Wed Sep 29, 2010
Does it compare in condition to the next door property? Does it have the same improvements? How long has the property next door been on the market? Are homes selling at that price in that area? Get in touch and I can give you a quick comparative analysis on the neighborhood and we can see if it's in your best interest.

Carl Caldas
2200 Walnut St.
Philadephia, PA 19103
0 votes
Timothy Garr…, Agent, Philadelphia, PA
Wed Sep 29, 2010
Hi, Wilbert.

It all depends on a few things: What's the condition of the property? How much will it be to fix it (if anything)? Do you plan to Buy/Hold or Buy/Sell?

Feel free to contact me with all of the details if you're interested in learning more.


Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant

tgarrity@brownmckinney.com Email| http://www.brownmckinney.com/tim Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-519-5490 Fax
Web Reference:  http://brownmckinney.com/tim
0 votes
Renee Porsia, Agent, Newtown, PA
Wed Sep 29, 2010
Which site did you find this property on? I would need more details.

Renee Porsia
Associate Broker
RE/MAX Action Realty
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
0 votes
Aaron Gray, Agent, Elkins Park, PA
Wed Sep 29, 2010
What is your question? Are you looking for an agent or guidance on whether or not to purchase?
0 votes
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