Wells Fargo will have local representation present at the sale in the form of the attorney's office who is handling the foreclosure process. The attorney will bid on behalf of the bank up to the payoff amount, which includes the loan balance, any outstanding interest, property inspections/preservations, escrow deficits, etc. In most cases that payoff amount is greater than the market value of the home. If it wasn't, then it probably wouldn't be in foreclosure. If there was equity in the property, then the previous owner would probably have sold the property and pocketed the equity, rather than stop paying their mortgage and damage their credit (however, there is always the rare occurrence and some properties do get sold to third party investors at sheriff sale).
If you don't get the property at sheriff sale, and the property is not purchased by a third party investor, then the property will go back to the bank. Once the sheriff's deed is recorded and the bank takes possession, they will most likely list it for sale with a real estate agent. So, even if you don't get it at sheriff sale, it may be worthwhile to keep your eye on it as it may be listed for sale not too long after. Hope this helps. Feel free to reach out with any additional questions.
Ryan C. Garrity
U S Spaces, Inc.
2206 Walnut St.
Philadelphia, PA 19103
Give me a call at 267-688-1110. I will send you some comparable properties for sale.
Keith J. Lawson
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
Member - AREAA Philadelphia Metro
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Ask your Realtor, if you are not working with a Realtor, click on the "Find a Pro" tab at the top of the page, type in the zip code you are looking for a home in and interview the agents on the first page.... more
Be Careful. I am not blaming realtrac per say. Many similar sites claim the properties exist only to have you pay membership fees. Then you find out they don't exist or sold 2 years ago. My office specializes in REO properties. 20 years, thousands of sales, high volume investment real estate. Currently 100 listings.
Call me or email
Kevin Van Horn
Premier Real Estate, Inc.
1636 Pine Street
Philadelphia, PA 19103
267-968-4919 (Cell Phone)
Only if it is an FHA or VA loan and the lender that is currently servicing the loan allows you to assume it would you be safe â€œtaking over the payments.â€ Most mortgages contain a due on sale clause that calls the loan due if you do not take the proper steps while doing anything that has an impact on the title to the property. Most conventional loans do not allow assumptions.
NMLS # 6395
Financing Kentucky One Home at a Time... more
I can help you search for a good home and negotiate a great deal for you. Please call me so we can make arrangements to meet and discuss your goals.
There are many beautiful homes available in Wynnefield and the immediate area. We may be able to find you a short sale opportunity as well. You don't necessarily want to wait to find a foreclosed property when there are opportunities to negotiate with the bank before foreclosure.
Please feel free to call me anytime. Looking forward to speaking with you both soon.
All the best,
REALTOR, Property Manager
Your Real estate Resource For Life
Cell/Text: (267) 254-7994... more