Interested in getting more details; I'm looking to move this summer. Pennwood MS area would be ideal. Budget is very limited due to divorce

Asked by Searching, Yardley, PA Sun Mar 14, 2010

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Brian Luce, Agent, New Hope, PA
Sun Mar 14, 2010
You really have to do your homework when it comes to a Foreclosure. Often we're (both agents and consumers) are seeing listings here that have been listed for "taxes owed" or some other "number", and not taking into consideration the 1st mortgage owed etc. Many times we see the property listed in the MLS at , close or just below market value. I'd be glad to check this one and post back here for you. Or feel free to send me an email and I'd be glad to help if I can.

Brian Luce
Weidel Realtors
215-348-5600 x 122
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Terrence Cha…, Home Owner, Allentown, PA
Sun Mar 14, 2010
Websites, such as or RealtyTrac (which Trulia gets their feeds from), try to get you to pay for their services. Actual addresses are not published.

The foreclosure process is quite lengthy and starts when the borrower defaults on the loan. The following steps are included but are probably not all of the steps in the process after the borrower defaults.

- The lender petitions the court to sell the property.
- Borrower notified, has chance to catch up on payments, fees, remaining balance of loan.
- Borrower can't pay, home is slated for sheriff sale.
- Borrower can petition the court to stay the sale.
- If the sale goes on, potential buyers bid for property.
- If the property is sold at sale, sheriff evicts squatters (prior borrowers).
- If the property is not sold, the bank “buys” the property back.
- Bank puts the property on the market through a broker.
- For lenders who have VA or FHA backed home loans, they give the property to those agencies recovering the funds and those agencies either list with a broker or post those properties on their own web sites.

Now, even before this happens, the borrower sometimes lists the property (with the lender's approval) as a short sale (the price of the home is less than what is owed).

Moral: Get a real estate agent to help you out. They can show you properties which are either in foreclosure or will be a short sale. They can also assist you with properties which are slated for sheriff sale to see if they would be profitable.

Hope that helps,

Terrence Charest, e-Pro®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
Office: 215.659.5250
Fax: 215.659.5550
“Giving to Those Who Gave”
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