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Foreclosure in 19106 : Real Estate Advice

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Activity 92
Thu Nov 13, 2008
Carol Cei answered:
Hi, Matthew,

When you interview your agent be sure to ask if he/she has had any experience in this arena. That is most important.
Here are a few things that you need to be aware of:

1. Every lender works differently so each deal is on a different time line. Your agent needs to be assertive in order to be able to work with the various parties involved to keep the transaction moving forward. Otherwise, it may languish on someone's desk.

2. Your agent should have an understanding of appraised values and how they effect the final sale price on a foreclosure.

3. You and your agent need to be aware of all of the ramifications involved in the final sale and possible problems AFTER the sale, including the opportunity of the previous owner to come back and reclaim the property.

There are many, many other considerations but these are just a few. This is not a place for the feint of heart - it is hard work and risky, at best. Right now, since rates have dropped dramatically, you are going to see a resurge of home buying activity. Once the current oversupply is pared down, you are going to start to see home prices rise again, just like what happened a few years ago. Try not to waste too much time pursuing foreclosures when there are many other homes you can purchase at a good price right now.

Let me know if there is any other help I can provide for you.
... more
0 votes 9 answers Share Flag
Sat Aug 9, 2008
Dallas Texas answered:
Direct Link may assist you http://www.phillysheriff.com/hometaxlien.htm
Next sale is
SHERIFF'S SALE FOR WEDNESDAY, AUGUST 20, 2008
248-3001 TO 248-3050
Properties to be sold by John D. Green, Sheriff
Wednesday, August 20, 2008 1:00 p.m. at The First District Plaza
3801 Market Street, 3rd Floor, Philadelphia, PA
Tax Lien Sale
... more
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Tue Oct 28, 2008
Lee Stiber Stiber answered:
Hello Alex,
Great question considering there are so many good investments. My partner works 90% with investments including REO's. I would be happy to put you in touch. Just call me or send me an email so I can pass on his info as I dont want to publish it without speaking to him first. My email is LeeStiber@kw.com ... more
0 votes 4 answers Share Flag
Thu Oct 1, 2009
Angela Jensen answered:
Hello Naum,
If you are looking for foreclosed homes that are already listed, you can go to "Realtor.com" and search in your local area, or try going directly to the individual Banks' website. Good Luck in your search. ... more
0 votes 7 answers Share Flag
Sun Jun 7, 2009
Stacey & Big Joe McCarthy answered:
I'm not sure if you finished your question, but you should definately get a buyers agent. REO properties are very hard to aquire and a professional can guide you through the process and inform you of your rights as a consumer. ... more
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Tue Jul 22, 2008
Shelley Kefauver answered:
Wanda,

You can try reotrans.com

I'm sure there are others, but the search is free.

Shelley Kefauver
0 votes 3 answers Share Flag
Tue Apr 21, 2009
Sandy Shores answered:
You may want to check out the following link about credit scores. It may shed some light on your question.
http://www.myfico.com/

Best wishes.
0 votes 6 answers Share Flag
Mon Feb 1, 2010
Bill Lublin answered:
When you buy a Fannie Mae foreclosure, you are buying the property "as is". Our company lists Fannie Mae properties, and it is my experience that if the inspection is done quickly, and a major defect that was not obvious shows up, they will generally return your deposit. However they are not required to since the addendum does not specify that. Perhaps you should have the inspection done prior to making your offer.
For information on that and other foreclosed properties. go to our website at www.c21ag.com
or for more information on the Philafdelphia real estate market in general, visit my blog at movephilly.blogspot.com
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Wed Feb 24, 2010
Frances Flynn Thorsen answered:
RealtyTrac is a database service that provides comprehensive information about pre-foreclosures and foreclosures to real estate professionals and investors. That information includes much more data than a consumer receives on a multiple listing service (MLS); data includes default filings and other information, as well as for-sale-by-owner listings. It does NOT include most mainstream listings offered by REALTORS.

If you are looking for a starter home in your area, your best source of information is the local MLS and other web portals. Trulia.com offers a great web surfing experience, BTW.
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0 votes 7 answers Share Flag
Tue Dec 11, 2007
Donald J. Leske II answered:
Hello Gary,

This question has been discussed and answered on this forum a few times, but it is a hot topic in view of the market... so here is a bit more insight. Many of the search features on websites like this one, Emily of Trulia will tell you, easily takes you to a search that includes a box you can check for Foreclosure properties. What they don't tell you is that its linked with a "pay for info" site and you will not get all the info on foreclosure properties that is available.

Get yourself a good Real Estate Agent to help out. I have had clients in a "Pre-Foreclosure" situation where their property was just not selling, and the Bank was about to foreclose. They agreed finally to both lower their price and put into their MLS and marketing Ads a statement that their home was in "Pre Foreclosure" ....all offers considered.

A Licensed Real Estate Agent could offer to help as in this example: The Agent assisted offer was to, "....buy it for less than its current market value, but still more than the owner currently owed the bank. With so little time left, the owners had a slim chance of selling the house on the market. And if it came to the lender putting the property at an auction — the actual foreclosure — they would be lucky if they got more than what they owed. Making a $660,000 deal with the owner....allowed the owners to pay off their loan and walk away with $310,000."

The difference between Foreclosure and Pre-Foreclosure properties is that with Foreclosure properties you are at the mercy of the Lender who will often wait for the best offer, as in a Short Sale, or if you bid on one that has actually gone to Foreclosure Auction... then you are bidding against others and most Lenders are now putting a minimum bid amount on the properties being auctioned.

With pre foreclosure properties, your Buyers Agent can negotiate for the best deal for you. Generally it will be a property that is listed on the MLS as a pre foreclosure sale. This means that the seller has already either defaulted or gone seriously behind on their payments They are what we call "Motivated sellers" and you may be able to get a better bargain than you would trying to bid against a lot of other buyers who all wanted to get a "good deal", Some sellers would rather sell their home with very little or even no money back to them at closing.., just a payoff and closing costs, than to have a foreclosure on their record.

Best regards,
Don / Associate Broker
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Sun Dec 7, 2008
Brian Burke answered:
If I was you I would Google "foreclosures in Philadelphia" An Agent will help you and he gets paid by the Bank. There is no cost to you.
0 votes 16 answers Share Flag
Sun Dec 16, 2012
Linda J Sears answered:
WOW! Did you have a home inspection? I understand it was a forclosure but I have dealt with them before and and have always had a clause that stated if an inspection comes back with over X amount of dollars of repairs needed tha contract can either be renegotiated or voided. I am assuming you did not have that clause. Taking the plumbing out of a foreclosed on house is pretty common. I would start with reviewing the purchase contract and then meet with the agent and the broker. If you do not get anywhere then talk to a real estate attorney. Always cover your bases and get the professional opinion of the correct designation. Let us know how you make out!

Linda J Sears
... more
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