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Foreclosure in Delaware County : Real Estate Advice

  • All48
  • Local Info1
  • Home Buying29
  • Home Selling1
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Activity 30
Sat Jan 18, 2014
Suzanne MacDowell answered:
Yeap! Look for the SFR and/or CDPE designations. These indicate the agent has been specially trained in distressed properties such as short sales and REOs. I don't know about Delaware but here in New Jersey there is a fire sale on multi-family short sales right now. Go find yourself a qualified agent and make some good investments! ... more
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Tue Nov 5, 2013
Edmund Choi answered:
I am currently the listing agent for 31 Strickland Way, Glen Mills and have sold several other properties in and near this location for the past several years. I am currently a preferred REO agent for several banks. Let me know if I can be of assistance. ... more
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Thu Jun 21, 2012
Ron Thomas answered:
Surely you must have had some premonition, some clue;
stemming from the fact that you hadn't paid your mortgage for how many months?

You can certainly hire an Attorney;


Good luck and may God bless ... more
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Wed May 23, 2012
Terri Vellios answered:
Only you, your agent, and the other side really can answer this question. We are not a party to your transaction.

Good Luck..
0 votes 1 answer Share Flag
Fri Apr 13, 2012
Benny Smith answered:
Safe will depend on how well the person pays. I would recommend setting up the contracts such that the future renter will loose big if they do not pay on time. If the person does not have cash to put in the deal, I would make you putting six months rent into escrow for the purchase. That way they have some reason to pay on time everytime. But most important keep this on a professional basis not on a to help someone out. If you are doing it to help out.Then just give cash not your credit. ... more
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Tue Nov 22, 2011
Suzanne MacDowell answered:
Hi Maroua,

I am not sure where you found this listing, however, if you found it on RealtyTrac, it may not even be for sale. Many times these days homeowners are trying to get their mortgages modified, to change the terms so their payment is lower and they can stay in the home. When this happens, the auction date may be scheduled and then put off many times before the home is actually foreclosed on. I am not familiar with your area, or the foreclosure laws there, so I cannot advise you on the legalities of this property or the way public auctions are conducted there, but I can tell you that purchasing foreclosed homes at auction is a highly sophisticated thing that is usually only done by very, very experienced and skilled investors. Most of the homes go back to the banks and are sold as 'Bank Owned" properties. The other thing is, at auction, you have to have a good portion of the purchase price in cash on the day of the auction and you have to have the balance of the money in cash shortly after that or you lose both the house AND the money!

A much better stragegy for people looking to purchase distressed properties is either to buy them BEFORE the auction, as a short sale, or AFTER the auction as a bank owned property. And in either case it is highly recommended that the buyer work with a local real estate agent. If you are NOT working with a real estate agent, you should be. In most cases the seller pays the agent, so it costs you nothing and the advice, guidance and support you will receive is invaluable.

Good luck!
... more
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Sat May 25, 2013
Michael Emery answered:
If you signed the affidavit that states you were buying the home with the intent of living there, the home would have to be your primary residence for 1 year after purchase. You should have a copy of the affidavit along with a copy of your purchase agreement, If you can't find it, contact your former real estate agent. ... more
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Sat Jun 11, 2011
Steve Sisman answered:
Good afternoon John,

Sorry to here about your situation. Have you considered a SHORT SALE on this property? A SHORT SALE, if the lender agrees, would allow you to sell your home for less than owed. In most cases the remaining balance is forgiven by the lender. Your advantage is that your credit reports would not indicate a Foreclosure. Forclosure proceeding time frame varies depending on the lender, the foreclosure attorney's filing and Court availability. Some have taken a year+, others less. Please feel free to contact me directly if you'd like to discuss a SHORT SALE. All information is held in strict confidence. Steve ... more
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Sun Feb 28, 2010
Team Pulos answered:
You can search Delaware County records fairly easily by using the county's on-line database. Search the web for "Delco Public Access" to get to the home page. Then use the "Real Estate & Tax Records" link to search by township & street name to determine the property owner's name, then use the "Recorder of Deeds" link to search by owner's name for most recent activity relating to that property.

The "Recorder of Deeds" information is usually updated more quickly than the "Real Estate & Tax Records" database. If you can't find details on the property you are interested in, it is possible that the deed has not yet been recorded by the new owner, which is often the lending institution which foreclosed on the property. Lenders who assume ownership of a property will often subsequently list the property for sale, so check with your real estate agent if you are interested in a particular property. Feel free to contact me if you have more questions. Good luck!
... more
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Wed Feb 24, 2010
Bill Hamberg answered:
Sun Feb 14, 2010
Lawrence Tobler answered:
If you are interested in this property give me a call.. I can assist you if the home is up for sale, It's status is still with the original owner, I may be able to give you more in sight. Call me 484-461-7343 Lawrence. ... more
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Wed Jan 13, 2010
Terri Vellios answered:
Call a FHA direct lender, I don't know of any that can do a loan in 10 days, especially with the new disclosures and appraisal guidelines. In California we do trustee's sale and they have to have a cashier's check in hand for the full amount. ... more
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Thu Dec 31, 2009
CCC answered:
The most aclamaided answer is:
Hire a Realtor - Contact a Realtor. If you already like the property in pictures and price wise, visit it.
Make sure the home is really a Foreclosure / REO / Bank Owned. Be aware that Multiple Offers ( a lot or many buyers will make offers at the same time) is always possible. The recommendation is to make your best and higher offer.
If paying Cash, great, but contact the City to check on work orders or Vacant Building issues. City Inspections as well. If financing, check with Mortgage Consultant about your Financing buying a Foreclosure Property in certain conditions.

Good Luck!

Buy!
... more
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Thu Sep 2, 2010
Stan Battersby answered:
The seller can at any time pull the property off the market.
Was it a full price offer you put in?
If it was your realtor can go after them for his commission.
This might get them to change their minds.
If it was not a full price offer then they can with draw the property.
Email with your answers.
sbattersby@cox.net
... more
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Thu Sep 2, 2010
Terrence Charest answered:
I am not sure how long this loan has been in existence, but I do know that there has been some type of loan to help people fix a home to be able to live in. Not necessarily through FHA and not always without gaps. Meaning there could have been some short spans of time where this was not available.

I don't know why you ask how long this has been in place because that really isn't important. The only thing that is important is that the program is currently in place.

You also ask whether a Realtor should know about these programs. Well, it would be in their best interest to know what kind of programs are available for their clients. However, with that being said, who is the loan expert, the real estate agent or the mortgage loan broker? The loan broker, right? And this is where the importance of getting a hold of a mortgage lender FIRST is of utmost importance. This way, you will be informed as old programs disappear and new ones come in.

Hope that helps,

Terrence Charest, e-Pro
... more
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Fri Aug 28, 2009
Nick & Trudy Vandekar answered:
Not sure roti which government program you are talking about. But there is an FHA 203 loan that will lend over and above the home purchase price once certain steps have been taken. Eric May - Prosperity Mortgage (Owned by Long & Foster, linked with Wells Fargo) Tel 610-225-7456 cell 484-716-4299 email Eric.May@prosperitymortgage.com can do these loans and may be able to give you more information. ... more
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Thu Sep 2, 2010
Wa Macdonald answered:
Did both parties agree on the contract? If so, speak to the agent’s broker, and if you don’t get a straight answer, contact an attorney.
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Fri Nov 27, 2009
Jen answered:
It won't go to Sheriff sale unless it is a mortgage foreclosure.

In Indiana, a property will go to tax sale approximately 3 years after first delinquent in taxes, and will be auctioned for the taxes due plus interest. Some counties are behind, so check with your local county offices to see what their time frame is. ... more
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