how to buy a foreclosed home in pa

"A lot of people don’t realize [that] foreclosures are heavily regulated and every state has its own set of laws," says Alexis McGee, the president of "If you don’t have the language proper in your contract, or if you have even the font size wrong, it’s criminal and civil damages—don’t count on every Realtor knowing this." As such, McGee advises against relying on a agent for legal advice.
"In today’s uncertain times it’s important to be working with someone who has been through market cycles before," says Patrick McGilvray, president of, which links homeowners and owners of real estate with potential house buyers.
With so many foreclosures on the market, "this is a once-in-a-generation opportunity for many people," says Steve Dexter, a foreclosure expert and author of the forthcoming book Buy and Hold Forever—Building Real Estate Wealth Far Into the 21st Century.
Since many foreclosed homes may decline further in value in the coming months, it’s important that buyers approach the transaction from a long-term perspective." If you are not looking at a piece of foreclosed property from a 10-year time horizon—as an investor or as an owner occupant—then you will likely suffer," McGilvray says.
Only investors with the resources and patience for a long-term real estate investment and homeowners who can afford a fully amortized fixed-rate mortgage should consider buying foreclosed property, McGilvray says.
A deficiency judgment is available to a lender if a property in foreclosure is sold at a public foreclosure auction sale for less than the loan amount that the underlying mortgage secures.
Many Pennsylvania properties are bought at public foreclosure auction sales, but the competition may be strong and the prices are higher than during preforeclosure to cover the lender’s legal costs.
Because of this, it could take four (4) months or more from the time a property owner receives a notice of default until the property is sold at a public foreclosure auction sale.
If you wait until the public foreclosure auction sale – or afterwards – the competition may be stronger and the prices will be higher to cover the lender’s legal costs.
To find these sales, read newspaper notices prior to the auction date, look for public notice posted – when required – on the property, or search other public places in the county where the real estate is located.
By law, foreclosure auction sale must be announced publicly and held at the date, time and place required by state statutes.
While there is an opportunity to purchase a good home for a great price, you may also be purchasing a money pit; especially if the home is bought at a sheriff's auction where it is purchased "as is".
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A Foreclosure Estimate is the price Zillow predicts a property will sell for if it’s listed as a foreclosure (bank-owned property or real estate owned).
By analyzing information on thousands of single family homes for sale in Pennsylvania and across the United States, we calculate home values (Zestimates) and the Zillow Home Value Price Index for Pennsylvania proper, its neighborhoods, and surrounding areas .
The lender initiated foreclosure proceedings on this property because the owner(s) were in default on their loan obligations.
This property is not found on a multiple listing service (MLS).’s Foreclosures for Sale helps you find these foreclosed properties in Pennsylvania so you can compare all of your options to get the best deal possible.’s Foreclosures section is packed with all the listings and information you need to make your important foreclosure decision. offers a wide variety of listings and information to help you buy foreclosed properties.
You can find the best deals on foreclosed homes in Pennsylvania on because sellers are motivated to sell these properties quickly.
Compiled from over 650 MLS listing services, as well as other foreclosure data sources, our extensive database of Pennsylvania foreclosure properties for sale includes pre-foreclosure homes, defaulted properties, short-sales, foreclosure auctions, and more.
Search for homes due to be sold in foreclosure auctions, REO (real estate owned) homes in Pennsylvania, as well as bank-owned properties for sale.
New on Our Blog Mortgage Rates Are at the Lowest Level of the Year Shashank Shekhar Despite contrary predictions, mortgage rates are at the lowest levels seen in 2014, meaning this could be a great time to refinance or purchase a new home.
Philadelphia foreclosed, bank owned and REO homes represent a great way to purchase more home for your money.
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Philadelphia foreclosed homes represent a great way to purchase more home for your money.
to find Philadelphia foreclosed homes? You’re only a few clicks away from locating Philadelphia homes in foreclosure.
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The lender must file a foreclosure notice first, and then, only after the foreclosure process is complete, can the bank start eviction proceedings.
The best place to start is to familiarize yourself with your state foreclosure process, forbearance and other options available to you, and then, contact your lending institution to discuss your options .
This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating.
When foreclosure documents are filed they become a matter of public record and many people review these records for various purposes such as compiling lists to sell to bankruptcy attorneys, investors, real estate professionals and other people interested in either purchasing your home or .
Click one of the search types provided (Single Family Housing, Multi Family Housing, or Farm/Ranch) to begin looking at the available properties the USDA has to offer.
Explore the properties for sales from the USDA-RD/FSA by interacting with the map that will appear once a Property Type is chosen (Single Family Housing, Multi Family Housing, or Farm/Ranch).
Currently the U.S. Department of Agriculture – Rural Development (USDA-RD) and U.S. Department of Agriculture – Farm Service Agency (USDA-FSA) have properties listed on this site.
This is a completely dynamic map of the United States and its territories, but you must select states and counties to see the properties for sale — simply zooming in/out on the map will not display any results.
Hold down SHIFT and CTRL and Drag the mouse to zoom out on the map using a rubber band box.
Hold down SHIFT and Drag the mouse to zoom in on the map using a rubber band box.
Panning: Users may pan the map using the arrows on the Navigation panwheel, located in the upper left-hand corner of the application.
Full extent: Clicking on the globe in the middle of the Navigation panwheel will zoom users back to the full extent of the map.
Zooming In/Out: Users may use the Zoom slider, located below the Navigation panwheel to zoom in and out on the map.
State/County Dropdown: The state dropdown will show the available states that currently have properties in them.
Our database provides an exhaustive list of Pennsylvania (PA) Foreclosures, REO’s, Pre-Foreclosures and FSBO’s to find the most up-to-date property listings available in your neighborhood.
Search our database of Pennsylvania (PA) Foreclosures, REO’s, Pre-Foreclosures and FSBO’s to find the most up-to-date property listings available in your neighborhood.
Pennsylvania Bank Foreclosures , Government Foreclosed Houses, Federal Homes, Distressed Properties, Commercial Foreclosures, HUD, VA, and other government property home lists.
Around the clock property updates are done on our database, which assures that you will be receiving accurate and time-sensitive real estate information, such as, Foreclosed Properties, For Sale By Owner, Distressed Homes Nationwide, Government Foreclosed Houses and more.
Real estate foreclosures on are updated regularly and are placed into one of the four main categories of our foreclosure listing services database: foreclosures, pre-foreclosures, auctions and brokers listings. is not the best foreclosure listings site I’ve seen but it does have its strong points.
This site is definitely one of the best foreclosure listings websites out there with its extensive database and reliable contact information.
Features include an open layout, large eat-in kitchen, impressive formal dining room, spacious master suite with walk-in closet, formal living area, fireplace in family room, cathedral ceilings, easy-to-maintain yard, and finish lower level.
Features include an impressive foyer, spacious kitchen, beautiful great room with fireplace, open loft, oak staircase, three-car garage, cathedral ceilings, large master suit and more.
Features include wood-burning fireplace in living room, large kitchen with lots of cabinet space, cathedral ceilings, loft, wood floors, bright skylights and more.
Sometimes it puts buyers in a tricky situation because on one hand they want to give a low ball offer in order to get the best possible "deal" and on the other hand it's my job to inform them that bank owned properties are usually highly contested for and already priced very well (not always).
I sell bank owned properties for 2 banks, J.P. Morgan Chase & Kondaur Capital Corporation and having been on that side I know what to expect when I wear the buyers agent hat.
I find that when a good bank owned property comes on the market we get multiple offers and very often these properties will sell for more than the asking price.
4) All of this information above will establish current market value for you in as is condition – In a short sale situation it does not matter what the property is listed at because so many real estate agents do not know what they are doing in a short sale situation – You should have proven sold and settled comparables as I explained above and expect to pay current market value for the home – otherwise it is a complete waste of your time to wait around for 90 days to see if the seller’s lender is going to approve your offer – Short Sales are sold at current market value in as is condition and nothing less.

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