how to buy a house in foreclosure 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 Foreclosures.com. "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 TheHomeBuyingCenter.com, 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.
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".
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 , foreclosure auction sale must be announced publicly and held at the date, time and place required by state statutes.
“Sometimes when you dig beneath the surface of a leaky toilet bowl that’s been shoddily repaired you’ll find that you not only have to replace the lead bend, but also whole floors, floor joists, and drywall that’s rotted or contains mold,” says Matthew Barnett, a licensed home inspector and owner of Brooklyn, New York-based Accurate Building Inspectors.
“In abandoned houses with forced-air systems, dirt and debris and even small animals accumulate in the duct work,” says Barnett, “and if humidity has been around boilers or furnaces for long periods of time, the heat exchangers can corrode and you’ll need to replace them altogether.” This can cost between $3,000-$5,000, he says, depending on the type of system you’ll need.
“When owners simply give up and stop taking care of their home, there will be lots of maintenance issues, like the need to clean the gutters, clear debris off the roof, cut back overgrown vegetation, and caulk/seal tile in showers and tubs,” says Gifford, who adds that in certain distressed areas it isn’t uncommon to find that appliances, condensing units, and ceiling fixtures have been removed altogether.
According to Gifford, who is also a member of the American Society of Home Inspectors (ASHI), if you plan to purchase a home that’s been unoccupied for several months, “the first thing you should ask is, ‘Are the utilities turned on?’” In foreclosed homes in many parts of the country, “the water is off, traps are filled with environmentally friendly anti-freeze, and water lines may be pressurized with air or blown out and fully drained,” to keep pipes from freezing and breaking, explains Gifford.
“When you purchase a foreclosure property from a bank that’s never been in the home, you lose the historical perspective as a buyer,” says Herb, who adds that a home inspection can help you learn about changes that may have occurred over the life of the property.
“For about $300-$400 dollars, a home inspector can provide a complete report on the structure, mechanical and major components of the home and property,” says Greg Herb, a licensed realtor and owner of Herb Real Estate in Boyertown, Pennsylvania.
“The SPDS typically reveals any known material defects related to the property and provides the buyer with a historical perspective of the home, its maintenance, as well as any repairs or additions performed under the previous ownership,” says Herb.
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).
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.
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Some other states have laws that provide the former homeowners a certain amount of time after the foreclosure to repurchase or “redeem” the property by reimbursing the party who bought it at the foreclosure sale for the full purchase price (not just the past-due amounts), plus various other costs.
No, the former homeowners cannot get the house back if you purchase it at a foreclosure sale in Pennsylvania.
You won’t get these types of disclosures with a foreclosure sale, since the lender doesn’t know much about the history of the house.
While the former owners won’t be able to get the house back after you buy it, the IRS could potentially redeem the home — but only if there was a federal on the property at the time of the foreclosure.
However many times when a bank or mortgage company doesn't get what they want at the foreclosure, they take the property and put it in the hands of a realtor which goes on the market to sell.
Once a home is foreclosed upon (meaning it has gone to Sheriffs sale) and the bank has bought it back and is now listed as an REO (real estate owned property), you can look at that home just like any other house for sale.
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Either way, USHUD.com has what you are looking for from HUD homes Pennsylvania to Pennsylvania foreclosures we can help you find what you want.
USHUD.com makes it easy with free Pennsylvania foreclosure listings.
We have teamed up with them to help you get into the Pennsylvania foreclosure of your choice.
If you do not feel comfortable calling them send them an email with what you are looking for in a foreclosure and they will be able to point you in the right direction.
Start searching homes by choosing an area in Pennsylvania from the list below.
(%) Year householder moved into unit – Moved in 1999 to March 2000 (%) Year householder moved into unit – Moved in 1995 to 1998 (%) Year householder moved into unit – Moved in 1990 to 1994 (%) Year householder moved into unit – Moved in 1980 to 1989 (%) Year householder moved into unit – Moved in 1970 to 1979 (%) Year householder moved into unit – Moved in 1969 or earlier (%) Means of transportation to work – Drove car alone (%) Means of transportation to work – Carpooled (%) Means of transportation to work – Public transportation (%) Means of transportation to work – Bus or trolley bus (%) Means of transportation to work – Streetcar or trolley car (%) Means of transportation to work – Subway or elevated (%) Means of transportation to work – Railroad (%) Means of transportation to work – Ferryboat (%) Means of transportation to work – Taxicab (%) Means of transportation to work – Motorcycle (%) Means of transportation to work – Bicycle (%) Means of transportation to work – Walked (%) Means of transportation to work – Other means (%) Working at home (%) Industry diversity Common Industries – Agriculture, forestry, fishing and hunting, and mining (%) Common Industries – Agriculture, forestry, fishing and hunting (%) Common Industries – Mining, quarrying, and oil and gas extraction (%) Common Industries – Construction (%) Common Industries – Manufacturing (%) Common Industries – Wholesale trade (%) Common Industries – Retail trade (%) Common Industries – Transportation and warehousing, and utilities (%) Common Industries – Transportation and warehousing (%) Common Industries – Utilities (%) Common Industries – Information (%) Common Industries – Finance and insurance, and real estate and rental and leasing (%) Common Industries – Finance and insurance (%) Common Industries – Real estate and rental and leasing (%) Common Industries – Professional, scientific, and management, and administrative and waste management services (%) Common Industries – Professional, scientific, and technical services (%) Common Industries – Management of companies and enterprises (%) Common Industries – Administrative and support and waste management services (%) Common Industries – Educational services, and health care and social assistance (%) Common Industries – Educational services (%) Common Industries – Health care and social assistance (%) Common Industries – Arts, entertainment, and recreation, and accommodation and food services (%) Common Industries – Arts, entertainment, and recreation (%) Common Industries – Accommodation and food services (%) Common Industries – Other services, except public administration (%) Common Industries – Public administration (%) Occupation diversity Common Occupations – Management, professional, and related occupations (%) Common Occupations – Management, business, and financial occupations (%) Common Occupations – Management occupations (%) Common Occupations – Business and financial operations occupations (%) Common Occupations – Professional and related occupations (%) Common Occupations – Computer and mathematical occupations (%) Common Occupations – Architecture and engineering occupations (%) Common Occupations – Life, physical, and social science occupations (%) Common Occupations – Community and social services occupations (%) Common Occupations – Legal occupations (%) Common Occupations – Education, training, and library occupations (%) Common Occupations – Arts, design, entertainment, sports, and media occupations (%) Common Occupations – Healthcare practitioner and technical occupations (%) Common Occupations – Health diagnosing and treating practitioners and other technical occupations (%) Common Occupations – Health technologists and technicians (%) Common Occupations – Service occupations (%) Common Occupations – Healthcare support occupations (%) Common Occupations – Protective service occupations (%) Common Occupations – Fire fighting and prevention, and other protective service workers(%) Common Occupations – Law enforcement workers including supervisors (%) Common Occupations – Food preparation and serving related occupations (%) Common Occupations – Building and grounds cleaning and maintenance occupations (%) Common Occupations – Personal care and service occupations (%) Common Occupations – Sales and office occupations (%) Common Occupations – Sales and related occupations (%) Common Occupations – Office and administrative support occupations (%) Common Occupations – Farming, fishing, and forestry occupations (%) Common Occupations – Construction, extraction, maintenance, and repair occupations (%) Common Occupations – Construction and extraction occupations (%) Common Occupations – Installation, maintenance, and repair occupations (%) Common Occupations – Production, transportation, and material moving occupations (%) Common Occupations – Production occupations (%) Common Occupations – Transportation and material moving occupations (%) Common Occupations – Supervisors, transportation and material moving workers(%) Common Occupations – Motor vehicle operators (%) Common Occupations – Material moving workers (%) People in Group quarters – Institutionalized population (%) People in Group quarters – Correctional institutions (%) People in Group quarters – Federal prisons and detention centers (%) People in Group quarters – Halfway houses (%) People in Group quarters – Local jails and other confinement facilities (including police lockups) (%) People in Group quarters – Military disciplinary barracks (%) People in Group quarters – State prisons (%) People in Group quarters – Other types of correctional institutions (%) People in Group quarters – Nursing homes (%) People in Group quarters – Hospitals/wards, hospices, and schools for the handicapped (%) People in Group quarters – Hospitals/wards and hospices for chronically ill (%) People in Group quarters – Hospices or homes for chronically ill (%) People in Group quarters – Military hospitals or wards for chronically ill (%) People in Group quarters – Other hospitals or wards for chronically ill (%) People in Group quarters – Hospitals or wards for drug/alcohol abuse (%) People in Group quarters – Mental (Psychiatric) hospitals or wards (%) People in Group quarters – Schools, hospitals, or wards for the mentally retarded (%) People in Group quarters – Schools, hospitals, or wards for the physically handicapped (%) People in Group quarters – Institutions for the deaf (%) People in Group quarters – Institutions for the blind (%) People in Group quarters – Orthopedic wards and institutions for the physically handicapped (%) People in Group quarters – Wards in general hospitals for patients who have no usual home elsewhere (%) People in Group quarters – Wards in military hospitals for patients who have no usual home elsewhere (%) People in Group quarters – Juvenile institutions (%) People in Group quarters – Long-term care (%) People in Group quarters – Homes for abused, dependent, and neglected children (%) People in Group quarters – Residential treatment centers for emotionally disturbed children (%) People in Group quarters – Training schools for juvenile delinquents (%) People in Group quarters – Short-term care, detention or diagnostic centers for delinquent children (%) People in Group quarters – Type of juvenile institution unknown (%) People in Group quarters – Noninstitutionalized population (%) People in Group quarters – College dormitories (includes college quarters off campus) (%) People in Group quarters – Military quarters (%) People in Group quarters – On base (%) People in Group quarters – Barracks, unaccompanied personnel housing (UPH), (Enlisted/Officer) (%) People in Group quarters – Transient quarters for temporary residents (%) People in Group quarters – Military ships (%) People in Group quarters – Group homes (%) People in Group quarters – Homes or halfway houses for drug/alcohol abuse (%) People in Group quarters – Homes for the mentally ill (%) People in Group quarters – Homes for the mentally retarded (%) People in Group quarters – Homes for the physically handicapped (%) People in Group quarters – Other group homes (%) People in Group quarters – Religious group quarters (%) People in Group quarters – Dormitories (%) People in Group quarters – Agriculture workers’ dormitories on farms (%) People in Group quarters – Job Corps and vocational training facilities (%) People in Group quarters – Other workers’ dormitories (%) People in Group quarters – Crews of maritime vessels (%) People in Group quarters – Other nonhousehold living situations (%) People in Group quarters – Other noninstitutional group quarters (%) Density of houses Urban houses (%) Rural houses (%) Residents speaking English at home (%) Residents speaking English at home – Born in the United States (%) Residents speaking English at home – Native, born elsewhere (%) Residents speaking English at home – Foreign born (%) Residents speaking Spanish at home (%) Residents speaking Spanish at home – Born in the United States (%) Residents speaking Spanish at home – Native, born elsewhere (%) Residents speaking Spanish at home – Foreign born (%) Residents speaking other language at home (%) Residents speaking other language at home – Born in the United States (%) Residents speaking other language at home – Native, born elsewhere (%) Residents speaking other language at home – Foreign born (%) Class of Workers – Employee of private company (%) Class of Workers – Self-employed in own incorporated business (%) Class of Workers – Private not-for-profit wage and salary workers (%) Class of Workers – Local government workers (%) Class of Workers – State government workers (%) Class of Workers – Federal government workers (%) Class of Workers – Self-employed workers in own not incorporated business and Unpaid family workers (%) House heating fuel used in houses and condos – Utility gas (%) House heating fuel used in houses and condos – Bottled, tank, or LP gas (%) House heating fuel used in houses and condos – Electricity (%) House heating fuel used in houses and condos – Fuel oil, kerosene, etc.
The unemployment rate in Pennsylvania is 6.1%. This is lower than the national unemployment rate which is 6.1%. The state of Pennsylvania has a median household income of $50,398 which is lower than the national average rate of $51,914.
The state of Pennsylvania has an average foreclosure rate of 0.07%. The Pennsylvania foreclosure rate is lower than the national average of 0.08%. The state of Pennsylvania has a population of approximately 12,612,705 with an average income of $50,398.
The weather annually sunshine for the state of Pennsylvania is 49 degrees and the average high for Pennsylvania is 60 degrees and the average low for Pennsylvania is 39 degrees.
Search for foreclosures in Pennsylvania by selecting one of the top foreclosure markets listed or find specific Pennsylvania counties by clicking on a letter in the bar above the list.
PennLive.com’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.
PennLive.com’s Foreclosures section is packed with all the listings and information you need to make your important foreclosure decision.
PennLive.com 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 PennLive.com because sellers are motivated to sell these properties quickly.

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