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Making the Most of Pennsylvania Foreclosure Listings

Save money on property purchases with Pennsylvania foreclosures

By Emmet McMahan
Making the most of Pennsylvania foreclosure listings allows you to buy a property well below market value. Foreclosure listings are used both by investors wishing to sell the property for a quick profit and business owners who want to use the property for their business.

Properties appear on foreclosure property listings in Pennsylvania because the owner has missed some mortgage payments and is defaulting on the loan. The lender must file for foreclosure in order to collect on the remaining debt. This gives them the legal right to sell the property and it may then appear on a foreclosure listing. There are three points in the foreclosure process at which you may purchase a property:
  1. The pre-foreclosure stage; the property will be foreclosed if the mortgage debt is not settled within a given amount of time.
  2. The foreclosure auction; most Pennsylvania foreclosure properties are sold at public auction because the lender only needs to recover the remaining debt instead of the property's full value.
  3. Real Estate Owned (REO) property; REO property is owned by the lender and may be purchased before or after the auction.

 

Learn about the laws on foreclosed homes in Pennsylvania

The laws regarding foreclosed property in Pennsylvania cover issues such as foreclosure notices, sales procedures and deficiency judgments. Most states allow for a judicial foreclosure which involves filing a lawsuit to obtain a court order to foreclose. Generally the property will be auctioned off to the highest bidder after the court declares a foreclosure.
Try: EnTrust Home Solutions provides a summary of foreclosure law in Pennsylvania. Barley Snyder discusses recent changes to the foreclosure laws in Pennsylvania.

Get more information on foreclosure listings in Pennsylvania

Sites that have foreclosure lists often offer current news on foreclosures in Pennsylvania. They may also offer other information such as a description of the foreclosure process or a FAQ on foreclosures
Try: Pennsylvania Foreclosures Info has current news on foreclosures in Pennsylvania. ForeclosureTimes provides a variety of comparison tools to allow you to select the best foreclosure properties in Pennsyslvania.

Locate Pennsylvania foreclosure property listings online

Many websites allow you to search for foreclosure properties by specific location. These sites may also offer additional services to members such as email alerts and photographs of foreclosure properties.
Try: HUDForeclosed.com provides foreclosure listings with a clickable map of Pennsylvania and also offers foreclosure listings by email. Pennsylvania Foreclosure Homes allows a search of foreclosure listings by county and also has a quick search capability by county, city and zip code.

 

  • Determine the market value of foreclosed properties in Pennsylvania. The best way to do this is to have it independently appraised by a professional. You will need to make arrangements with the current owner or trustee of the home for the appraiser to visit the property. You should then compare this appraisal to the value given by the party in charge of the sale.

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