There Are High Volumes of Foreclosures and Short
Sale Properties Around The Nation. Bucks & Montgomery Counties are
experiencing these problems too. These two counties are not as bad as other
parts of the country. We have major cities that surround us with big companies
that have employment opportunities.
BUYER'S INFORMATION
As a Buyer You Are Interested In Exploring These
Properties To See What Deals Can Be Had In Today's Real
Estate Market. Here Are Some Tips That Every Buyer Needs To Know
Before Making An Offer On These Properties.
Foreclosures are Bank Owned Properties AKA REO
(Real Estate Owned) You Will Buying The Property As-Is
Short Sales Are Properties That Have Higher
Mortgage Amounts Than Property Values. You Will Be Negotiating With The Bank For
Your Price.
Short Sales Could Take Up To A Few Months To
Receive An Answer Due To The High Volume. This Doesn't Mean That Your Offer Is
Accepted.
Financing Could Be Difficult To Get Depending On
The Condition Of The Home. If You Are Looking To Get A Mortgage With FHA You May
Not Be Able To. Some FHA Loans Require The Repairs To Be Made Before
Settlement.
Sheriffs' Sale List Are Homes That Are Still Owned By The
Owner. Some May be On The Market With A Real Estate Company. These Owners
Typically Want To Sell.
SELLER'S INFORMATION
If You Have Been Serviced By The
Sheriff's Department In Your County The Foreclosure Process Has Begun. Typically
This Means You Have Not Made A Mortgage Payment In Three Months.
Talk To Your Lender. By Showing
Interest That You Want To Make Your Payment They Can Work With You For A
Repayment Plan. You Still Will Be Paying Late Fees And Interest. The Earlier You
Call The Better Off You May Be In The Future.
If You Have Equity In Your Home But
Can No Longer Make Your Mortgage Payments These Best Thing To Do May Be To Sell
The Home & Keep The Proceeds. It Is Better To Have The Money Instead Of
Losing The Home & The Equity. If Your Home Is Sold At The
Sheriffs' Sale By Auction Or The Bank Takes It Back There Is NO Right Of
Redemption Period In Pennsylvania.
If You Owe More On Your Mortgage Than
Your Property Is Worth You Will Have To Qualify For A Short Sale. This Means You
Will Have To Show Your Lender Why You Can No Longer Afford To Own The
Property.
There Is Help To Call About Your
Mortgage It is 1-888-995-HOPE. Feel Free To Check Out The Website For More
Details http://www.makinghomeaffordable.gov/
I Have Experience With Properties In
Pre-foreclosure, Short Sales, & Foreclosures/REO. I Can Answer Questions
Whether You Are A Buyer Or A Seller. Call Me Direct At 215-534-2539 Or Email Marciepurcell@yahoo.com