Lehigh Valley Homes & Real Estate - Tips for Buyers & Current Homeowners

Foreclosure Homes in PA - All Home Buyers call Distressed Homes "Foreclosures" There are different Types of “Foreclosures” or Distressed Properties and the sale procedure and risks for all of them are different.

View my video but make sure you also check out the additional resources below.

Foreclosure Homes in PA – Most Home Buyers think that a foreclosure is a home that is currently Listed on the Lehigh Valley MLS for sale by a Real Estate Agent.  BUT the truth is; A true Foreclosured home IS a home that is going up for sale through the local court. The most important detail to know under this situation is the fact that the “sale price” does not include other loans that may be due and outstanding fee’s and bills for property taxes, and water/sewer bills need to be paid in addition to the purchase price. Also under this situation most of the time the homeowner is still living in the home AND you can not view the home before you Bid on it during a public auction situation.  The homeowner also has up to 1 hour before the local court bidding starts to pay off the amount owned on the loan or postpone the sale. If you are more interested in the “Forelcosures” that are listed on the Lehigh Valley MLS review 5 Things you need to know about Lehigh Valley Foreclosures.

REO – Real Estate Owned Properties – This is the proper terminology for a Bank Owned Property. Real Estate Agents and Management Companies handle all of these homes.  Home Buyers can find them on the Local Lehigh Valley MLS through a Buyer Agent. View a 3 min sample search we can setup for you on the Lehigh MLS.

USDA Rural Development – United States Department of Agriculture – These are homes that are taken back from Mortgages given by the USDA Rural Development department.  These homes are the same type of risk as a local court sale but are managed by USDA.  www.resales.usda.gov

HUD – These homes are owned by the US department of Housing and Urban Development  (FHA LOAN defaults) In the states of Alabama, Delaware, Mississippi, and Pennsylvania these listings are handled by the management company of  Hooks Van Holm, BUT are listed with a Lehigh Valley REALTOR®  before the are available to the public for sale.  So, again the Lehigh Valley MLS is best way to find them. If you think you can go to any website like Realtor.com or any other website and get access to the Lehigh Valley MLS you need to review What is the MLS? –  There is a wealth of information at www.hud.com maybe even alittle too much.  But, if you would just like some for guidance about other good deals, review Foreclosure or Estate Property? What are the Risks and Buying Estate Properties, A Good Investment?

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved * Foreclosure Homes in PA – Different “Types” of Foreclosures*

Lehigh Valley Foreclosures & Real Estate – Learning the Risks about Foreclosures in PA & Estate Homes in the Lehigh Valley area – The Risks and Benefits involved.

Everyone seems to think that Foreclosures are the way to go to buy Lehigh Valley Homes.  Everyone has an opinion and I am going to share mine with you.

Lehigh Valley Foreclosures looks like a GREAT deal solely because of the price.  When you are comparing price and value…you need to also compare the risk involved. Here is a quick look at the risks the general public calls a Foreclosure listed by a Real Estate Agent. These properties are owned by a Bank and NOT HUD.

You may view my video on this topic but be sure to review additional resources below.

Foreclosure Property Risks (Listed significantly below market value)

1) 75% of the time the utilities are off when you view a bank foreclosure.

2) 90% of the time the home has been vacant and lacking maintenance for over 10 months.

3) 99.9% of the time you will need to turn on the utilities in your name  in order to conduct the home inspection after your offer gets accepted by the seller (bank).

4) 100% You must sign additional bank papers that make you responsible for more than the Standard Residential Agreement of Sale.

5) 75% of the time The Seller will not do any repairs on a Lehigh Valley Foreclosures in PA.

Lehigh Valley Real Estate foreclosure resources for Home Buyers also include Foreclosures How can I find them – Thinking about Buying a Foreclosure? 5 Things to know and Different types of Foreclosures

Estate Property Benefits for Lehigh Valley Homes (listed a little below market value

1) 90% of the time the utilities are ON when you view the home.

2) 75% of the time the home has been vacant for about 6 months but the family takes care of the home and checks on it.

3) 99.9% of the time the Utilities are kept on until settlement; this is covered in the Residential Agreement of sale for Lehigh Valley Real Estate.

4) 99% of the Time you only need to sign the Standard Real Estate Agreement of Sale for your state and the seller has more responsibilities to you then a Bank.

5) 75% of the time the Seller will negotiate with you on the results of the Home Inspection and provide for repairs and/or credits to major repairs.

What situation makes you feel more comfortable when contemplating buying Lehigh Valley Real Estate  for you and your family?

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved * Lehigh Valley Foreclosures & Real Estate - Foreclosure or Estate Property? What are the Risks?*

Lehigh Valley Foreclsoures & Real Estate – How can a Home Buyer find Foreclosures – Is a Lehigh Valley Foreclsoures the best way to invest in your next home?

This Foreclosure information is geared to helping Lehigh Valley Real Estate Home Buyers Only.

Here is  Video to view about Foreclosures but I have some other resources below that will also help you.

1) Are you a Residential Home Buyer?

2) Are you a First Time Home Buyer?

If yes, Do you have backup funds in your savings for unexpected repairs and rainy day money?

Do you want the truth? OR Would you like me to tell you what you want to hear and then pay me for the information? Because that is what others are marketing on the radio and internet right now…all this hype about getting Lehigh Valley foreclosures for little or no money down and getting a Mortgage for less then paying rent.  But, what they are not telling you is that you THINK a Foreclosure is one thing AND they know a Lehigh Valley Foreclosure is ANOTHER thing. I am going to be Honest with you and give you the real information you need - Thinking about Buying a Foreclosure, 5 Things to know

Yeah, Home Buyers can buy a list of foreclosures in pa but this information gives you lists of properties that may be going into foreclosure sale at the local court house.  But if you are a Residential Lehigh Valley Home Buyer and/or a First Time Home Buyer….the chances are 9 out of 10 times that this is not the information you where looking for.   A better option to look at is Foreclosure or Estate Properties, What are the Risks?

The important thing to know, when a foreclosure is sold at the local Court House all liens/loans taxes and research on the property musts be done by the Home Buyer BEFORE the sale…sometimes you cannot get access of the foreclosed home before the sale…you cannot conduct inspections on the foreclosure or make this a condition of your offer.  VERY RISKY SITUATION FOR someone looking to buy Lehigh Valley Homs .  This part of the foreclosure process is taken advantage of by experienced Lehigh Valley Real Estate investors NOT first time home buyers or even the general residential home buyer.

The TRUTH is ……There is a better way…but still has risk involved. IF THE HOME IS NOT SOLD AT THE local Foreclosure/sheriff sale at the court house…then the bank takes ownership, then the home is listed with a Real Estate Agent on the Local Lehigh Valley MLS. At this point all liens, taxes and water/sewer bills are paid or must be paid before transfer of ownership to the home buyer.  Then the home buyer can conduct the home inspection and view the home before making an offer.

You have some other options when thinking about buying Lehigh Valley Real Estate and getting a good deal.  Actually there are are other types of “Foreclosures” or we might want to call the Distressed properties learn more by viewing Different Types of Lehigh Valley Foreclosures.

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved * Lehigh Valley Foreclosures & Real Estate – Foreclosures - How can I find them?*

Foreclosures in PA – Thinking about Buying a Foreclosure? 5 Things you need to know before you get too excited.

You may view my video but also check out the additional resources below.

1) When a property is owned by a bank and hits the market through the Local MLS. This Foreclosures in PA has been vacant for about 10 to 14 months BEFORE it has come available on the MLS.

2) 75% of the time the utilities are NOT on, so the Home Buyer will want to view the property during the day and bring a flash light. 50% of the time the home may have some issues due to the lack of maintenance during the Foreclosure process and/ or damage to the property from either vandalism or previous owners who did not want to leave. Are you interested in getting a good deal and not turning the utilities on in your own name? Then you will need to view Tips for Buying information - Buying Estate Properties, A Good Investment? And Foreclosure our Estate Property? What are the Risks

3) The Foreclosures in PA has already being listed under market value and most Banks will not accept much under the currently listed price.  Have your REALTOR ®  conduct detailed research on other homes that have recently sold like this home and find out the current market value.

4) The Home Buyer can make an offer conditioned on a Home Inspection, but the potential Home Buyer will be responsible for turning on all the Utilities in their name for the inspections.  ALSO, if any damage is done to the home during this process the potential Home Buyer will be responsible for handling the repairs even if the decision is not to purchase the foreclosures in PA.

5) The home may or may not qualify for a Mortgage depending on the condition of the property. The utilities must also be left on for the appraisal.  If the Home Buyer is obtaining an appraisal it means the Home Inspection has been accepted and the home will be taken off the market…so, no biggy here as no one else will have access to the home.  You just need to have the extra cash for the Utility costs.

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Foreclosures in PA - Thinking about Buying a Foreclosure? 5 Things to Know*