Lehigh Valley Real Estate - Tips 4 Homeowners, Buyers & Agents

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*