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

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.

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