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How To Buy A Bank Foreclosure Property
What is a Foreclosure Property?
A foreclosure, or sheriff sale, occurs when the homeowner defaults on the mortgage payments to the lender. The lender files a lawsuit to start the sheriff sale process. If there are no acceptable bidders at the sheriff sale for the property, the lender now owns the property. The lender then places the property into their inventory and prepares it for sale.
What about the Debts of the Prior Owner?
The lender is responsible, after the sheriff sale, for any remaining debts on the property. The lender must provide a "free and clear" title to the property with all debts paid as of the day you purchase the property. Your title insurance coverage protects you for any debts from the prior owner also.
How to View the Inside of a Foreclosure Property?
To set an appointment to see any of the properties on the e-mailed Foreclosure Property MLS listings or any property on the Market, call the appointment line 215-855-0385. If you see a property with a Realtor sign and want more info or to get inside to see it, CALL ME to see the property. The listing agent is representing the Seller and Not YOU. They are contractually required to get the best deal for the Seller.
How do you BID on the Property?
I will prepare an Agreement of Sale for you to present an offer to purchase any property. A deposit check will be required with the offer. Also required will be "Proof of Funds" via bank statement, Line of Credit statement or Pre-Approval letter from a qualified lender in order to have your bid accepted. If you would like a referral for lenders, email me, [email protected]
Can you Buy the Property Directly from the Owner before the Sheriff Sale?
If the property is not on the market for sale and you want to purchase, it is up to you to contact the owner directly. Just because it might be going to sheriff sale, there is no way to get you in to see it. If you are able to negotiate with the owner and want the paperwork completed to purchase, our real estate company can assist you.
If you have any further questions, please feel free to call my direct line 267-647-9800 ext 412 or E-mail: [email protected] If you have any questions, feel free to email. Happy Investing !
Kathleen McKinney, Realtor - REO Specialist
Platinum First Realty, 708 Main Street, Harleysville, PA 19438
Office 267-647-9800 ext 412
Email: [email protected]
Facebook: Montco Foreclosure Homes
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