Question 1

How does buying a foreclosed home work in Pennsylvania?

Accepted Answer

There are three main stages to foreclosure in Pennsylvania: pre-foreclosure, foreclosure auctions, and real estate owned (REO) foreclosures. Buying pre-foreclosures or REOs is a lot like buying conventional homes — you find a property, make a written offer, negotiate terms and price, and then close. Buying foreclosures at auctions requires registering with the trustee, attending the auction, bidding on a property, and paying for it in cash or certified funds.

Question 2

How do you find foreclosures in Pennsylvania?

Accepted Answer

You can find foreclosures and pre-foreclosures on sites like Foreclosure.com, RealtyTrac, and Zillow, as well as on the MLS, by searching with foreclosure filters. Foreclosure auctions in Pennsylvania are listed on the county sheriff's website, as well as auction.com and local newspapers.

Question 3

Are foreclosures worth buying in Pennsylvania?

Accepted Answer

For many buyers, feeling like they're profiting from someone else's misfortune makes buying foreclosures not worth it, particularly since they may need additional work. That said, foreclosures can result in below market sale prices and opportunities for sweat equity, so they can be worth it to patient buyers who wait for the right property to come along.

Question 4

How long does it take to buy a foreclosed home in Pennsylvania?

Accepted Answer

This can vary a lot, but if you're buying a pre-foreclosure or REO with conventional financing, you'll need an inspection and appraisal, so closing will take at least 30-45 days. The foreclosure process itself can take months, but you can shorten that wait time by purchasing during the pre-foreclosure stage. Auctions can't be scheduled until the foreclosure process is complete, and they can be postponed up to another 100 days after the initial scheduled date. That said, paying for and closing on an auctioned property shouldn't take more than a couple of weeks.

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