Philadelphia Foreclosures and REO

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  1. 4 beds, 2 full baths
    Home size: 1,800 sq ft
    Lot size: 2,428 sqft
    Year built: 1925
    Parking spots: 1
    Listing with: Elfant Wissahickon-Mt Airy
  2. 3 beds, 1 full bath
    Home size: 1,158 sq ft
    Lot size: 966 sqft
    Year built: 1925
    Listing with: Century 21 All Elite Inc-Brookhaven
  3. 4 beds, 1 full, 1 part baths
    Home size: 1,600 sq ft
    Lot size: 1,088 sqft
    Year built: 1916
    Listing with: Vihi Realty Co.
  4. 0 beds, 0 baths
    Home size: 1,470 sq ft
    Lot size: 770 sqft
    Year built: 1935
    Listing with: Alpha Realty Group
  5. 2 beds, 1 full, 1 part baths
    Home size: 934 sq ft
    Lot size: 622 sqft
    Year built: 1915
    Listing with: BHHS Fox & Roach-Concord
  6. 4 beds, 1 full, 1 part baths
    Home size: 1,444 sq ft
    Lot size: 1,156 sqft
    Listing with: RE/MAX Eastern-Philadelphia-Frankford
  7. 2 beds, 1 full bath
    Home size: 1,020 sq ft
    Lot size: 1,540 sqft
    Year built: 1935
    Listing with: Independence Real Estate Sales, LLC
  8. 3 beds, 1 full bath
    Home size: 1,086 sq ft
    Lot size: 975 sqft
    Year built: 1930
    Listing with: Century 21 Advantage Gold-South Philadelphia
  9. 4 beds, 1 full bath
    Home size: 1,380 sq ft
    Lot size: 1,292 sqft
    Year built: 1920
    Listing with: Premier Real Estate Inc
  10. 4 beds, 1 full bath
    Home size: 1,440 sq ft
    Lot size: 870 sqft
    Year built: 1935
    Listing with: Elfant Wissahickon-Mt Airy
  11. 4 beds, 1 full, 1 part baths
    Home size: 1,768 sq ft
    Lot size: 2,684 sqft
    Year built: 1905
    Listing with: BHHS Fox & Roach-Newtown Square
  12. 0 beds, 0 baths
    Home size: 1,344 sq ft
    Lot size: 1,024 sqft
    Listing with: Elfant Wissahickon-Mt Airy
  13. 1 bed, 1 full bath
    Home size: 1,255 sq ft
    Parking spots: 1
    Listing with: Coldwell Banker Preferred-Old City
  14. 3 beds, 1 full, 1 part baths
    Home size: 1,140 sq ft
    Lot size: 870 sqft
    Year built: 1930
    Listing with: Century 21 All Elite Inc-Brookhaven
  15. 2 beds, 2 full baths
    Home size: 1,610 sq ft
    Listing with: Coldwell Banker Preferred-Old City
  16. 6 beds, 2 full baths
    Home size: 2,640 sq ft
    Lot size: 2,358 sqft
    Year built: 1925
    Listing with: Realhome Services and Solutions
  17. 0 beds, 0 baths
    Home size: 1,170 sq ft
    Lot size: 1,230 sqft
    Year built: 1955
    Listing with: Genuine Property Solutions Real Estate
  18. 3 beds, 2 full baths
    Home size: 1,104 sq ft
    Lot size: 825 sqft
    Year built: 1940
    Listing with: Carrington Real Estate Services LLC
  19. 2 beds, 1 full bath
    Home size: 840 sq ft
    Lot size: 588 sqft
    Year built: 1924
    Listing with: Connor & Connor REO
  20. 3 beds, 2 full baths
    Home size: 1,186 sq ft
    Lot size: 998 sqft
    Year built: 1942
    Parking spots: 1
    Listing with: Elfant Wissahickon-Mt Airy
  21. 4 beds, 1 full bath
    Home size: 1,528 sq ft
    Lot size: 1,288 sqft
    Year built: 1920
    Listing with: Coldwell Banker Preferred-Old City
  22. 3 beds, 1 full bath
    Home size: 960 sq ft
    Lot size: 1,096 sqft
    Year built: 1925
    Listing with: Century 21 Advantage Gold-South Philadelphia
  23. 4 beds, 3 full baths
    Home size: 2,160 sq ft
    Lot size: 864 sqft
    Parking spots: 1
    Listing with: RE/MAX Connection-Turnersville
  24. 0 beds, 0 baths
    Home size: 2,210 sq ft
    Lot size: 1,246 sqft
    Year built: 1935
    Listing with: BHHS Fox & Roach-Center City Walnut
  25. 0 beds, 0 baths
    Home size: 2,210 sq ft
    Lot size: 1,246 sqft
    Year built: 1935
    Listing with: BHHS Fox & Roach-Center City Walnut
  26. 0 beds, 0 baths
    Home size: 3,000 sq ft
    Lot size: 2,843 sqft
    Year built: 1935
    Listing with: BHHS Fox & Roach-Center City Walnut
  27. 0 beds, 0 baths
    Home size: 1,707 sq ft
    Lot size: 1,718 sqft
    Year built: 1935
    Listing with: BHHS Fox & Roach-Center City Walnut
  28. 2 beds, 2 full, 1 part baths
    Home size: 1,707 sq ft
    Lot size: 1,718 sqft
    Year built: 1935
    Listing with: BHHS Fox & Roach-Center City Walnut
  29. 0 beds, 0 baths
    Home size: 1,707 sq ft
    Lot size: 1,718 sqft
    Year built: 1935
    Listing with: BHHS Fox & Roach-Center City Walnut
  30. 0 beds, 0 baths
    Home size: 4,380 sq ft
    Lot size: 3,049 sqft
    Year built: 1955
    Listing with: BHHS Fox & Roach-Center City Walnut

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(all data current as of 5/22/2015)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 

Philadelphia Foreclosures

Philadelphia Foreclosures

Intro To Philadelphia Foreclosures and Short Sales

Ask even the least experienced real estate novice and he or she will tell you that the latest trend in the real estate market are Philadelphia Foreclosures and Philadelphia short sales.  Philadelphia Foreclosures have been hot since the housing market crash because buyers believe that they will be able to purchase homes at deeply discounted prices.  This article will give a brief into to Philadelphia Foreclosures  and other types of distressed properties.

Distressed Property – A distressed property is a property in which the borrower (home owner) begins missing monthly mortgage payments and has defaulted on his promissory note.  For real estate purposes short sales,Philadelphia Foreclosures, and REOs qualify as distressed properties.  Philadelphia Foreclosures and other distressed properties typically sell for a price below fair market value.

Short Sale – A short sale is any sale of real estate in which the proceeds from the sale of the property are less than the outstanding debt on the property.  A short sale occurs when the debt holder agrees to release all liens against the property in exchange for an amount less than the total amount owed by the owner.

Philadelphia Foreclosures – A foreclosure is actually a legal process that occurs whenever a lender, usually a bank, attempts to recover the balance of a loan from a borrower (homeowner) who has ceased paying his or her debt.  At settlement buyers sign both a promissory note and a mortgage.  The promissory note is the contract that governs the terms of borrowed money and it includes things like the amount being borrowed, the interest rate and the repayment schedule.  The mortgage is the document that puts the property being purchased as collateral for repayment of the loan.  If the terms of the promissory note are not met the lender can use the mortgage to foreclose on the property and gain possession.  Once the lender has possession of the foreclosed property the lender will usually put the property up for sale as a Philadelphia Foreclosures and keep the proceeds from the sale.

REO – REO or “real estate owned” refers to foreclosed properties that are owned by banks.  Philadelphia REO is synonymous with Philadelphia Foreclosures. Once a borrower misses one or more monthly mortgage payments the lender will assess the amount of equity in the property and decide if a short sale is appropriate. If the property does not sell as a short sale and subsequently does not sell at sheriff’s sale the lender retakes possession of the property and it becomes part of the bank’s REO inventory.

About The Author: Understanding the process of buying Philadelphia Foreclosures can seem daunting but is really pretty simple if you read and follow this advice from Philadelphia Real Estate expert Frank L. DeFazio. Learn more about Philadelphia Foreclosures?