Philadelphia Foreclosures and REO

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  1. 3 beds, 1 full bath
    Home size: 1,120 sq ft
    Lot size: 1,134 sqft
    Year built: 1925
    Parking spots: 2
    Listing with: Premier Real Estate Inc
  2. 4 beds, 1 full bath
    Home size: 1,647 sq ft
    Lot size: 966 sqft
    Year built: 1925
    Listing with: RE/MAX Prime Real Estate
  3. 4 beds, 3 full baths
    Home size: 1,902 sq ft
    Lot size: 1,392 sqft
    Year built: 1925
    Listing with: Century 21 Chapel Realty - Cheltenham
  4. 3 beds, 2 full baths
    Home size: 1,608 sq ft
    Lot size: 1,331 sqft
    Year built: 1900
    Listing with: Connor & Connor REO
  5. 3 beds, 1 full bath
    Home size: 1,200 sq ft
    Lot size: 960 sqft
    Year built: 1925
    Listing with: Premier Real Estate Inc
  6. 2 beds, 1 full bath
    Home size: 1,196 sq ft
    Year built: 1950
    Listing with: RE/MAX Services
  7. 4 beds, 1 full, 1 part baths
    Home size: 1,560 sq ft
    Lot size: 1,953 sqft
    Year built: 1925
    Listing with: POD Real Estate
  8. 3 beds, 3 full baths
    Home size: 1,795 sq ft
    Year built: 2015
    Listing with: BHHS Fox & Roach-Center City Walnut
  9. 4 beds, 1 full bath
    Home size: 1,488 sq ft
    Lot size: 1,284 sqft
    Year built: 1925
    Parking spots: 1
    Listing with: Fautore Realty
  10. 1 bed, 1 full bath
    Home size: 655 sq ft
    Year built: 1922
    Listing with: Premier Real Estate Inc
  11. 3 beds, 2 full baths
    Home size: 1,484 sq ft
    Lot size: 1,280 sqft
    Year built: 1925
    Listing with: Premier Real Estate Inc
  12. 0 beds, 0 baths
    Home size: 1,700 sq ft
    Lot size: 1,552 sqft
    Year built: 1920
    Listing with: Connor & Connor REO
  13. 3 beds, 1 full, 1 part baths
    Home size: 1,184 sq ft
    Lot size: 1,200 sqft
    Year built: 1920
    Listing with: Independence Real Estate Sales, LLC
  14. 4 beds, 1 full bath
    Home size: 1,528 sq ft
    Lot size: 1,712 sqft
    Year built: 1925
    Listing with: SJI Jackson Real Estate
  15. 2 beds, 1 full bath
    Home size: 844 sq ft
    Lot size: 885 sqft
    Year built: 1925
    Listing with: BHHS Fox & Roach-Jenkintown
  16. 3 beds, 1 full bath
    Home size: 1,074 sq ft
    Lot size: 1,200 sqft
    Year built: 1925
    Listing with: Gamba & Levin Real Estate, LLC
  17. 3 beds, 1 full bath
    Home size: 1,020 sq ft
    Lot size: 767 sqft
    Year built: 1923
    Listing with: RE/MAX Prime Real Estate
  18. 4 beds, 4 full baths
    Home size: 1,200 sq ft
    Lot size: 1,140 sqft
    Year built: 1915
    Listing with: Cummings & Co. Realtors
  19. 3 beds, 1 full bath
    Home size: 1,312 sq ft
    Lot size: 1,200 sqft
    Year built: 1925
    Listing with: MLS Direct
  20. 2 beds, 1 full, 1 part baths
    Home size: 1,272 sq ft
    Lot size: 576 sqft
    Year built: 1916
    Listing with: Century 21 Advantage Gold-Elkins Park
  21. 4 beds, 1 full bath
    Home size: 1,824 sq ft
    Lot size: 1,089 sqft
    Year built: 1925
    Listing with: Century 21 Advantage Gold-Elkins Park
  22. 2 beds, 2 full baths
    Home size: 1,152 sq ft
    Lot size: 1,119 sqft
    Year built: 1937
    Listing with: Alpha Realty Group
  23. 2 beds, 1 full bath
    Home size: 810 sq ft
    Lot size: 1,625 sqft
    Year built: 1950
    Listing with: Vihi Realty Co.
  24. 6 beds, 2 full baths
    Home size: 1,680 sq ft
    Lot size: 1,824 sqft
    Year built: 1925
    Listing with: Carrington Real Estate Services LLC
  25. 3 beds, 1 full bath
    Home size: 1,050 sq ft
    Lot size: 680 sqft
    Year built: 1925
    Listing with: Alpha Realty Group
  26. 3 beds, 2 full baths
    Home size: 2,873 sq ft
    Lot size: 1,226 sqft
    Year built: 2006
    Parking spots: 2
    Listing with: Elfant Wissahickon-Mt Airy
  27. 1 bed, 1 full, 1 part baths
    Home size: 1,344 sq ft
    Listing with: RE/MAX Prime Real Estate
  28. 3 beds, 1 full bath
    Home size: 980 sq ft
    Lot size: 840 sqft
    Year built: 1910
    Listing with: BHHS Fox & Roach-Jenkintown
  29. 3 beds, 1 full bath
    Home size: 876 sq ft
    Lot size: 666 sqft
    Year built: 1925
    Listing with: ERA Continental Realty
  30. 3 beds, 1 full bath
    Home size: 1,104 sq ft
    Lot size: 1,500 sqft
    Year built: 1925
    Listing with: ERA Continental Realty

See all Philadelphia Foreclosures.
(all data current as of 12/9/2015)

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?