Philadelphia Foreclosures and REO

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  1. 2 beds, 1 full bath
    Home size: 1,710 sq ft
    Lot size: 553 sqft
    Year built: 1915
    Listing with: PA RealtyWorks, LLC
  2. 3 beds, 2 full baths
    Home size: 1,328 sq ft
    Lot size: 1,110 sqft
    Year built: 1925
    Listing with: Keller Williams Real Estate-Horsham
  3. 3 beds, 1 full, 1 part baths
    Home size: 1,440 sq ft
    Lot size: 2,913 sqft
    Year built: 2006
    Listing with: Vihi Realty Co.
  4. 3 beds, 1 full bath
    Home size: 1,050 sq ft
    Lot size: 680 sqft
    Year built: 1925
    Listing with: Alpha Realty Group
  5. 3 beds, 1 full bath
    Home size: 990 sq ft
    Lot size: 934 sqft
    Year built: 1920
    Listing with: Premier Real Estate Inc
  6. 3 beds, 1 full, 1 part baths
    Home size: 984 sq ft
    Lot size: 679 sqft
    Year built: 1916
    Listing with: Philly Real Estate
  7. 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
  8. 3 beds, 1 full bath
    Home size: 1,024 sq ft
    Lot size: 714 sqft
    Year built: 1940
    Listing with: Connor & Connor REO
  9. 3 beds, 2 full baths
    Home size: 1,165 sq ft
    Lot size: 1,094 sqft
    Year built: 1925
    Listing with: Century 21 Advantage Gold-Southampton
  10. 0 beds, 1 full bath
    Home size: 461 sq ft
    Year built: 1950
    Listing with: Premier Real Estate Inc
  11. 3 beds, 1 full, 1 part baths
    Home size: 728 sq ft
    Lot size: 742 sqft
    Year built: 1935
    Listing with: RE/MAX Access
  12. 2 beds, 2 full, 1 part baths
    Home size: 2,423 sq ft
    Year built: 2008
    Parking spots: 1
    Listing with: RE/MAX Prime Real Estate
  13. 3 beds, 1 full, 1 part baths
    Home size: 1,110 sq ft
    Lot size: 1,516 sqft
    Year built: 1925
    Parking spots: 1
    Listing with: Alpha Realty Group
  14. 3 beds, 1 full bath
    Home size: 840 sq ft
    Lot size: 889 sqft
    Year built: 1916
    Listing with: Alpha Realty Group
  15. 1 bed, 2 full baths
    Home size: 712 sq ft
    Year built: 1954
    Listing with: RE/MAX Prime Real Estate
  16. 0 beds, 0 baths
    Home size: 2,944 sq ft
    Lot size: 1,832 sqft
    Year built: 1935
    Listing with: Genuine Property Solutions Real Estate
  17. 3 beds, 1 full bath
    Home size: 1,120 sq ft
    Lot size: 1,069 sqft
    Listing with: Century 21 Advantage Gold-Southampton
  18. 1 bed, 1 full, 1 part baths
    Home size: 1,344 sq ft
    Listing with: RE/MAX Prime Real Estate
  19. 0 beds, 0 baths
    Home size: 1,600 sq ft
    Lot size: 1,552 sqft
    Year built: 1920
    Listing with: Carrington Real Estate Services LLC
  20. 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
  21. 0 beds, 0 baths
    Home size: 1,036 sq ft
    Lot size: 864 sqft
    Year built: 1916
    Listing with: RE/MAX Prime Real Estate
  22. 2 beds, 1 full, 1 part baths
    Home size: 1,127 sq ft
    Year built: 1936
    Listing with: Century 21 All Elite Inc-Brookhaven
  23. 3 beds, 1 full bath
    Home size: 980 sq ft
    Lot size: 840 sqft
    Year built: 1916
    Listing with: BHHS Fox & Roach-Jenkintown
  24. 4 beds, 1 full bath
    Home size: 1,360 sq ft
    Lot size: 1,742 sqft
    Year built: 1961
    Listing with: NextRE
  25. 3 beds, 1 full bath
    Home size: 876 sq ft
    Lot size: 666 sqft
    Year built: 1925
    Listing with: ERA Continental Realty
  26. 0 beds, 0 baths
    Home size: 2,064 sq ft
    Lot size: 1,120 sqft
    Year built: 1955
    Listing with: ERA Continental Realty
  27. 3 beds, 1 full bath
    Home size: 1,104 sq ft
    Lot size: 1,500 sqft
    Year built: 1925
    Listing with: ERA Continental Realty
  28. 1 bed, 1 full bath
    Home size: 1,255 sq ft
    Parking spots: 1
    Listing with: Coldwell Banker Preferred-Old City
  29. 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
  30. 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

See all Philadelphia Foreclosures.
(all data current as of 7/29/2015)

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?