Philadelphia Foreclosures and REO

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(all data current as of 3/5/2015)

  1. 3 beds, 1 full bath
    Home size: 1,068 sq ft
    Lot size: 665 sqft
    Year built: 1940
    Listing with: Independence Real Estate Sales, LLC
  2. 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
  3. 4 beds, 1 full, 1 part baths
    Home size: 2,308 sq ft
    Lot size: 1,304 sqft
    Year built: 1915
    Listing with: BHHS Fox & Roach-Art Museum
  4. 3 beds, 1 full bath
    Home size: 990 sq ft
    Lot size: 934 sqft
    Year built: 1920
    Listing with: Premier Real Estate Inc
  5. 3 beds, 1 full bath
    Home size: 1,128 sq ft
    Lot size: 1,200 sqft
    Year built: 1920
    Listing with: Premier Real Estate Inc
  6. 3 beds, 1 full, 1 part baths
    Home size: 1,500 sq ft
    Lot size: 1,380 sqft
    Year built: 1940
    Listing with: HK99 Realty, LLC
  7. 5 beds, 1 full bath
    Home size: 1,830 sq ft
    Lot size: 1,408 sqft
    Year built: 1916
    Listing with: Connor & Connor REO
  8. 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
  9. 3 beds, 1 full bath
    Home size: 1,536 sq ft
    Lot size: 960 sqft
    Year built: 1930
    Listing with: Horizon Properties Inc
  10. 3 beds, 1 full bath
    Home size: 960 sq ft
    Lot size: 1,112 sqft
    Year built: 1935
    Listing with: Elfant Wissahickon-Mt Airy
  11. 4 beds, 3 full baths
    Home size: 2,160 sq ft
    Lot size: 864 sqft
    Parking spots: 1
    Listing with: RE/MAX Connection-Turnersville
  12. 3 beds, 1 full bath
    Home size: 968 sq ft
    Lot size: 758 sqft
    Year built: 1925
    Listing with: Alpha Realty Group
  13. 3 beds, 1 full, 1 part baths
    Home size: 992 sq ft
    Lot size: 1,104 sqft
    Year built: 1925
    Listing with: Carrington Real Estate Services LLC
  14. 3 beds, 1 full bath
    Home size: 1,480 sq ft
    Lot size: 1,312 sqft
    Year built: 1920
    Listing with: Coldwell Banker Preferred-Media
  15. 2 beds, 2 full baths
    Home size: 1,696 sq ft
    Year built: 2008
    Parking spots: 1
    Listing with: Carrington Real Estate Services LLC
  16. 3 beds, 1 full, 1 part baths
    Home size: 1,277 sq ft
    Lot size: 920 sqft
    Year built: 1930
    Listing with: Keller Williams Real Estate-Horsham
  17. 0 beds, 0 baths
    Home size: 2,300 sq ft
    Lot size: 3,485 sqft
    Year built: 1920
    Listing with: BHHS Fox & Roach-Center City Walnut
  18. 0 beds, 0 baths
    Lot size: 1,721 sqft
    Year built: 2015
    Listing with: BHHS Fox & Roach-Center City Walnut
  19. 0 beds, 0 baths
    Home size: 2,300 sq ft
    Lot size: 1,620 sqft
    Year built: 1920
    Listing with: BHHS Fox & Roach-Center City Walnut
  20. 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
  21. 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
  22. 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
  23. 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
  24. 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
  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. 1 bed, 1 full, 1 part baths
    Home size: 1,248 sq ft
    Year built: 1915
    Parking spots: 1
    Listing with: Liberty REO Realty
  27. 3 beds, 1 full, 1 part baths
    Home size: 1,470 sq ft
    Lot size: 1,572 sqft
    Listing with: Paramount Realty, Inc
  28. 3 beds, 1 full, 1 part baths
    Home size: 1,280 sq ft
    Lot size: 1,566 sqft
    Year built: 1925
    Listing with: Premier Real Estate Inc
  29. 3 beds, 1 full bath
    Home size: 1,078 sq ft
    Lot size: 1,515 sqft
    Year built: 1916
    Listing with: BHHS Fox & Roach-Center City Walnut
  30. 3 beds, 1 full bath
    Home size: 1,296 sq ft
    Lot size: 1,590 sqft
    Year built: 1935
    Listing with: Elite Real Estate Management

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?