Philadelphia Foreclosures and REO

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  1. 4 beds, 3 full baths
    Home size: 3,120 sq ft
    Lot size: 1,040 sqft
    Year built: 1910
    Listing with: Connor & Connor REO
  2. 3 beds, 1 full bath
    Home size: 1,608 sq ft
    Lot size: 960 sqft
    Year built: 1926
    Listing with: RE/MAX Prime Real Estate
  3. 3 beds, 2 full baths
    Home size: 1,400 sq ft
    Lot size: 1,200 sqft
    Year built: 1926
    Listing with: Vihi Realty Co.
  4. 3 beds, 2 full baths
    Home size: 1,309 sq ft
    Lot size: 1,048 sqft
    Year built: 1925
    Parking spots: 1
    Listing with: Elfant Wissahickon-Mt Airy
  5. 0 beds, 1 full bath
    Home size: 342 sq ft
    Year built: 1971
    Listing with: RE/MAX Prime Real Estate
  6. 3 beds, 1 full bath
    Home size: 1,024 sq ft
    Lot size: 968 sqft
    Year built: 1925
    Listing with: Keller Williams Center City Realty
  7. 3 beds, 1 full bath
    Home size: 1,020 sq ft
    Lot size: 930 sqft
    Year built: 1926
    Listing with: USRealty.com LLP
  8. 3 beds, 1 full bath
    Home size: 960 sq ft
    Lot size: 1,096 sqft
    Year built: 1931
    Listing with: USRealty.com LLP
  9. 4 beds, 3 full, 1 half baths
    Home size: 1,680 sq ft
    Lot size: 1,118 sqft
    Year built: 1915
    Listing with: Allison James Estates & Homes
  10. 1 bed, 1 full, 1 half baths
    Home size: 640 sq ft
    Year built: 2007
    Listing with: Owners.com
  11. 3 beds, 1 full bath
    Home size: 978 sq ft
    Lot size: 1,395 sqft
    Year built: 1925
    Listing with: Coldwell Banker Realty One-Academy
  12. 3 beds, 1 full bath
    Home size: 1,152 sq ft
    Lot size: 1,357 sqft
    Year built: 1951
    Parking spots: 1
    Listing with: Alpha Realty Group
  13. 0 beds, 0 baths
    Home size: 1,350 sq ft
    Lot size: 6,816 sqft
    Year built: 1925
    Listing with: BHHS Fox & Roach-Center City Walnut
  14. 2 beds, 1 full bath
    Home size: 1,350 sq ft
    Lot size: 6,816 sqft
    Year built: 1925
    Parking spots: 2
    Listing with: BHHS Fox & Roach-Center City Walnut
  15. 3 beds, 1 full bath
    Home size: 960 sq ft
    Lot size: 1,096 sqft
    Year built: 1920
    Listing with: Coldwell Banker Preferred-Old City
  16. 3 beds, 2 full baths
    Home size: 1,120 sq ft
    Lot size: 1,134 sqft
    Year built: 1925
    Parking spots: 2
    Listing with: Premier Real Estate Inc
  17. 0 beds, 0 baths
    Home size: 1,700 sq ft
    Lot size: 1,552 sqft
    Year built: 1920
    Listing with: Connor & Connor REO
  18. 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
  19. 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
  20. 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

See all Philadelphia Foreclosures.
(all data current as of 3/26/2016)

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?