What are the steps to buying a foreclosure propert in PA?
Question:
Answer:
I am a PA licensee in the Philadelphia market, but not an expert on foreclosures. Here's what I do know:
1. In the state of PA, there is no redemption period...this means that the foreclosure sale is final! Note: Foreclosures are different than tax lien sales.on tax lien sales there often is a redemption period (in Philadelphia I believe it's 12 months, but I also believe it can vary from jurisdiction to jurisdiction).
2. Regarding the "foreclosure price" on foreclosure.com, you would need to verify that directly with foreclosure.com. I will speculate that this refers to the lien balance + admin. expenses.
3. Yes, there could be other liens on the property. Liens are ranked in order of position, i.e., 1st, 2nd, 3rd lien position. Any one of the lien holders can file suit against the property owner for non-payment of the lien. If the 1st lien holder files suit, all junior liens typically are wiped off. HOWEVER, if a junior lien holder files suit, in most cases the senior liens have to be paid as well.
4. To help insure you don't get burned, talk to a title company and they can do a title search to find all the liens. The do charge a fee...
Hello,
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However, the only investment I've really been happy with so far is real estate. Over the past 5 years, I've bought 3 different properties (all have tenants, and I'm making more than the mortgage payments on 2 properties).
The 3rd property I got was using Carleton Sheets no money down methodology (he's a GURU in real estate, and yes, his methods do work!). You can actually buy a property for absolutely nothing down (NO MONEY FROM YOUR OWN POCKET). I payed over $500 for his course 3 years ago, and I just saw it online for $9.95!! This is a steal at $9.95 (I'm actually going to buy it for my friends for Christmas). It was featured on TV, so I got the website from there.
Before you invest in anything, I highly suggest the Carleton sheets course. http://www.alllsite.info/real-estate.php...
I do not know if this comes anywhere to answering your question. I would go to the phone book of the county the property is in--call the clerk of courts or the treasurer (you pay property taxes to the treasurer) Perhaps they could answer some of your questions. Just a thought.
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