Buying Foreclosures In Central Pennsylvania
If you are interested in buying a home for a potentially discounted price and aren’t afraid of applying some elbow grease, a foreclosed home inCentral PAmay be for you…
Here’s the story behind how foreclosures work:
- The homeowner falls behind on the mortgage payments.
- The bank, who has an ownership stake in the property from the mortgage lien, begins foreclosure proceedings against the homeowner once they are legally able to.
- The homeowner may try to “short sale” the property while negotiating with the bank.
- If the “short sale’ is unsuccessful, the “Sheriff Sale” date arrives and the property is sold to the highest bidder – usually the bank itself.
- The bank holds the property while the foreclosure proceedings are completed and has it “cleaned out”, locks changed, “winterized” etc.
- At some point, at the bank’s discretion, it lists the property (now called REO, or “real estate owned”) with a local real estate broker.
As you can see, there may be a couple of places along the foreclosure process of a home where you can make an offer to purchase and be successful. Follow the links below to get started learning more about Foreclosures inCentral Pennsylvania..
Help For Those Facing Foreclosure
If you are currently behind in your payments, there are options to help you get help. Your first call should be to Coldwell Banker Residential Brokerage, who will put you in touch with experts in the field who can direct your next steps.