Does anyone here have experience with buying foreclosed or defaulted properties? With the recent subprime mortgage mess and record number of foreclosures/defaults, I'm wondering if there are any deals to be had in the Philadelphia area where I can buy real estate at below market cost.

Where is the best resource to find foreclosed real estate? Is access to buy foreclosed property limited to real estate agents? Are properties sold auction-style or under some other method? Any details around the process would be greatly appreciated.

Thanks
Omar

Sheriff's sales are listed in the papers and on the sheriff's website. Anyone can go and bid on properties but read the requirements carefully with regard to the financial aspects of the sale as well as other "issues" that might arise.

I would do ALOT of research into this before considering it. Maybe take a day and go watch the proceedings as well. I've never dealt with a sherrif's sale and can't really offer much insight. Perhaps someone who has dealt with them previously can shed more light on the risks and issues involved.

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-Tim K

Licensed PA Real Estate Salesperson

MILES & GENERALIS, INC. GO REAL ESTATE
20 N. 3rd St.
Philadelphia, PA 19106
215-928-0221 (office)
215-928-0584 (fax)

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If you win the property at the sale over one of the regulars.....and it is a desirable piece....something is wrong with it (...Title Issues, Pending Lawsuits, etc.) that you don't know about.....you will get burried. Try to contact the owner of the unit before it actually goes to sale and try and cut a deal.

...the Reinvestment Fund did a study of foreclosures in Philadelphia..there's a whole report by Ira Goldstein about predatory lending throughout the city. The study is complete, but I'm sure they still have plenty of data about recent and upcoming foreclosures.

http://www.phillysheriff.com/properties.html

http://www.phillysheriff.com/index.html

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