Philadelphia foreclosure property sales present an effective way to easily obtain property at below-market prices. Foreclosures occur on many property types across the economic spectrum. This means that one can purchase appropriate properties for varying purposes, whether to invest or to buy and acquire a new family home.
Pennsylvania handles its foreclosure process through the courts. A borrower must be over 60 days late with his or her payment before the lender can start the foreclosure process. Lenders usually provide two to four months of pre foreclosure time in order to allow the borrower sufficient room to either sell the property or come up with the necessary payment.
The Process of Finding Philadelphia Foreclosure Properties for Sale
Once the lender files a lawsuit for the amount on which the homeowner defaulted, the court can order the property to be sold within 30 days if the borrower does not respond. After the court orders the sale of the property, the local sheriff notifies the borrower at least 30 days before the impending sale. At this point, the property must be listed in the local papers for the three weeks prior to the sale.
With a foreclosure list, it is possible to evaluate a large number of these properties that are about to be sold. Often these lists can provide much detailed information about the property, the location, and whether it is a bank or HUD foreclosure. Since Philadelphia foreclosure properties are sold "as is," it is important to inspect the property whenever possible before the date of sale. The amount of time spanning from the date of the court ordered foreclosure to the actual auction of the property usually will be 30 to 60 days.
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