I was wondering if anyone knew of any free foreclosure listings in the state of Pennsylvania or any foreclosure listing that are for free? Any help or advice is appreciated

Are you an agent or a private individual? Agents can often ask title companies to send them compiled lists of notices of default. If you're a private individual, often the legal news prints lists (you have to buy the paper) or it is free to go down to the recorder's office and look them up.
--A

Thanks for the advice, I am a private individual. i guess i need to take a trip!

Be careful in purchasing foreclosures, many times you cannot even view the interior of the home. Also some liens on the property can become yours. Better to work w/ a buyer's agent to find you a "deal"

thanks so much for your help, do you know which are the liens that usually become the new owners?

Go here and search your city and state for an agent that handles REO's

http://reomagazine.com/directory/our_members_shell.cfm

Make sure you are dealling with an agent who knows how bank forclosures work. The normal agent that talks the talk of finding you the deal will not work. They usually cuase the offer to get rejected or the transaction just to go with way to much stress. The main issue is look at it from a bussiness standpoint and not emotional.

From a past REO agent of the year

The thing to remember is that you need to know going in whether the foreclosure sale is on a junior or senior lien.
For instance, the property was purchased for $350,000 on an 80/20 loan... First mortgage is $280,000 and second mortgage is $70,000.
You find this foreclosure listing on a home you know is worth $400,000, and the opening bid is only $70,000!!! Wow! Bargain! You win the auction with a bid of only $95,000! Jackpot! Oops, you also now owe $350,000.

Working with an agent who has experience reading all the liens, judgments, and encumbrances against properties (properties in foreclosure often will have trash bills, homeowner's association bills, etc against them) and giving you a good idea of the property's value.

For instance, I have clients who go to foreclosure auctions. When they give me an address of an upcoming auction that they are interested in, I will get a profile from the title company of the property's records, and I will give the client an opinion of value. Based on that, they will decide whether to bid on the home. Then, once they obtain the home and make it ready for the market, I list the home. They don't pay me for the research, but they give me the listing.
--A

All true except for the link. The link is only the agents that have PAID to join the ad marketing system that REOMagazine pushes. I searched 7 zip codes where I am very familiar with the very limited number of agents that do work REO and NONE of them appear in the listing in the link. Do Not fall for some 3rd party marketing such as this... it is only one more example of an attempt to sell leads and all the agents I saw listed have No knowledge or experience in REO... they just wantabee and paid for ad placement.

thanks for the heads up!

Looking for multi family unit REO's in all states...the larger the better...my investment group buys as many as we can get...8 last week...looking for brokers that know bankers...in need of properties in Lake County, Il. immediately...any help will be compensated..
regards, aaronpjh2070@yahoo.com

don't hijack threads... start your own

I assume the chances of a successful completion are better if the foreclosure is already listed in MLS and has a listing agent's sign in the front yard. In those situations, what are some of the pitfalls to look for? A lot of it is the same as any other house...but what about things specific to buying a foreclosure. I've learned a lot, but...got a long way to go. Found some good info on www.theforeclosurehunter.com that was worth reading.

Thanks.

Am I off topic?

Darlene

Some problems and misconceptions I have found: A foreclosure can still have title problems. Even though the foreclosure sale does wipe off all the mortgages, it does not release taxes and other title problems that may have been missed in previous sales. I have had several problems come up on these. Buyers will often buy these without checking the title, assuming it is clear if it has gone through the court foreclosure. Make sure all leinholders were properly notified of the sale.
Also,all the land often is not included in the foreclosed property. A house with several acres or two or more lots will often not include all the land after foreclosure, as they sometimes do not mortgage all the land. Don't assume you are getting all the land the previous owner had. The listing agent often also is not aware of this.
Also, these are sold as is. You have to know or have someone who can check out the home for defects, sometimes without utilities. There will be no repairs done, and most times you cannot get out of your contract, and will sign lots of paperwork saying so.

Great info, Ky Realtor. I appreciate those good tips. Regarding "lots of paperwork", that must include the special addendums that stay hidden away until the counter offer.

I do see why it is to the buyer's benefit to use someone with experience in these things. In this case, I'm trying to leave apartment life and buy another home. At least the mistakes will come back on me, not an unsuspecting client.

That expression about a man who serves as his own attorney may apply in this particular situation.

Thanks again.

Darlene, often there are some good buys out there with foreclosures and this could be your ticket to owning a home. I would suggest that you just have someone knowledgeable to inspect the home and let you know ballpark figures on repairs, get a good title company to check the title, and get owner's title insurance (sometimes provided by seller, sometimes not). Get all the addenda from the listing agent and read it before making the offer to know what you are getting into. Get a copy of the foreclosure deed to check the land description. We as agents have a great opportunity to buy these and I have seen some good deals out there. Some companies will not allow you as an agent to take a commission, some do. Have your bank approval letter or verified cash ready and in hand, as when you find that good deal you may have to act quickly, and will have to have your approval letter to submit with your offer.

This is very helpful to me, KyRealtor.

Many thanks.

Most of your everyday realtors are clueless when it comes to foreclosure properties. They dont understand the constraints the bank puts on buyers and almost all of them gasp for air once a contract is accepted and the contract "addendum" is then given to them. When submitting offers I'm always hearing.."Talk to them, see what they'll come down to". Banks are not your everyday sellers that they encounter hence their mindset is all skewed when dealing with them. So the best advice is to seek out an experienced foreclosure realtor who knows how the banks work, and knows the processes involved.

Is it possible to purchase one of these properties with sellers assist and 100% financing?

Joseph... most of this thread is about properties that have been forclosed... and area now REO. In those cases, it would be very rare that the new holder of the deed would have any interest in financing. Most only buy mortgages in the secondary market and do not make loans directly... even if they may have the same basic "name" of a lender that does. They are a separate entity. You have to get your own funding.

In the pre-foreclosure stages, it all depends on what stage your in. For someone in any of these, they are behind in payments and actions has been taken against them. They will typically have no ability to "assist" a buyer in financing... they have none and unless the buyer is offering enough to pay off the existing mortgage and all fees and legal cost the typical defaulted owner has no ability to sale with a clear title and the foreclosure would continue... even if you purchased it!

Alternative so exist, including reinstatement, loan modifications and short sales. Each requires the defaulting borrowers co operation and usually the lenders cooperation and or agreement. These all must be completed prior to the actual foreclosure sale.

I think fc's are full of minefields for most buyers. I would really recommend getting w/an agent who actually understands the process or at least finding some *legit* seminars/mentors. I don't mean the *Make a Trillion Dollars a Month* seminars, more like the ones offered by local boards of realtors, title co's, etc. You may need to join your local board as an affiliate if that is permissible in your area.

Also, the fc does not wipe out *all* mortgages, it wipes out the one being fc'd upon. Thus the buyer could get stuck w/a property that is still subject to another mortgage, and as was pointed out, tax liens, etc.

I am sure some sellers would be happy to offer seller financing! Unfortunately, you could well end up sending the seller a few checks which seller keeps as a gift and the lender forecloses leaving you with nothing. And such a sale would probably trigger the due on clause anyway.

And as also has been pointed out, many if not most of the current batch of fc's will be over encumbered, ie more is owed on the property than it's worth. That is why they r being fc'd rather than sold to pay off the mortgage.

I also agree about not being able to see the interior, it is common for owners being fc'd on to trash the place out of frustration/anger. and you may well inherit tenants or owners who have no plans to vacate, buying yourself an eviction action.

And truthfully if you do happen to find a true bargain (ie the debt load on the property is below 80%, desirable area, etc) the pros will snap it up. There are people who do this for a living and know how to do it right.

I realize this fc thing is all the rage, I get calls all the time, but it's not really the goldmine many believe/hope it to be.

I still think working w/an experienced agent or mentor is the wisest course.

Go to the REO/Foreclosure section on this site and you could probaly find a good agent to work with you. There is money to be made in foreclosures but you could also end up being in the same boat if you arent careful!

If anyone wants a referral to a good foreclosure buyer's agent and they haven't found a member here who covers that area, as part of the largest referral network I can do a FAST and free referral -- you can PM me.

(I'm a Coldwell Banker agent in the Columbus OH area and well..we have a lot of foreclosures here. Can be a good place to invest.

Hmm -- and although I really don't post on the BPO board here, I do 'em so I'll consider myself a regular. Been reading here for over a year anyway.)