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.