Real estate is among the most profitable investments one can make. This is especially true when you find an outstanding deal. And foreclosed homes can present a hugely profitable opportunity for both investors and even just individuals or families looking for a steal. Here’s a look at how to approach finding foreclosed homes in PA.
How Does Buying a Foreclosure Work in PA?
Pennsylvania law requires all foreclosed homes to be made available through a public auction that’s announced beforehand. The announcement must include the time, date and place. You can often find the announcement information on government websites and also in local newspapers.
If and when you find a property that you like, you should find out what is acceptable to secure the property at auction. You can do this by contacting the lender’s attorney, the trustee or the sheriff. In most cases, you’ll need only a deposit for earnest money that can be paid via cashier’s check or money order. You’ll also want to schedule a time to see the property inside and out, ensuring that you know exactly what you’re getting into before the purchase.
On the day of the auction, be early and be prepared. Have identification and your earnest money deposit ready to go. This is a traditional bidding situation in which the representative accepts bids that are then raised in increments. Keep bidding unless you grow uncomfortable with the price, and you might just end up with the home you’ve always wanted.
If you do win big, you’ll sign a purchase agreement and submit the deposit of earnest money. You then have a set period in which you need to close the deal — typically 30 days.
What Is the Biggest Tip for How to Buy a Foreclosed Home in PA?
You can do best by buying the home before it goes to auction. See more on buying in pre-foreclosure below, but know that your best bet if you find a home you love is to secure before it goes up for bidding to the general public.
How to Find Foreclosed Homes in York, PA and Nearby Areas
Are you interest in buying York County foreclosed home in PA? If so, looking at options is easy. You can find a list of upcoming sales on the York County Sheriff’s Office website. Use the dropdown box to look at different sale dates to see the properties expected to be made available at those times. This is where the announcements of foreclosure auction sales are made, as required by law.
How Do I Buy a Pre-Foreclosed Home in PA?
You don’t always have to wait for the actual auction to buy a foreclosed home. You can actually contact the owner in default before the auction and explain your interest in the property. There are many benefits for the owner in selling before an auction, and the buyer gets a chance to get the home he or she wants without competing at an auction. An experienced real estate agent can help walk you through the process of buying a home in pre-foreclosure.
Get Support for Your Home Search at CENTURY 21 Core Partners
If you need assistance when searching for a foreclosed home in York, get the help you need at CENTURY 21 Core Partners. We are the experts on real estate in York, and we can provide the expert guidance you need as you consider your options.
Contact us today about finding foreclosed homes for sale in York, PA.