What are the steps to buying a foreclosure propert in PA?
Dec 16, 2009 in
Financial and Loan Tips
BrianR
Does the foreclosed person have the right to take the property back for some time after the property is purchased in foreclosure? When I go to foreclosure.com and see a property that has a foreclosure price followed by a property value estimate what is the foreclosure price. In other words, is that just one of the liens price for you to get the house? Could there be other liens against it? What is the best course of action to insure I’m not dupped? Thanks.
Does the foreclosed person have the right to take the property back for some time after the property is purchased in foreclosure? When I go to foreclosure.com and see a property that has a foreclosure price followed by a property value estimate what is the foreclosure price. In other words, is that just one of the liens price for you to get the house? Could there be other liens against it? What is the best course of action to insure I’m not dupped? Thanks.
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3 comments
homesbydamon on December 19, 2009 at 10:01 am
I am a PA licensee in the Philadelphia market, but not an expert on foreclosures. Here’s what I do know:
1. In the state of PA, there is no redemption period…this means that the foreclosure sale is final! Note: Foreclosures are different than tax lien sales….on tax lien sales there often is a redemption period (in Philadelphia I believe it’s 12 months, but I also believe it can vary from jurisdiction to jurisdiction).
2. Regarding the “foreclosure price” on foreclosure.com, you would need to verify that directly with foreclosure.com. I will speculate that this refers to the lien balance + admin. expenses.
3. Yes, there could be other liens on the property. Liens are ranked in order of position, i.e., 1st, 2nd, 3rd lien position. Any one of the lien holders can file suit against the property owner for non-payment of the lien. If the 1st lien holder files suit, all junior liens typically are wiped off. HOWEVER, if a junior lien holder files suit, in most cases the senior liens have to be paid as well.
4. To help insure you don’t get burned, talk to a title company and they can do a title search to find all the liens. The do charge a fee…
Kathy J on December 20, 2009 at 11:19 pm
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old_woman_84 on December 21, 2009 at 8:37 pm
I do not know if this comes anywhere to answering your question. I would go to the phone book of the county the property is in–call the clerk of courts or the treasurer (you pay property taxes to the treasurer) Perhaps they could answer some of your questions. Just a thought.