No one likes to talk, think or deal with foreclosures - except buyers. Buyers seem to like the idea of a bargain. A home becomes a foreclosure property when a property owner goes 3 months or longer without making a payment to the lender. At this time, the lender is legally allowed to proceed with reclaiming the property, also known as the "foreclosure process." Not all lenders start the process immediately, but they are permitted to do so by law. Once the property is reclaimed by the bank/lender, it is technically considered to be a "foreclosure." Yes, we even have foreclosures in Central Pennsylvania.
There are the top 3 things a buyer should know about buying a foreclosed home.
1. The owner is a bank, and while there is staff available to talk to (sometimes) you are not dealing wiht emotion - it is purely a business tranaction. You cannot tell a bank what to do, they will do what they want to do. Banks DO NOT care about your personally.
2. There will more paperwork that with a typical sale. Often they have their own contracts and procedures.
3. The bank will not complete a Seller Disclosure, they know nothing about the house and again don't care. The house is being sold "as is" and you can do inspections, but you can't negotiate repairs, they are your total responsibility OR you can back away. . .typically you can't negotiate.
So if you are looking for a foreclosure BEWARE and BE PREPARED!
Dauphin County Foreclosure Statistics 2012