I have been searching foreclosure homes on the internet however when I contact an Agent to see the property I am told it is not listed. How can so many not be listed when they are showing up on the internet?
All foreclosures are listed with Realtors. Therefore we are aware of each one available for sale. The sites you speak of are probably gathering information on possible foreclosures, such as someone is behind on taxes and/or their mortgage. Those homes may never go to foreclosure status, a very small percentage do and if they do reach that level it could be 1-2 years before that occurs.
If you are looking for foreclosed homes it is best to align yourself with a Realtor that can search on a regular basis for you and send them to you as they become available. There are not many foreclosed homes in our particular area. A few Myths to keep in mind when you are interested in foreclosures:
- The banks will sell the properties for much less under market value. This is not usually the case. The banks rely on appraisals and local Realtors to provide a market value of the home.
- The banks will make a deal because they want these homes off their books. Again not true. The banks are not in a hurry to remove these homes from their books. They will hold out for the price they want. They have a system in which they reduce the price and won't do so prior to that date.
While foreclosures can be a way to purchase a home for a little under market value remember that these homes are sold as-is, with no Seller's Property Disclosure.
Jennifer Daywalt, Realtor
RE/MAX Results Realty- Collegeville, PA
Licensed in PA
Phoenixville's Home Town Realtor
Top Realtor 2004-2011
Author of "Ask The Realtor" for Phoenixville Patch
RE Blogger for The Phoenixville Patch
610-489-7355 Main - 610-999-7693 Direct