For Pennsylvanian homeowners, due to financial hardship or unforeseen circumstances, they may be unable to maintain their mortgage and be put on notice that the bank intends to foreclose on their home.

This situation is not uncommon. In 2017, over 31,000 properties were foreclosed upon in Pennsylvania alone, ranking the state one of the highest for foreclosure.

There are several situations where this can occur:

• Notice of Default. This is where homeowners are given notice that they have not met their financial obligations of the loan.
• Notice of Trustee Sale. This is when a financial institution provides notice to a homeowner that the property will be foreclosed upon.

The ramifications for homeowners are not simply losing their home. Foreclosure will also damage a homeowner’s credit history which can affect their ability to borrow for a family home or investment property in the future.

In addition, the seller may be able to have their bank transfer the mortgage to a buyer if they act quickly. This can avoid the foreclosure process completely which may be a more cost effective transaction.

For these reasons, homeowners may be motivated to sell their property if they are unable to work out an agreement with their financial lender to continue their mortgage. To do otherwise would mean potentially impacting their financial ability to borrow in the future.

Pre-foreclosure Listings for Realtors and Mortgage Brokers

For realtors and mortgage brokers, access to pre-foreclosure listings can help you connect with motivated homeowners in need of your services. These opportunities can include notice of default listings and notice of trustee sale listings.

“For realtors and mortgage brokers access to pre-foreclosure listings can help you connect with motivated homeowners in need of your services.”

If you provide mortgage and loan products, homeowners will be more likely to engage your services. Homeowners needs can include looking to refinance their home if they have previously signed on an unsuitable finance product. Alternatively, they may consider other lending options to avoid the foreclosure process.

For realtors, there are also several benefits in dealing with pre-foreclosure properties.

If the homeowners wish to sell their homes and remove their financial burdens, this may provide an opportunity for buyers you represent to purchase the home off-market and with lower competition. The home owner may in turn also wish to engage your help in securing their next, more affordable accomodation.

Pre-foreclosure listings for Homebuyers and Investors

Many homebuyers and property investors can benefit from access to pre-foreclosure listings in order to source and purchase property in Pennsylvania.

This presents an opportunity to you as a buyer or investor, as you can negotiate with potentially motivated homeowners to develop an agreement to purchase the property.

Buyers may be able to secure the home at a favourable rate compared to the price of the property if it were listed on the market in ordinary circumstances. Sellers are often unable able to sell the property with favourable marketing timing to maximize the property price but are looking for help from a property buyer like you to quickly remove a financial burden.

 

“Sellers are often unable able to sell the property with favourable marketing timing to maximize the property price but are looking for help from a property buyer like you to quickly remove a financial burden.”

As an off-market transaction, competition for the property will be greatly reduced compared to regular market transactions and can provide access to unique properties for buyers and investors.

If you are investing, pre-foreclosure properties can be a useful addition to your property portfolio depending on your individual property investment strategy.

Finding Pre-foreclosure, Notice of Default and Trustee Sale Listings in Pennsylvania

If you would like to access our extensive resource of pre-foreclosure listings including notice of defaults and trustee sale opportunities, signup for our free trial.

As part of our free 7 day trial you will get full access to highly detailed information including maps, owner contact information and property pictures – the resources you need to discover opportunities up to 50% below market value in Pennsylvania.

For all trial users, your access comes with a 7 day money back cancellation period so users can cancel at any time at no cost.