I’ve been coming across a lot of foreclosure properties listed in Zillow lately and I wanted to get some feedback on the process to buy a foreclosure and if people have had success with this strategy? I live, work and am looking to invest in the Philadelphia, Pa market.
Any thoughts would be greatly appreciated.
There aren't as much inventory as before, but they are still out there. Most of the things you see on Zillow are marketed by auction houses like auction.com and Hubzu. Many of them are deals, but you don't know what you don't know. They are going to be sold as-is. Usually the utilities are off so you don't know what works and what doesn't. If it's occupied, then you know most things should work, but you would be inheriting a potential headache to get them out. If you can, drive by the area to check out the community. If it is listed w/ an agent, then you can schedule time to see the inside. You should get a discount on the price, but you don't know what you will have to deal with on the back-end
@Ehsan Rishat thank you for the information. I thought they were too good to be true. I will check out listsource
All of the above are correct, except they fail to mention that they actually get auctioned off once a month at sheriff sale. Even tho phila has different sheriff sale ie foreclose and tax. Both are good source to buy but all sold as-is. Please reach out.