ForeclosureDeals offers a solid database of Philadelphia bank owned foreclosure homes and Philadelphia government foreclosed homes for sale from federal agencies such as: HUD, VA, FHA, Freddie Mac, Fannie Mae, USDA. These Philadelphia repossessed homes can be found in a number of ways, such as pre foreclosures, short sales, foreclosure auctions, flipping homes, bankruptcies and home foreclosures for sale in Philadelphia, PA. Our up-to-date real estate foreclosure listings in Philadelphia offers cheap distressed properties for buying & investing, in a great variety of properties like commercial & residential, multi & single family homes, lands, condos and apartment foreclosures in Philadelphia area.
The epicenter of United States history. Rich in values, culture, class and art, Philly (as the locals and would-be locals refer to it) has it all. Real estate here is more than just valuable; its rich in history. Imagine snagging a cheap deal through foreclosures for sale on a single family home or condo that could be steps away from the amazing Philadelphia Museum of Art, the Liberty Bell or professional sports teams? Perhaps you'd consider investing in a commercial building that is just steps (perhaps those famous Rocky boxing steps) away from infamous cheese steak establishments. Take advantage of these opportunities and start searching for foreclosed homes for sale in Philadelphia, PA now!
Real estate opportunities are strewn across the country and are plentiful - if one knows where to look. Investors and homebuyers alike are particularly drawn to America's big cities to look for ideal real estate properties with high potential.
There are few cities in the country with as much drawing power as Philadelphia, PA - the City of Brotherly Love and Birthplace of America. Philadelphia is the fifth-largest city in the U.S., and has a metro population of 4 million people - good for the fifth-largest metro area in the country. Formerly a center of manufacturing, Philadelphia now has a reputation for being one of the most important health, education, and research centers in the country. As many as thirteen Fortune 500 companies are headquartered in the city, and Philly's media market is the fourth-largest market in the country. Additionally, Philadelphia is known for a rich cultural heritage built on the arts, cuisine, and sports.
Here is a guide to real estate investment in Philadelphia, PA.
Median home prices for Philadelphia are typically very cheap compared to other big cities, particularly in that part of the country, and usually hover around $102,000. The city's homes cost $79 per square foot on average, ranging from a low of $33 in the North Central area to $234 in the Riverfront neighborhood. The city's foreclosure rate typically hovers around 4.45 home foreclosures per 1,000 properties, with the highest concentration of foreclosures coming in the northern parts of town.
When determining the best place to live in a city like Philadelphia, there are a lot of factors to take into consideration. Two important factors are location and foreclosures. The more centrally located a property, the better access its residents have to amenities, entertainment, shopping, dining, employment, and other city features. This tends to result in better investment properties because of higher demand. Looking for areas with relatively low foreclosure rates is also important because low foreclosures indicate price stability, another key part of investing.
Taking those into consideration, some of the best places to live for investment purposes in Philadelphia include Brewerytown, Bustleton, Fairhill, Fox Chase, Landsdowne, Mayfair, Rhawnhurst, and West Mount Airy.
Pennsylvania is a judicial foreclosure only state, which means all foreclosures in the state go through the judicial system. Lenders are not able to initiate foreclosure on their own; they must file suits against the homeowners and take them to court. Borrowers must be at least 60 days in default. On average, borrowers have 60-120 days to stop foreclosure, with a Notice of Sale being delivered one month prior to the public auction (which is usually held 30-60 days after the court rules in the lender's favor).
There is no right to redemption in the state, and the process typically takes 10 months on average.