Lenders can foreclose and get a sale order on Philadelphia foreclosures. According to Pennsylvania law, a bank or other mortgage lender files a lawsuit to start the foreclosure process. After the judge approves of the foreclosure, he will order the local sheriff in Philadelphia to sell the property. Buyers can bid on these foreclosed homes in Philadelphia and buy them by placing the highest bid at the sheriff sale.
Visit the Philadelphia County Sheriff’s Office website. Of course, as a county official, the city of Philadelphia falls within the sheriff’s jurisdiction for purposes of foreclosure sales. This site can be found at Phillysheriff.com. From the home page, you can find a “Sheriff’s Sale” menu item. In the submenu, you can select “Mortgage Foreclosures” to find the Philadelphia foreclosures coming up. However, you ideally should also look at the schedule for sheriff’s sales in Philly.
The reason you should look at the schedule is because it will tell you which newspaper you can find the full Philadelphia foreclosure notice. The website lists most but not all information in the Philadelphia foreclosure listings.
You can find the time, date and address of the foreclosure auctions by looking at the mortgage foreclosure listings on the Philadelphia sheriff’s website. Of course, the individual listings also give you the Philadelphia address for each foreclosed property and the amount due on the property.
Use the information from the listings to create a list of Philly foreclosed properties you may wish to buy at the sheriff’s sale. Knowing the amount due will help you narrow down the list to those properties you can afford. Note that you will also need to determine a maximum bid on each foreclosed home in Philadelphia for which you want to bid. You can do this by determining the fair market value of a foreclosure. This is somewhat difficult because you do not have a right to inspect the inside of a Philadelphia foreclosed home. However, you can visit the property and ask neighbors or a real estate professional for information.
Set the maximum bid and prepare funds. When you buy Philadelphia foreclosures at the sheriff’s sale, you can pay by cash, certified bank checks or money orders only.
Show up at the Philadelphia sheriff sale and bid on properties. You will then need to pay up completely before you can complete the transaction and get a property deed.
Take the property deed and file it with the recording office in Philadelphia County. As with all Pennsylvania real estate, you need to file a deed to ensure that the public is on notice of your ownership interest in the Philadelphia foreclosed property.
Philadelphia County Sheriff’s Office Website