Pennsylvania foreclosure listings provide a great start to real estate investors seeking great deals on Pennsylvania properties. Do not be fooled into thinking that purchasing a foreclosure is as simple as a point and click. It takes a good deal of time and research to be certain that the property you are interested in is worth the money it will take to acquire it.

Historically, purchasing foreclosure property was for the big time real estate investors or those who are “connected” within the lending market. Today, with the help of technology and a foreclosure market which is overrun with opportunity, foreclosures are appealing to first time homebuyers and real estate tycoons alike.

A comprehensive foreclosure listing is the first step to finding and purchasing real estate foreclosure property. For new investors in the foreclosure market, there are numerous self help books, webinars, seminars and websites offering information and step by step instructions of investing in real estate, including investing in the foreclosure market. In fact, and unfortunately, investing in the foreclosure market has become an industry by itself. It’s the simple rule of supply and demand. The supply of properties in foreclosure have never been higher than they are today.

As stated previously, the first step is a comprehensive foreclosure listing. These listings can be easily found on the internet. The best listings will contain full property addresses, photographs, financial information, and lender contact information. However, that is only the start of the research needed to get a great deal. Additional research is needed, such as determining if any additional liens are present, if the former homeowners are still living at the residence, if major renovations are needed as well as inspections and an independent appraisal are all found on a good research punchlist.

A Pennsylvania foreclosure listing is a great start to discovering some great Pennsylvania properties in foreclosure. But, don’t let your research stop there!! Those “in the know” will tell you, ask questions, get answers and perform due diligence to make sure you are putting your hard earned money in a safe and sound investment.

In Pennsylvania, only judicial or in court foreclosures are allowed. To move forward with an in court foreclosure, the bank must file a lawsuit in order to receive a court order to foreclose. When the court finds in favor of the bank, the property will then be scheduled for a sheriff’s sale.

The bank must send a notice of intent to foreclose to the home owner. This letter must be sent first class mail to the last known address of the homeowner. If this address is different then the home which the bank is preparing to sell to get its money, then the letter must be sent to that address in addition to the last known address. General practice is that this notice of intent to foreclose is not sent until the homeowner is 60 days behind on their house payment.

This notice of intent to foreclose must inform the homeowner that it is the intention of the bank to accelerate the mortgage payment, if the loan is not brought current in the next thirty days,. This means that if all past and current payments are not made up, plus late fees and interest. The total amount will become immediately due and the bank will be moving ahead with the sheriff’s sale on the home.

In Pennsylvania, a home owner has the right to come up with the whole amount owed on the home plus attorney’s fees etc… all the way up until one hour before the sale of the home is conducted. Doing this will, of course keep the home in their name, and save a foreclosure from appearing on their credit history.

Finding a way to come up with all that money is another matter all together. If the sheriff’s sale does not generate enough money to satisfy the bank on the amount of the loan, Pennsylvania provides the lender, the right to continue to pursue the former home owner for additional money. The bank only has six months following the sale to exercise this option. This however, does not occur very often, because of the obvious reason, that most people, who have lost their home to foreclosure, do not have any other resources the bank would want to pursue.