Q: Someone told me that the house down the street from mine in Parkwood was foreclosed on and for sale by the bank. I am not happy about the foreclosure, but I would love for my son to buy it. There is no for sale sign on the property, but I can tell it’s vacant. How can I find out if it is for sale?
A: It’s unfortunate to have a foreclosure in a neighborhood. But while it’s a drag on home values, the flip side is that it could be a deal for some lucky homebuyer. Many times there is a lapse between the time a home is officially foreclosed on and the time the bank lists it for sale. It could be months or even years, depending on the bank.
You can call just about any real estate company and ask if any property is listed in the Multiple Listing Service . If the agent you speak to can not find it in the MLS then the house is either not officially up for sale yet or may already be sold.
If you go to the home and check the door or window, there might even be a notice from the bank about the impending listing or, alternatively, bank contact information. In that case, you can contact the bank directly to find out how to go about making an offer on the property.
If there is no information then it may not have even hit Sheriff Sale yet.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.