how to buy foreclosure properties in pennsylvania

WHERE REAL ESTATE IS MOVINGWHERE REAL ESTATE IS MOVING™

How to Buy Foreclosure

Properties in Pennsylvania

© Auction.com | Confidential & Proprietary

Presenters

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Mike JanstaAuction.com

Sr. Vice President of Marketing

Sarina KinderAuction.com

Vice President of Foreclosure Operations

© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH

Bid WinFind

How it Works

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Search for properties and

save those you would like

to buy as your favorites on

My Dashboard

Review the date, time and

location of the sale, arrive

early to the venue and

prepare to bid

Winning bidders will

submit payments and

documents to the party

conducting the sale


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What is a Foreclosure Sale?


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Foreclosure

Sale

When a Residential Property

is in a Foreclosure Process,

a Public Auction of the property

is held in an attempt to Recoup the

Amount Owed to the

Beneficiary; usually a bank or

financial institution.


A foreclosure sale is sometimes referred to as a trustee sale. A trustee is someone appointed by the

bank or financial institution to manage the foreclosure.

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Foreclosure SaleShort Sale REO

Foreclosure Bank-Owned

Pre-Conveyance

A Foreclosure Sale is the final step in the foreclosure process.

The properties for sale at these public events are called foreclosure homes, as they are still

going through the foreclosure process and have not yet been foreclosed upon.


You can also bid on Short Sales, Pre-conveyance and REO properties on our website.

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About Auction.com

About Auction.com

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Auction.com is the nation's leading

online real estate marketplace,

conducting thousands of ballroom and

online auctions every week

Powerful combination of real estate

domain expertise, auction experience

and marketplace technology

Free research tools and due diligence

information to help buyers choose

homes that represent the best value

Privately held company with over 900

employees in 10 offices in U.S.

Headquartered in Irvine

Over $30 billion of real estate sold

since 2007


Auction.com Advantages

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No Auction.com Buyer’s Premium

Final sales price is what you pay

Save Time and Money

Free property documents, photos, plat maps and more to

ensure maximum returns

Buyer Experience

Transparent, easy to access information & convenient

Identify Value-Based Bids

Property tags help buyers identify properties priced to sell


Auction.com’s Role in Pennsylvania Foreclosure Sales

• Auction.com has built a relationship with the

banks, servicers, or current deed owners to

market these Pennsylvania homes on our

website.

• While all sales will still be conducted by the

county, Auction.com has created a transparent

and educational platform for prospective buyers

to conduct research and due diligence.

• This provides a great opportunity for investors to

buy foreclosures within the state of

Pennsylvania!

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Getting Started

Search for Pennsylvania Properties by Calendar

12© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH

Pennsylvania Foreclosure Sales are listed weeks in advance. Use the filters to narrow your search and

click on the event or county of interest.

Search for Pennsylvania Foreclosure Properties

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Enter your location of interest or Property ID into the search bar.


Search by state, county, city, zip, address or

property ID

Search Results Page

Refine your search by typing in the search bar or by using the many filter options.

Click on More Filters to narrow

your search by price, bed/bath

count, occupancy status, bid type

and more

Use the Asset Type drop down menu

and select Foreclosure/Trustee

Search by state, county, city, zip,

address or property ID

© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH 14

Value-Based Bid

Value-Based Bid

Also known as a Specified Bid, a Value-Based Bid is when the lender is expected to submit a bid that is either at, or

below, current market value and less than the total amount owed on the property.

Total Debt is when the lender is expected to submit a bid equal to the amount owed. In some cases, the lender is expected to

submit a bid equal to the amount owed. BUT, we believe that the amount is less than the current value of the property.

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Postponements and Cancellations

Because these are pre-foreclosure properties, there is a high rate of postponements and cancellations.

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Why do properties get

postponed?

Why do properties get

cancelled?

A common reason is that a homeowner reached out to the bank

or lender in order to try to work out a way to keep the home. A

postponement could also result from a filing error or a declaration

of bankruptcy.

Usually, the homeowner has worked out a way to keep the home or

the home was sold by the homeowner as a Short Sale. The

homeowner may also have satisfied the delinquent amount owed to

the bank.


Property Detail Pages

Property detail pages provide specific

information for each property, which may include:


Access to plat maps, title insurance

information, photos and more

Review important sale documentation

such as foreclosure property reports

Information on date, time and location of

the sales

Links for more county information via

videos and FAQs

View educational videos on the

foreclosure auction process

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Free Homebuyer Tools

Free Homebuyer Tools

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• Property Alerts and Sale Notifications

customized to meet your criteria

• Foreclosure Data Feed

• Access to Due Diligence documents

from property detail pages

• Ability to Save Properties of interest

• Online Dashboard to manage your

saved assets and searches

FREE Tools

When you create an account on Auction.com, you can access several valuable tools, absolutely free.


For more information on Property Alerts, Data Feed and other tools, visit: auction.com/service

My Dashboard

Once you’ve created an account, you can track your saved assets through your Dashboard.

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Access your email notifications

Return to your saved searches

Download your saved assets

View sale details & get directions


Save Properties

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To save properties to your Dashboard, click on the star located above the bid information on the property

detail page or on the top left of the photo when browsing properties.


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Do Your Due Diligence

Do your Due Diligence

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Below are 5 Easy Steps to follow before you bid on a property.

See all 10 steps at: www.auction.com/BeforeYouBuy

Title Review

Consider the Surrounding Properties

Examine Recent Sales Activity on the Property

Review Price Trends

Look at the Upside Potential

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Easy

Steps

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3

4

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*Seeking legal advice is often part of a thorough due diligence process

Free Due Diligence Information

Auction.com provides Foreclosure Property Information for most properties.


Free Due Diligence Information

Auction.com also provides Plat Maps & Insurance Information.


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How to Buy

RENT OTHERFLIP

Investment Strategies

Residential real estate investors have 2 primary strategies:

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Buying to fix and sell or

wholesale immediately.

Buying to repair and rent or

maintain current tenant.

A very small % have niche

strategies.

Vacation Rental

OWC Finance

Farm…


Foreclosure Sale Checklist

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• Seek legal advice regarding questions about property

titles, bidders' rights or the overall foreclosure process

• Know the date, time and location of the event

• Read through the County Terms & Conditions

• Provide a driver's license, passport or other

government- issued I.D.

• Bring cashier’s checks or cash*

* Auction.com recommends bringing cashier’s checks as they allow for faster post-sale processing


What Happens After You Purchase a Property

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Congratulations!

You are the winning bidder. Now what?

• Present appropriate funds directly after being declared

the winning bidder

• Obtain a report of sale or sale receipt

• You’ll receive the deed as proof of ownership to the

property*

• You will be responsible for post sale procedures such as

clearing liens and the eviction process


*There are a number of factors that can contribute to the timeframe in which ownership is transferred. Please contact the entity

managing the sale with questions.

Questions?

Please join us in the Auction.com Community for a post webinar conversation

• Go to: Auction.com/PennsylvaniaWebinar

• Click “Follow” at the top right

THANK YOU AND HAPPY BIDDING!

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http://www.auction.com/northcarolinawebinar

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The Company has prepared these Confidential Documents, which contain brief, selected information pertaining to the business and affairs of the Company. This information does not purport to be all-inclusive nor does it purport to contain all the information which the Recipient may desire. Neither the Company nor any of its respective partners, officers, employees or agents make any representations or warranties, expressed or implied, as to the accuracy or completeness of these Confidential Documents or of its contents, and no legal liability is assumed or shall be implied with respect thereto.

The Recipient agrees that (a) the Confidential Documents are confidential information, except for such information contained in these Confidential Documents that is a matter of public record, (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “Need to Know Parties”) will hold and treat these Confidential Documents in the strictest of confidence, and the Recipient and the Need to Know Parties will not, directly or indirectly, disclose or permit anyone else to disclose their contents to any other person, firm, or entity without the prior written authorization of the Company, and (c) the Recipient and the Need to Know Parties will not use or permit to be used these Confidential Documents or its contents in any fashion or manner detrimental to the interest of the Company or for any purpose other than use in considering whether to conduct business with the Company. The Recipient and the Need to Know Parties agree to keep these Confidential Documents and all confidential information contained herein confidential indefinitely and further agree to use these Confidential Documents solely for the purpose set forth herein.

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