13 Best Ways How to Find Foreclosures to Get a List of Bank-Owned Properties in Pennsylvania (Free & Paid Methods)
In this guide, I’ll unveil the insider strategies for discovering foreclosure and pre-foreclosure deals.
We’ll discuss establishing professional connections that uncover these deals, along with accessible resources available both in person and online.
I’m Bob Vieira, the owner of Universal Short Sales, spearheading nationwide transformation in short sale processing. The methods discussed below are based on my personal experience.
Ready to unravel these lucrative deals? Let’s plunge into this exclusive journey together.
PropTech Platforms
Real Estate Bees
Real Estate Bees (REB) is an online platform designed for industry professionals looking to take their real estate business to the next level. It provides access to robust tech stack, statistical data, comprehensive informational resources, and much more.
This includes pre-foreclosure and REO leads for real estate agents, investors, and wholesalers. All the leads are strictly generated via inbound marketing channels unlike data scraping, aggregation, and other outbound methods used by most other platforms.
Delinquent property owners from all over the US utilize the REB platform to find reputable home buyer companies in Pennsylvania who’d be interested in acquiring their distressed property — so they are highly motivated.
As a user of the platform, you can get access to these distressed properties, submitted by other industry professionals, absolutely FREE! You simply need to sign up to DealAlert, which is an advanced, yet free, property matching engine developed by Real Estate Bees.
In addition, you can also access distressed properties, submitted directly by property owners, by purchasing motivated seller leads through our advanced real estate lead marketplace.
Other Platforms
Besides Real Estate Bees, a multitude of real estate investment tools and real estate investing lead generation software services exist.
These platforms provide leads on distressed properties, including pre-foreclosures and homes that have been repossessed.
The best apps for real estate wholesalers seamlessly integrate with renowned real estate investor relations CRM systems.
Here is a list of thorough reviews of great tools helping you connect with various motivated seller types, including foreclosure and pre-foreclosure deals:
- PropStream
- Propelio
- PiN
- MyHouseDeals
- Privy
- InvestorLift
- PropertyRadar
- REIPro
- FreedomSoft
- 8020REI
- NeedtoSellMyHouseFast
- iSpeedToLead
- Motivated Leads
- BatchLeads
In our business, we leverage a diverse range of resources to locate foreclosures.
Having access to a wide pool of resources is a strategic advantage, as it ensures that even if one source doesn’t yield favorable results, we can explore opportunities through another.
This diversified approach enhances our resilience and increases the chances of finding profitable foreclosure deals, ultimately contributing to our business’s success.
Foreclosure.com
Perhaps the most extensively recognized tool in the realm of REO search engines is Foreclosure.com. You can utilize it to find foreclosed properties and pre-foreclosures.
The most prevalent subscription price is around $40 monthly. Upon getting membership, accessing the leads is very straightforward. The site is very user-friendly and easy to use.
The standout feature for me is Foreclosure.com’s map. It allows users to precisely search foreclosures by address. It also provides detailed foreclosure data with a simple click.
The highly organized and user-centric design caters seamlessly to anyone finding foreclosures online.
Now, let’s explore another digital marketplace catering to those asking themselves, “where to find cheap foreclosed homes for sale?”
Auction.com
Auction.com is the foremost real estate auction platform in the United States. Its recognition naturally ranks it among the best places to find foreclosures.
While its breadth of offerings extends beyond our focus, they primarily cater to foreclosures and pre-foreclosures, including real estate short sale deals.
One factor that distinguishes Auction.com as one of the best websites to find foreclosures is its lack of monthly membership charges.
The operational model involves bidding on properties, with a subsequent buyer’s premium payable upon a winning bid.
However, caution is necessary in purchasing properties through auctions, as not all of them afford the opportunity to go over your property investment due diligence checklist.
Zillow
The prominent name in our discussion about how to look up foreclosures is Zillow. It is a globally recognized brand known to many investors as a go-to site for finding properties to wholesale or flip.
While Zillow is not a wholesaler or investor-centered service, its potential for finding Pennsylvania property to buy extends to seeking out foreclosed homes.
As for how to find foreclosures in Pennsylvania on Zillow, you simply log in, specify the city or county of interest, and apply filters effortlessly.
Select “foreclosures” or “pre-foreclosures” from the dropdown menu or opt for auction listings. The interface is very convenient, and that’s why I like to use this site for getting a foreclosed home.
Pennsylvania Multiple Listing Services (MLS)
Utilizing the MLS stands as an exceptional avenue for you to get REO listings. Each multiple listing service in Pennsylvania operates uniquely, boasting distinct interfaces.
Nonetheless, the common thread among all MLS platforms lies in their ability to facilitate tailored searches for local foreclosure and pre-foreclosure listings.
While interfaces differ, the basic process involves logging into the MLS and navigating to the “Search” section, a feature present in various iterations across MLS interfaces.
Once accessed, a dropdown menu offers diverse choices for refining the search, including options such as foreclosures, pre-foreclosures, or short sales.
If you are interested in Pennsylvania single-family houses with four or more bedrooms, fine-tune your search parameters accordingly, ensuring a granular approach to locating properties.
Each MLS interface may present distinct features, but the ultimate goal remains consistent. It empowers users to search foreclosures by narrowing down search results effectively.
Accessing an MLS requires a real estate license, but if you don’t have one, you can use a local realtor’s limited services to find foreclosures on MLS.
Pennsylvania Real Estate Wholesalers
Using real estate wholesalers in Pennsylvania is perhaps the easiest way for you to look for foreclosed homes.
These professionals specialize in procuring off-market deals directly from sellers at discounted rates, catering specifically to Pennsylvania property investors.
When you find wholesale real estate deals, they also include negotiations conducted with the seller by the wholesaler for you. This saves you time and legwork.
Upon securing properties under contract, wholesalers gain equitable interest. Then they transfer their interest in the property to you for a fee.
For instance, imagine a scenario where a wholesaler secures a property under contract for $100,000, intending to sell it to an investor for $120,000.
They sign a contract with the motivated home seller for $100,000 and then transfer their rights to the investor who pays them a $20,000 assignment fee.
If you are interested in this strategy, read the step-by-step real estate wholesaling guide and another one on wholesaling houses in Pennsylvania specifically.
Wholesalers continually conduct motivated seller lead generation, often juggling multiple properties under contracts.
To find properties to flip, just get a list of foreclosures in your area from a local wholesaler.
These specialists offer invaluable services, making them an indispensable asset for investors who would like to start house flipping as a career.
Make sure you have at least one local wholesaler among your local business network contacts.
I believe that wholesalers are constantly in contact with motivated sellers.
If I were looking to purchase foreclosures, I would reach out to all the local wholesalers and inquire if they have any leads or deals under contract.
Pennsylvania Real Estate Agents
In real estate, the term REO represents Real Estate-Owned, denoting properties that banks reclaim from homeowners for unpaid debt.
Engaging with REO agents provides an excellent avenue to get a foreclosed homes list.
It’s vital to understand that banks focus on notes and not real estate sales. This leads them to entrust properties post-foreclosure to listing agents, commonly known as REO agents.
Real estate agents in Pennsylvania typically manage multiple listings obtained from banks. They list them on MLS and other sites to enable them for REO property search and market them via other channels.
Notably, investors emerge as the primary clientele seeking these opportunities.
Find REO properties by establishing a productive relationship with investor-friendly real estate agents in Pennsylvania.
Real estate agents have their feet on the ground and live in the markets they serve.
Knowing their markets inside and out, they are able to spot foreclosure opportunities better than anyone else, using their local connections and available data basis.
Pennsylvania Foreclosure Attorneys
Foreclosure lawyers in Pennsylvania specialize in the intricate aspects of the foreclosure process. Their role involves ensuring that Pennsylvania real estate lenders steer clear of lawsuits.
Foreclosure lawyers and short sale attorneys in Pennsylvania can be a source of foreclosure leads for you, so think of what value you could provide them with to make them interested.
These relationships can serve as a catalyst in your quest to find repossessed houses for sale.
Pennsylvania Short Sale Processors
A robust connection with Pennsylvania short sale negotiators, also called short sale processing companies, is absolutely essential. They manage and facilitate the short selling process from A to Z.
Purchasing a short sale house is an extensive and intricate procedure, often spanning several months, and a processor greatly shortens and simplifies it.
Short sale processors often serve as the primary intermediary between homeowners and banks, making them the conduit for deals. Here is a breakdown of what a short sale negotiator does for the seller.
As an investor, partnering with a reliable short sale processor also brings immense advantages. Not only does it streamline transactions, but it also opens doors to potential opportunities.
Building a strong relationship with a processor can lead to them presenting short sale deals to you as an investor.
As short sale homeowners are already in financial distress, most often, short sale processors are paid by the buyer.
At a reasonable fee, you can get a lucrative short sale home without the regular amount of hustle for short sale purchases.
Pennsylvania Real Estate Lenders
Obtaining REO listings directly from banks is an overlooked yet highly effective approach. It doesn’t require much time and effort.
You don’t need to overthink how to get foreclosure listings from banks. Google the contacts of local lenders and start calling.
Introduce yourself, and express interest in purchasing repossessed properties for cash.
Banks, post-foreclosure, possess a strong incentive to swiftly offload these assets, clearing them from their financial records.
Notably, smaller localized banks often prove to be easier to get repo homes from. Establishing communication with them offers an advantage due to the ease of connecting with key personnel.
In many cases, reaching a credit union manager requires just a call or two, and they will help you find distressed real estate.
Generally speaking, real estate lenders are not in the business of holding real estate assets. As such, lenders tend to be motivated to divest such assets at a discounted rate.
Pennsylvania Courthouses
Some investors prefer scouring public records to find foreclosed houses.
Utilizing this strategy to get wholesale real estate leads demands more time. However, this method to get a foreclosed homes list for free presents less competition in the market.
Each county houses its version of this institution, typically known as the county recording office.
While the department might have a different title in each county, its role remains the same—to serve as the repository for such records.
To find foreclosures in your area for free, your objective is to retrieve a list of lis pendens.
A lis pendens occurs when an individual defaults on their mortgage payments. This judgment is issued against the property’s title.
It grants the priority to the note servicing companies in Pennsylvania as they hold the primary lien on the property.
Usually, investors who get a list of foreclosures from the courthouse are also willing to find properties with tax liens, which is also possible by sifting through the records.
However, after procuring such records, investors often encounter outdated owner contacts, necessitating further research—a practice commonly referred to as skip tracing for real estate.
Skip tracing services for real estate investors prove invaluable in expediting the search for motivated sellers.
This software efficiently provides contact details like phone numbers, emails, and even social media profiles, helping you find motivated house sellers in no time.
Going to the county’s court to view properties, which are going to auction, is the best source for foreclosures. Attending an auction may be the best option for investors in terms of pricing (buying deep).
In Pennsylvania, an upset sale is open to the public and a list of properties is available for review.
It is very common for foreclosure sales to be continued to the next hearing date or resolved prior to the hearing.
As such, it is wise to survey multiple properties and expect to attend several upset sales.
It is also wise to consult with a Pennsylvania title company to review, which liens will actually be extinguished at sale and if any will survive.
In Pennsylvania, real estate investors can access public records for foreclosed or pre-foreclosed properties through the county courthouse or recorder of deeds offices.
These records include essential information like lis pendens notices and auction details.
While public records offer accuracy and affordability, they can be time-consuming to search, may provide limited property details, and face competition from other investors.
Therefore, while a useful resource, investors should complement public records with additional due diligence, such as property inspections and market research, to make well-informed decisions when pursuing foreclosure deals.
A real estate investor can visit the local court house and search for liens and foreclosure notices.
These days many municipalities utilize online resources that are free to access to find sheriff sales and other public auction listings.
Bank Websites
By going straight to a bank’s website, you can find out about foreclosures.
Not every bank presents an extensive and user-friendly website that provides abundant foreclosure listings or a straightforward free search function for bank-owned repossessed homes available for sale.
But the major mortgage servicers like Bank of America or Wells Fargo allow you to easily find and buy foreclosed homes.
Large servicers often feature well-structured websites where visitors can navigate to a specific tab or section dedicated to foreclosures, so that they can find bank-owned properties for free.
Smaller banks’ sites often have the functionality to find bank foreclosures in Pennsylvania as well. But the selection is far smaller there.
They are easy to use and can be cost-effective in helping with the search.
HUD Foreclosures
Here is another approach to finding foreclosed homes for sale for free.
It is particularly beneficial for individuals starting a home-flipping business and aiming to bypass substantial marketing costs.
A considerable segment of foreclosures found online consists of government-backed mortgages managed by HUD.
By visiting HUD’s website at hudhomestore.gov, you gain access to a tailored search for specific property types.
The website’s homepage provides a scrollable section that enables you to directly search HUD foreclosures according to your preferences.
The site facilitates foreclosed home searches categorized by county, zip code, city, state, and more.
There’s a distinct tab you can utilize to find HUD foreclosed homes based on bedrooms and bathrooms, allowing for a more refined and precise search.
This method serves as an excellent means to get free motivated seller leads.
Survey of Industry Experts
Which of the following resources do you use to find foreclosed and pre-foreclosed properties in Pennsylvania?
Which of the following real estate professionals can be the best source of foreclosure deals for an investor in Pennsylvania?
Get Expert Training to Find Upcoming Foreclosures Like a Pro
I’m Bob Vieira, the owner of Universal Short Sales. It is the nation’s most rapidly expanding short sale processing firm.
Condensing my expertise in short sales and pre-foreclosures, I’ve made an exclusive resource just for you—the Pre-Foreclosure Fast Lane course, available at no cost.
This comprehensive course unfolds across three segments:
- Short Sale and Pre-foreclosure Fundamentals
- Lead Generation Techniques
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Moreover, I unveil our company’s 12-step system to guide you through the intricacies of completing short sales.
This valuable knowledge is my present to you—completely complimentary. Delve in and relish the insights!
What Is the Primary Pitfall to Watch Out for When Investing in Foreclosures in Pennsylvania?
Investing in Pennsylvania foreclosures presents both opportunities and challenges.
Key considerations include the post-sale redemption period, variations in Sheriff’s Sales procedures by county, and property condition assessments.
Legal and title issues are also common, making a qualified real estate attorney crucial.
Understanding local market dynamics and unique rules regarding tax liens and municipal claims is essential.
To navigate these complexities successfully, thorough research, local expertise, and careful due diligence are essential for investors in Pennsylvania’s foreclosure market.
Generally speaking, foreclosed properties do not have a seller disclosure paperwork completed.
As such, buyers must complete their own independent due diligence to properly assess the physical condition of the property.
Moreover, financing can be difficult for foreclosed properties, so preference is generally given to cash buyers even more so than the non-distressed market.
A primary pitfall to watch out for when investing in foreclosures is not having the ability to see the full picture of the property.
One must not only be able to examine the initial price point of the investment, but must also be able to see all the physical items of the house that can’t be seen and are only visible through experience when working on a distressed property.
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About the author
Bob Vieira is the Founder and Managing Partner of Universal Short Sales, LLC. While serving clients as a licensed Realtor, he realized there was a need for a knowledgeable company, specializing in the short sale sector. Bob is an industry expert with a passion for guiding homeowners through the short sale process.