Foreclosures

Even though the market in the Pittsburgh area fairs well compared to most parts of the country, there are still foreclosures in the area. Many investors want to scoop them up for a real deal and build their inventory of rental properties. Keep in mind to do your research. Many times properties are sold as is ( even the copper pipes can be missing as with some of I have seen in recent weeks). The banks often want the buyer to pay for any required inspections by local ordinances ( ie such as dye tests and occupancy permits ) as well both sides of the property transfer tax.

Banks are not typically going give these properties away but need to cover as much of the cost as possible. Many times they loose more than what is owed.

If you were to buy a foreclosed property for your own occupancy, the best scenario to bring to the bank is cash. A cash buyer will usually win if there are multiple offers. If you have a house to sell, the bank will typically not be interested in an offer. These homes need to be closed on quickly.

Here are some interesting stats for Pittsburgh area counties:

Residential Foreclosures By County

County Feb 2007 Feb 2008 Change

Percent

Allegheny 167 222 32.9%
Beaver 47 31 -34.0%
Butler 8 24 200.0%
Washington 27` 44 63.0%
Westmoreland 87 79 -9.2%
Metro Totals 336 400 19.0%


Based on recorded foreclosures in the month of February

Source: RealSTATS, Pittsburgh, PA

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