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When is the best time to buy a Foreclosure in Monroe and surrounding Counties?
Our experience has shown us that Banks are more likely to negotiate price with a potential buyer of a Foreclosed home between the months of December and March of every year. Some of the better deals have occurred in March, right before spring when the prices start to rebound. More often than not Banks are anxious to get these homes off their books before the start of the 2nd quarter and the summer selling season.
As of January 1st, 2008 there were over 100 Foreclosed Homes for sale in Monroe County alone.
Many of these homes are in fair to good condition and often require little to no work. When purchasing a foreclosure you want to have an agent that is experienced in this select process. It is important to know details such as which banks will allow concessions (seller's assist) and which ones will not. Percentage of concessions allowed will vary widely amongst banks and institutions. For instance, Fannie Mae will not allow more than a 3% seller’s concession under any circumstance.
How Long Does it Take?
We often get asked “How long it will take to find out if our offer has been accepted or not?” This answer depends on several factors including the foreclosing bank involved, the agent (representing the banks interest) involved, the buyer involved, as well as the buyer agency involved. The quicker all these parties can get requested documentation back to the bank the quicker the transaction. On average the entire process will take no longer than 45 days.
Both Sandra and I have vast experience both personally as investors and professionally as Buyer's Agents in this area. In 2005 our office (Pocono Premier Realty, LLC) ranked second in the sale of foreclosed homes in Monroe County. If you have any questions about purchasing Foreclosures please let us know.
To be added to our current Foreclosure Mailing List please click here!
Good Luck!
Sincerely,
Ron Bailey |
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 5825 Sioux Crescent Dr., Tobyhanna; $205,000
| County |
Monroe County |
Municipality/ Twnshp |
0132 - Coolbaugh Township |
| Listing Office Code |
POCO |
Original List Price |
249,000 |
| List Price |
220,000 |
Location/ Developmnt |
Pocono Farms |
| Tax ID Number |
03-6357-04-51-9039 |
Deed Book/Page |
2169-4891 |
| General Zoning |
Resi |
School District |
103 - Pocono Mountain Area |
| Type of Ownership |
Fee Simple w/HOA |
Property Type |
Residential |
| Book Section |
Residential |
Realtor.com Type |
Residential - Single Family |
| Year Built |
2001 |
Year Built Qualifier |
Actual |
| SqFt Above Grade Fin |
2,568 |
SqFt Below Grade Fin |
0 |
| SqFt Below Grade Unf |
1,000 |
SqFt Above Grade Unf |
0 |
| Total SqFt Finished |
2,568 |
Total SqFt. |
3,568 |
| Total Bed Rms |
5 |
Total Full Baths |
2 |
| Total Half Baths |
1 |
Total All Baths |
3 |
| Stories |
2 |
Total Rms |
10 |
| Bsmt |
Y |
Frpl |
Y |
| Fam Rm |
Y |
Gar |
Y |
| Gar #Cars |
2 |
Total Acres |
0.47 |
2905 Cedar Lane, Tobyhanna; $192,500
| Type of Ownership |
Fee Simple w/HOA |
Property Type |
Residential |
| Book Section |
Residential |
Realtor.com Type |
Residential - Single Family |
| Year Built |
2003 |
Year Built Qualifier |
Actual |
| SqFt Above Grade Fin |
2,999 |
SqFt Below Grade Fin |
0 |
| SqFt Below Grade Unf |
0 |
SqFt Above Grade Unf |
0 |
| Total SqFt Finished |
2,999 |
Total SqFt. |
2,999 |
| Total Bed Rms |
4 |
Total Full Baths |
2 |
| Total Half Baths |
1 |
Total All Baths |
3 |
| Stories |
2 |
Total Rms |
9 |
| Bsmt |
N |
Frpl |
Y |
| Fam Rm |
Y |
Gar |
Y |
| Gar #Cars |
2 |
Total Acres |
0.45 |
| Unit Level |
1 |
Access to Unit |
NA |
| Elevator |
No |
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| Updated: Monday, April 14, 2008 8:37:16 AM |
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