Philadelphia foreclosures are no longer just in risky neighborhoods. The foreclosure crisis has hit all sorts of homes in all types of areas. Pre-foreclosure, many homeowners and developers are willing to negotiate with a buyer/investor. If they can walk away with a little cash and satisfied liens, and you have a property for less than the market value, it can be a win – win proposition.
Philadelphia lofts are a popular lifestyle choice right now. Whether built brand new, or converted from formerly commercial and industrial space, the convenient locations, ample space, soaring ceilings and light pouring in through large windows make an attractive choice, and are a magnet for urban designers.
In the vibrant Avenue of the Arts neighborhood, The 1352 Condominium Lofts and Residences are in the heart of all the trendy cultural offerings in the city of Philadelphia.
There’s been a lot of attention to nationwide foreclosures in the news lately. The number of foreclosures is up this month, and looks pretty drastic. This is partly because of the moratorium on foreclosures in December and through February, awaiting word from the White House on how the federal government would intervene. Now that the moratorium is over, foreclosed properties that were already set for auction have been again scheduled for sale, and now there is a backlog of them.
Good news for FHA loans! As of last week, there are new maximum loan limits that are available due to the American Recovery & Reinvestment Act. These new loan limits are for new and existing loan applications that are submitted with credit approval on or after March 12, 2009.
Here is a list of the 2009 FHA Maximum Mortgage Limits*:
$729,750 for one-unit properties
$934,200 for two-unit properties
$1,129,250 for three-unit properties
$1,403,400 for four-unit properties
These new limits open up the possibilities for many new buyers! Now lenders can go as high as a $729,750 …
We started our St Patrick’s day celebration here in Philadelphia this weekend, with our annual parade. Did you know that the Philadelphia St Patrick’s Day parade is the second oldest in the nation? Only New York City has been holding a St. Patrick’s Day parade for a longer time. Enjoy the day – and then call me about seeing some Philadelphia condominiums.
You can get a great deal with a Philadelphia foreclosure, but you have to be aware of a few things. Philadelphia foreclosures are a great opportunity, but don’t go into the venture alone, especially if you are new to buying real estate.
Ask Me Anything About The Philadelphia Real Estate Market
Stephanie Somers Coming Soon.... Read More
Thank you! Your inquiry has been received and Stephanie will get back to you very soon!
 |
