Lehigh Valley Homes BLOG

Buying a Lehigh Valley Foreclosure When You Have a Home To Sell

Joe Finnerty — Sat, 26 Nov 2011 10:10:00 GMT

A Lehigh Valley Foreclosure Property is sold As-Is. The bank is looking for a quick deal. They don't want to deal with a bunch of contingencies.

A Common Contingeny on a Lehigh Valley Foreclosure Property is a home inspection. The bank is selling the home as-is but they realize a home buyer needs to know exactly what they are buying. As a result, a property inspection contingency is common on the purchase of a bank owned property.

Most Lehigh Valley Home Buyers need a mortgage so another acceptable contingency is qualification for the mortgage.

There are some properties that can only be purchased with cash and typically that is disclosed on the listing. For these sales, an FHA 203k renovation loan MAY be acceptable.

A Lehigh Valley Bank Owned, REO, or Foreclosed Property (these are all pretty much the same) will NOT usually agree to a Home Sale Contingency. They don't want to risk that you, the home buyer, will be able to successfully market and sell your home.

Is your home listed? Do you have a buyer on it? These are all common questions and Pennsylvania has different addendums to cover each.

If you have a strong buyer on your current home, the bank may consider your offer. If your home isn't even listed for sale, the bank will most likely turn down the offer.

For all of your real estate information visit www.lehighvalleyhomesonline.com

Lehigh Valley Home Sales in the Winter

Joe Finnerty — Sun, 13 Nov 2011 08:47:00 GMT

The winter months bring mixed emotion to Lehigh Valley home buyers and sellers.

Home Buyers aren't sure they want to view homes in the cold/snowy weather and possibly on dark winter nights.

Home Sellers believe it is a waste of time to keep their home listed during this time frame. They don't want to leave the home (go out in the cold) to allow for showings and if the weather is lousy they have to make sure the sidewalk and driveway are clear of snow or ice.

As a result of the above, Lehigh Valley Home Buyers looking during this period tend to be motivated.

The home inventory goes down as home sellers decide to take their home off the market and wait until next spring to relist the home.

It is possible that the home that didn't sell in the fall time frame will sell over the next few winter months.

For all of your Lehigh Valley Real Estate Information, visit www.lehighvalleyhomesonline.com

Lehigh Valley Real Estate Update for June 2011

Joe Finnerty — Thu, 09 Jun 2011 06:56:00 GMT

Lehigh Valley Real Estate sales slowed down in the months of April and May as gas prices went crazy and natural disasters throughout the country (and the world – Japan) led to economic uncertainty.

The good news is there are motivated home buyers out there BUT they are looking for nice move-in ready homes or a good deal on a distressed property. They’ve looked at what is on the market and they are just waiting daily to get that new listing which may be the special home.

I showed a potential Lehigh Valley Home Buyer every home available (in their price range) in the Bangor – Mt Bethel area.

Then, a new listing came on the market yesterday. We made plans to see it today.

I showed her the home, which she liked, and made plans to take her fiancee to see it tomorrow.

This evening, I received a call that they received an offer on the property, they might be getting more offers, and if we like it on the 2^nd showing tomorrow night we should submit the offer asap.

Wow, for a buyer’s market, this is a tough thing to deal with. Everybody’s looking for a deal but are those other offers someone willing to pay full price or more for the home? Will any buyers skip the inspections to make their offer more attractive? (the home is only 7 years old but does have a well and septic system…high ticket items if a problem)

Since the terms of the other offers aren’t shared with anyone, it comes down to how much is the home worth in the buyers eyes. What is this house worth to them based on what we’ve already looked at?

The lack of NICE homes on the market, in pretty much all of the price ranges, is a problem. Are we at the bottom? No one is sure but multiple bids on properties indicate a home seller, with a competitive edge, can sell their home fast.

Homes Available for sale in Lehigh County:                 2,735
Homes Available for sale in Northampton County:       2,758
Total Homes For Sale in Lehigh Valley:                       5,493
Foreclosures (both counties):                                       210 (3.8%)
Short Sales (both counties):                                         340 (6.2%)

Lehigh Valley Home Sales

Joe Finnerty — Sun, 14 Mar 2010 07:55:00 GMT

The wacky weather may have skewed the statistics but one thing is for sure...the Lehigh Valley has Home Buyers searching and viewing homes daily for the "perfect home".

At the same time, Lehigh Valley Home Sellers are starting to talk to realtors about listing their homes. The spring market has kicked in!

What happens at this time of the year is multiple offers are received on that "perfect home" or worse yet being told, as a potential home buyer, that it went under agreement before you even had a chance to see it.

Read the complete article at www.lehighvalleyrealestateblog.com

Buying a Lehigh Valley Foreclosure Property

Joe Finnerty — Thu, 11 Feb 2010 06:48:00 GMT

As a Lehigh Valley Home Buyer are you considering purchasing a Foreclosure Property?

The Foreclosure properties available go from Diamonds in the Rough to needing a major overhaul. Some houses need very little work (maybe paint and carpeting) while others may need major repairs including missing plumbing, holes in the walls, all lights removed...etc. These homes are sold as-is and a home buyer must acknowledge in writing that they have been made aware of this. A property inspection can be performed to determine what is wrong with the house but the bank will not do any repairs (there are some exceptions).

Depending on what financing is being used (FHA, Conventional, Rehab Loan), this may become an issue. A problem with the house may become a Mortgage Condition and the mortgage won't be approved until the problem is fixed. You, the home buyer, may have to repair the item before the purchase can take place.

Read the rest of this article at Lehigh Valley Real Estate BLOG.

2 Story For Sale in Edgeboro

Joe Finnerty — Fri, 03 Oct 2008 04:49:00 GMT

• 1,400 sq. ft., 1 bath, 3 bdrm 2 story - MLS® $195,000

Edgeboro, Bethlehem North - Savor breezes and stately tree-lined streets from the front porch of this charming home in the beautiful, historic Village of Edgeboro in Bethlehem. A pristine hardwood floor welcomes you into the foyer and large living room of this early 20th century home, which features a beautifully crafted, antique marble mantle. The eat-in-kitchen, with solid-wood cabinets, opens to the bright dining room, which offers an abundance of natural light. Upstairs boasts 3 nicely sized bedrooms with spacious closets and a very large bathroom with built-in vanity, also flooded with natural light and loads of storage space. Enormous basement with toilet and plumbing, which can be finished. Amenities include central air, a well-maintained one car detached garage, and a nice backyard. The proximity to historic Bethlehem and routes 22 and 78 complete the picture. All of the appliances remain with the property.

Property information

Are Home Prices Going Up or Down in Lehigh Valley, PA?

Joe Finnerty — Fri, 16 May 2008 08:06:00 GMT

Last week, The Morning Call had an article from the Associated Press in the Business section stating that home prices were expected to decline 5-7%. Four days later, The Morning Call had an article stating that home prices in April rose on average 3.2% in the Valley. Talk about mixed signals!

If I were a Lehigh Valley home buyer or seller, I would be scratching my head thinking "What do I do?". The result? Nothing. The home buyer and seller are in a holding pattern.

The rest of this article can be read at Lehigh Valley Real Estate Blog.

2 Story For Sale in South Allentown

Joe Finnerty — Thu, 20 Dec 2007 05:20:00 GMT

• 1,230 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $109,900

South Allentown, Allentown - Move right into this 3 bedroom charming home located minutes from route 78. A large living room welcomes you into this house. The kitchen and bathroom have been partially updated. The enclosed front porch is heated for year round use. The fenced-in yard with a garage completes the picture. All appliances remain.

Property information

Are Lehigh Valley Home Prices Going Down?

Joe Finnerty — Fri, 30 Nov 2007 04:53:00 GMT

Are Home Buyers making a mistake by holding off on purchasing a Lehigh Valley home. Are the prices really dropping that much?

Today, makes the 5th Lehigh Valley home seller I have spoken to in the past few weeks that plans to pull their home off the market and relist it next year. In each and every case, they listed the house at a higher price months ago and have slowly dropped the price in an attempt to sell. In each and every case, they fully intend to relist the house next year back at the original price they attempted to get.

Visit www.LehighValleyRealEstateBlog.com to read the rest of this article.

Allentown May Implement Pre-Sale Property Inspection

Joe Finnerty — Sun, 25 Nov 2007 08:33:00 GMT

The Allentown, PA council is considering a bill that will require a pre-sale inspection for any properties being sold. In an effort to clean up distressed properties the bill will rquire home sellers to make any necessary repairs before the sale of the property. They are also considering the terms involved if a home buyer agrees to make the repairs.

You can read more on this topic at http://www.lehighvalleyrealestateblog.com/2007/11/allentown-crack.html.

2 Story For Sale in Central Allentown

Joe Finnerty — Sun, 23 Sep 2007 10:18:00 GMT

• 1,824 sq. ft., 2 bath, 3 bdrm, 2 story - MLS® #287398 $137,000

Central Allentown, Allentown - Beautiful 3 BR, 2BA home located in the Allentown Historic District. The modern kitchen and dining room have pergo flooring. The living room and family room have wall-to-wall carpeting and ceiling fans plus the first floor full bath has been updated. The 2nd floor has 3 bedrooms (all w/ceiling fans) plus access to the balcony and another updated full bath with pergo flooring and track lighting. A front sitting area (rm for a computer) gives access to the walk-up attic that is floored for storage and can easily be finished to add additional square footage. The basement contains new plumbing and windows in addition to the laundry area. A covered porch, patio, fenced yard, and 2 car-parking pad complete the ideal home.

The Owner obtained a grant from the Allentown Historic Preservation Society to replace the façade of the building. This grant is transferable to the new owner. Home is zoned as a two unit but was converted to a single home. Original zoning was retained.

Property information

BLOG Website

Joe Finnerty — Wed, 22 Aug 2007 06:38:00 GMT

Visit www.lehighvalleyrealestateblog.com for the latest market conditions and other information.

Property at 906 Bridge Street has been Sold!

Joe Finnerty — Sun, 12 Nov 2006 07:22:58 GMT

906 Bridge Street
Bethlehem

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Property at 3442 Nathaniel Drive has been Sold!

Joe Finnerty — Sun, 12 Nov 2006 07:22:51 GMT

3442 Nathaniel Drive
Nazareth

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Property For Sale at 3421 Searfoss Street!

Joe Finnerty — Sun, 12 Nov 2006 07:22:45 GMT

3421 Searfoss Street
Bethlehem

The beautiful stone exterior welcomes you into this Cape Cod located in Bethlehem Township. The eat-in-kitchen and bathroom have been fully remodeled and the bathroom contains a large garden tub plus a cedar closet. Hardwood flooring, tile and new carpeting are throughout the house. The living room features a wood burning stone fireplace. The master bedroom has a large walk-in closet plus a 2nd closet. The bookcase at the top of the 2nd floor stairs opens into another large closet. The finished basement includes a family room with a wet bar and a built-in beer tap system plus a separate recreation room. In addition, there is plenty of storage in the basement and attic. The detached garage is over-sized to store all of your outdoor equipment and the large covered porch is great for outside entertaining. The extra room on the 1st floor may also be used as bedroom. The house includes part of the lot behind it on the other side of the fence.

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Price: $237500USD

Property For Sale at 4234 Bedford Drive!

Joe Finnerty — Sun, 12 Nov 2006 07:22:39 GMT

4234 Bedford Drive
Bethlehem

The beautiful landscaping with a split-rail fence invites you into this lovely 3BR home located in Bethlehem Township. This home contains hardwood flooring in the foyer, dining room and eat-in kitchen. The master bedroom is very large and has a full bath, a large walk-in closet, plus a 2nd closet. The family room has a pellet stove for those cold winter nights plus patio doors leading out to the deck. A custom shed provides storage for all your yard equipment and guest parking is available across the street for your social events. Easy access to routes 33, 22, 78 and the park-n-ride.

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Price: $250000USD