Pittsburgh bank foreclosures: Great Investment

by Simon Lindsay on cities

There has been an increase in the availability of Pittsburgh bank foreclosures especially after the filings increased by almost 9% between June and July 2007. They have increased by almost 93% as compared to what it was in June and July of 2006. The foreclosure homes filing comprise of auction sale notices, default notices, and bank repossessions.

The foreclosure rate across the country was one filing per 700 homes in the months of July and the three states at the top with the highest filings are Georgia, Nevada and Michigan. Pennsylvania is not far behind and due to the increase in filings in Pittsburgh there has been an increase in the number of Pennsylvania bank foreclosures.

Most of the Pittsburgh foreclosures will be put up for sale through public auctions presided by a representative of the judiciary or the sheriff. Information about these homes is available with various online real estate firms. These foreclosure listings provide up to date information on different types of homes that can vary from a condominium to a HUD home and even REO’s. The information listed on these Pittsburgh bank foreclosures include details like number of rooms, total space/area, locality, and also contains an image of the home.

It is always recommended that home buyers or investors of Pittsburgh bank foreclosures should check the home before bidding on it. Although it is rare but sometimes, you might find that the property in question has internal damages. In such a scenario, the price of the home can further go down. There are two options: One is that you buy the home, repair it and live in it or rent it out. The second option is that you buy the home, repair it and sell it for a higher price. Either ways, it is going to be an invaluable asset.