Buyers who are looking for bargain homes should check out Allentown, PA. There were 766 homes in some stage of foreclosure the first week of December. The average listing price for Allentown homes is $167,458. There are some great bargain priced foreclosed and resale homes in the Lehigh Valley right now. Allentown, Bethlehem and Easton that comprise the eastern region of Pennsylvania and western New Jersey which are part of the Lehigh Valley, with Allentown being the largest city of the three cities. In fact, investors and first time home buyers have been scooping up REO’s and short sales in Allentown and surrounding neighborhoods in all price ranges.
Realtor
Working with an area Realtor is the best way to find your Allentown and Lehigh Valley bargain homes. The Realtor has access to the local MLS and established relationships with other nearby brokers. The Realtor can help you find your Allentown gem and save you time. Once you do find a property you want to make an offer on, the Realtor can perform a comparative market analysis for you to give you an idea what other homes are selling for. REO’s are popular choices right now. Other bargains can be found with short sales. If you have time to wait for the seller’s lender’s approval, short sales are selling below market value.
Foreclosure Auctions
Foreclosure auctions are another good source to find discounted foreclosed homes. If you have cash, you can find your dream home for substantially less. Some auctions are held online. Check the Internet for a list of on line auctions. Do your due diligence first to make sure you know what you are buying. Don’t forget, you are responsible for paying off any liens on auction properties and evicting any former owners or tenants on the property. Be sure to figure in money for repairs because most auction properties are in poor condition and many need major repairs.
For Sale by Owners
You can also find some good bargains by purchasing a home from a for sale by owner. The savings by not having to pay a real estate commission can be passed on to you if you find a motivated seller. To find a for sale by owner, you can drive around the neighborhood looking for signs or check out the local newspaper or Internet.
Benefits
The benefits of purchasing a fixer-upper foreclosure property are you get a property with a built in equity and you can fix it up to your taste. If you are handy, you can save money by doing some of the work yourself. If you are thinking about renting your home out, there is a high demand for good affordable properties for families in the area close to Allentown schools.
Right now is the best time to purchase a bargain priced Allentown home no matter what your motivation is for buying. Interest rates are low, home prices are affordable and there is a large selection of inventory to choose from. There is something for everyone.
