Erie foreclosure auctions are a great place to find bargain properties because the properties are sold way below market value. Foreclosure auctions offer investors an opportunity to pick up properties with built in equity. Erie is the fourth largest community in Pennsylvania. Check the local court house records or on line auction websites to find out the property auction dates and locations. If you want to inspect the properties, you have to do it on the scheduled inspection dates. Get your funds ready because you will need to pay cash for the foreclosed properties. Keep in mind that most of the Erie auction properties will need repairs, some major ones so budget accordingly when you bid. Also, you won’t be able to purchase title insurance so do your due diligence, have a property title search down to find out what liens are outstanding. Drive by the property to make sure there are no former owners or tenants living there because you will be responsible for the costs of evicting them.
Inventory and Home Sales Prices
To give you an idea about the foreclosure inventory in Erie, there were approximately 144 foreclosure homes in some stage of foreclosure during the week ending December 29, 2010. He average sales price for Erie homes ending December 29, 2010 was $183, 215, which was a 1.1% increase compared to the prior week. The average price per sq. ft. for a home is $75.00. The median sales price for homes from September 10 to November 10 was $94,900 based upon 257 home sales. There are still plenty of homes to choose from in all neighborhoods and price ranges. If you are interested in pre-WWII architecture, Erie has a large amount of historic homes from this period. Hot Erie zip codes include 16505, 16506, 16508, 16509 and 16510, with average list prices of $340,539 for zip code 16505, $275,273 for zip code 16505, $100,327 for zip code 16508, $282,220 for zip code 16509 and $136,994 for zip code 16510.
You can also find bargains in the nearby cities of Harborcreek, where the median sales price is 143,900 and the average list price is $204,476, Fairview, with a median sales price of $208,000 and an average list price of $262,388, McKean with a median sales price of $134,950 and an average list price of $168,105, Waterford with a median sales price of $113,000 and an average list price of $$219,400, North East with a median sales price of $110,000 and an average list price of $181,669, Wattsburg with a median sales price of $112,000 and an average list price of $149,000.
Erie offers investors a wide range of foreclosure auction properties, REO’s, short sales and resale homes to choose from right now. Working with an Erie Realtor is valuable when looking for REO and short sale properties. For foreclosure auctions, check the local newspaper and the Internet for the largest selection and information about upcoming Erie foreclosure auctions and inspection dates.