The amount of bank owned properties currently available in the Lehigh Valley has risen to new levels. Part of this is due to creative financing done by both banks and borrowsers in recent years. In addition many homes were over valued and therefore over priced, which lead to many buyers over paying. Add this to  certain mortgage programs which allowed borrows to get in the door at a lower payment, only to have that payment reset to higher levels and higher interest rates and that equals disaster.

So many people today are faced with the value of their home going down, yet the mortgae payment is going up, putting them into a position that is very difficult to overcome. The market is correcting itself now, and will continue to do so for the next 1-2 years.

That said, now more than ever is the time to buy real estate in the Lehigh Valley! Both prices and interest rates are lower than they have been in years and there are a wide selection of bank owned foreclosure listings available in the Lehigh Valley.

A few things you need to understand about buying a foreclosure: They are not in the best condition, usally they are fixer uppers, requiring extensive cosmetic updates, and in some cases minor repairs. Bank owned properties are typically sold as-is, and that is why they are priced below market.

The first step in buying a home is to get pre-approvedby a local lender her in the Lehigh Valley. The next step is to request a list of foreclosures from Lehigh Valley Real Estate Agent.

You can also use our contact form to request a free list of all Lehigh Valley Foreclosure listings.