Real Estate Information Archive


Displaying blog entries 1-3 of 3

Foreclosure Market Trends

by The Pilgrim Team

Phone: 717-757-5955x101

| Email: [email protected]

Jerry Pilgrim

Professional Realty Associates

3921 E Market St

York, PA 17402

I am a Certified Distressed Property Expert and I pride myself as the local expert on buying or selling distressed Homes for sale in york pa in York County. Contact me for a confidential meeting to assist you.

January 2010

Vol. 4, Issue 3

6 month National Foreclosure Trends




A total of 2,824,674 U.S. properties in received a foreclosure filing in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007, according to the RealtyTrac Year- End 2009 U.S. Foreclosure Market Report. The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 1.84 percent in 2008, 1.03 percent in 2007 and0.58 percent in 2006. Foreclosure filings were reported on 349,519 U.S. properties in December and foreclosureactivity in the fourth quarter decreased 7 percent from the third quarter.

The latest idea bubbling up in the world of real estate is the use of principal reductions to stem the foreclosure tide, the theory being that if we lower Home Financing balances then homeowners will have smaller monthly payments and fewer foreclosures. Truth is, the only reason lenders will reduce principal balances is when it's to their advantage. Reducing principal balances will instantly produce big and hideous losses, something Lenders don't want but something lenders will accept if the probability of even bigger and more hideous losses from short sales and foreclosures can be avoided.

Will Principal Cuts Reduce Foreclosures?

Here are some of the most recent Real Estate Investment opportunities in the area.

Property Type Address Market Value Default Sq. Ft.


Airville, PA 17302



Delta Rd,$15,000 N/A 1,381

Auction Date: 2/8/10




Auction Dillsburg, PA 17019 Old Mill Rd,$78,140 N/A 2,127 Pine St Dillsburg PA, 17019 Market Value $126,040 Beds/Bath 3/1

Default Amount




Sq. FT









NODs 88,790 0 0  NTSs160,660 0 0  FSs65,922 3,202 94




132,813 3,640 244




152,008 2,724 112

Faster Sales Coming For Foreclosure Buyers

Foreclosure buyers got a Christmas Eve goodie from Fannie Mae, a new strategy that's likely to make foreclosure purchasing very much quicker. The catch? A bunch of lenders are about to be very unhappy. With the growing number of distressed properties there's now a substantial “foreclosure discount” in most markets. What were once tolerable and controlled losses are today steep and sharp declines that leave lender red ink everywhere. The question for loan owners is this: Is there anyway to make such lender losses smaller? The answer, as we shall see, turns out to be good news for foreclosure buyers.

For More information on available foreclosures or short sales go to:

Searching for York PA Foreclosures?

by The Pilgrim Team

If you are searching for Bank Owner Property (REO'S) we offer a free list of foreclosures and also pre-foreclosures of real estate in York County PA. Go to our web site or our link at for your list. We have agents who are experienced with this type of property and who are trained in dealing with lenders so we may be able to get you the best deal possible. Contact Pilgrim Team at Professional Realty Associates.

Buying in a Buyers Market

by Certified Distressed Property Expert

The Long and Short of Short Sales


A Short Sale has been referred to by more than one real estate professional as a dignified solution to a financial crisis.  The reality is that many homeowners today owe more on their Homes for sale in york pa than they are worth and don’t know what to do.   If you have exhausted other options like a Home Financing modification or a refinance or simply can no longer afford your home due to the loss of a job or other hardship a short sale may be the solution for you.


Short Sale Qualifications


There are three simple qualifications almost every lender will want to see to qualify you for a short sale:

1.      Financial Hardship - your Home Financing company will want to see that you have a verifiable material hardship that is affecting your ability to pay your mortgage.  Hardships can be issues such as a payment increase, job loss, income decrease, medical expenses and any other issue that is truly affecting your ability to pay.

2.      Monthly Shortfall – your lender will want to see that on a monthly basis your hardship is causing you to have a monthly shortfall.  This means that they want to see that your monthly income is less than your monthly expenses.  This is a simple calculation that can be done by adding up all your expenses and comparing them to your total income.  If your expenses are higher than your income you have a shortfall.

3.      Insolvency – your lender or servicer will want to see that you are insolvent prior to approving a short sale.  Simply translated this means they want to see that you do not have the ability to pay down the balance of your Home Financing in liquid funds. 


Short Sale Process – How do I get this done?

In order to successfully sell your property through a short sale you will need to fully cooperate with your real estate professional.  Your assistance in this process will give you the highest likelihood of a successful outcome, a sale and most importantly a Foreclosure avoided. 


Here is a simple list of items you can take care of immediately:

·         Prepare your property for sale, this includes: remove all clutter, make sure all lights work, clean out your property and make it as presentable as possible.  Your agent will have additional suggestions for you however there is no reason not to get started now.

·         Gather the required paperwork and documentation that your agent will need in your first meeting you have, see the list below.

·         If you believe a short sale is the right option for you, list your property with the qualified CDPE professional that gave provided you with this information.  They will help guide you through this process.



Paperwork Needed for a Short Sale

(Start Now)


In order to demonstrate to your lender that you qualify for a short sale your agent will need the following documentation:

·         Two months most recent Home Financing statements (all Home Loans)

·         Two months checking account statements (all borrowers if separate)

·         Two months saving account statements (all borrowers if separate)

·         Two months other account statements (all borrowers if separate)

·         Last two paycheck stubs (all borrowers)

·         Two years tax returns

·         Hardship Letter (see samples)

·         Financial Worksheet (provided)

·         Any other documentation to help your agent prove your hardship

Monthly Income Shortfall Calculation


Total Monthly Income


Total Monthly Expenses


Total Monthly Shortfall

Don’t Delay

Each day is important when you are exploring options on your Home Financing – don’t wait one day that could be spent working with your mortgage servicer or lender on finding a solution to your specific issue. 

How will my retirement be treated in a short sale?

There is a common misconception that in order to qualify for a short sale you can’t have any assets or savings.  This is not normally true; in fact in many cases banks are disregarding retirement accounts that would otherwise be protected in a bankruptcy.  Don’t assume that you will have withdraw funds from these account to qualify.


Displaying blog entries 1-3 of 3




Share This Page

Contact Information

Photo of The Pilgrim Team Real Estate
The Pilgrim Team
Professional Realty Associates
16 Leader Heights Road
York PA 17403
Office: 717-757-5955
Fax: 717-757-2887