Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 9 years ago on . Most recent reply

User Stats

196
Posts
118
Votes
Jason Krick
  • Investor
  • Reading, PA
118
Votes |
196
Posts

Freddie Mac home is now up for Tax Sale

Jason Krick
  • Investor
  • Reading, PA
Posted

While monitoring foreclosures in my area here in Pennsylvania, there was one property I kept an eye on. ARV is around 90-100K. It was a Freddie Mac property listed on Homesteps. I watched it be reduced multiple times until it was at 45K. Shortly thereafter, the price dive-bombed to $9,900, and the listing was removed the next day. I assumed it went under contract. By his was in March. I can't find a recorded deed yet on the County's website. Today, I looked at the Judicial (Free and Clear) tax sale listing, and the property is listed.

So, what is most likely going on here?  Did Freddie Mac decide it wasn't worth it to keep paying property taxes on it, so they are washing their hands of it?  Did someone purchase it from Freddie, and there were still these back taxes attached to the property, thereby the new owner is at risk of losing it?

Rehab appeared to be pretty minor, but how this played out throws up a red flag.  Maybe they noticed significant structural issues (or something else major), so they did a fire sale at $9,900.  Any thoughts would be appreciated.

Loading replies...