So, you are interested in a PNC Bank foreclosure? PNC Bank is a large regional bank that writes a lot of mortgages. They then have a inventory of foreclosures to sell when people default on the mortgages. If you are interested in buying a foreclosure from PNC Bank, here are five tips to consider:
#1: Does PNC Bank own the mortgage?
PNC Bank does not own all of their mortgages. PNC Bank often acts as a servicer, a company that collects the mortgage payments for someone else. The biggest instances of this would be Fannie Mae, Freddie Mac and HUD. In some instances, despite PNC Bank being listed as the owner on a tax record or other document, the foreclosure may become for sale as part of the HomePath (Fannie Mae), HomeSteps (Freddie Mac) or HUD inventory.
#2: PNC Bank uses real estate agents to sell their homes.
When PNC Bank is ready to sell a home, they employ the services of a local real estate company to list and sell the home. These homes are listed on the local MLS for all buyers to see. Want to buy a home before it goes on the market? That’s rarely, if ever, done.
#3: You can find the upcoming foreclosures online, for free.
PNC Bank maintains a website for the public of the foreclosures they have available. This includes properties currently on the market, under contract and coming soon. If you haven’t done so, you should look at this site at this link.
#4: You can ask questions if you have them.
When you have a question, research who the real estate agent is that is assigned to the property. PNC Bank says that person is the first point of contact for all questions. If you are unable to get an answer, PNC Bank provides a point of contact at the bank at PNC Realty Services.
#5: If you are going to buy a PNC Bank foreclosure, get an inspection.
PNC Bank doesn’t warranty the properties they sell. In all real estate purchases it’s a good idea to get a home inspection. Make sure you make the home inspection a contingency in your purchase contract so that if the results of your inspection are unsatisfactory, you can terminate the contract. Protect your purchase with an appropriate home inspection.