Buying Foreclosed New Jersey Real Estate
There seems to be this attraction to a perceived deal. Why not, everyone wants to get a deal on something right. Well I am here to tell you there are plenty of great deals out there on New Jersey Real Estate.
Here is what you need to know about buying a foreclosure in New Jersey before you get all excited about it.
- When buying a foreclosure there is no option to do a home inspection.
- When buying a foreclosure the foreclosing bank will not turn on the water, electric, gas, or other utilities.
- When buying a foreclosure you the buyer are responsible to get the Certificate of Habitability that many towns here in Northern New Jersey require.
- The risks of purchasing a foreclosure are high compaired to purchasing a regular home, but so are the potential rewards.
If you are thinking of purchasing a New Jersey foreclosure home it would be wise to work with a New Jersey Realtor who has purchased foreclosed property in the past and has flipped property successfully. That way you can improve your chances of success in this potentially very rewarding investment.
James Boyer
New Jersey REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Excellence in Summit NJ Real Estate and surrounding communities.
6 Responses to “Buying Foreclosed New Jersey Real Estate”
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November 19th, 2008
Foreclosure is starting to pick up in my area too. Still not as bad in comparison to national stats but definitely a spike from previous years. A little odd that it took this long to get to our neck of the woods. Anyway, good luck in getting those deals to the closing table.
November 23rd, 2008
Glad to have found your site! Great info. Thanks for sharing. It’s amazing how many REO’s we have in our MN Real Estate market as well!
December 5th, 2008
I’m sorry, but i don’t really know what a foreclosure is. I see that you are listing some cons(and they seem pretty bad), but what are the pros? the price?
December 11th, 2008
I was just thinking about Buying Foreclosed New Jersey Real Estate and you’ve really helped out. Thanks!
December 14th, 2008
In Texas, there are three phases that you can buy a foreclosure in. Each carries it’s own risks and risk mitigations:
Pre-foreclosure - before the bank has foreclosed and the house is still in the name of the owner. Pros- you can have the house inspected and look at the house and know the condition of the title. Cons- any leins on the house stay and can impede negotiations.
Buy on the courthouse steps - the process of the bank taking over the property. Pros- (not many) you can possibly get the house cheap cheap (but the bank usually has a minimum bid)- most junior leins (with some exceptions, i.e. IRS leins) drop away. Cons- you have to have cash on the spot at the courthouse steps, you can’t view the property or have it inspected. You don’t know the condition of the title (i.e. an IRS lein).
REO - after the bank has taken it over and the bank owns the house. Typically these are listed with agents on the MLS and can have high or low list prices. The pros and cons for this type are the same as buying any other house listed on the MLS.
December 17th, 2008
2009 foreclosures are sure to set a record. There are some good opportunities but you need to do your homework.