Foreclosure in 08226>Question Details

Vaulter444, Home Buyer in New Jersey

At what rate are REO properties coming on the market in OC? How much is overall supply growing?

Asked by Vaulter444, New Jersey Tue Apr 1, 2008

I am looking at an REO property in Ocean city, but by the time I can close (May 1) I dont think I will be able to get it rented for enough weeks this summer to make it cashflow positive. How far off of list do REOs trade in OC? (I am trying to figure out if I can work the additional carry into my offer price and still get hit). What are expectations of more REO coming to market?
Thanks

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While Ocean City is seeing more short sales and forclosures then they used to I do not think it is equal to the national level. One thing to keep in mind is that if you are looking for a quick sale forclosures and short sales may not be the way to go. The best way to get a good deal in Ocean City is to find an agent that you can trust and ask them if they know of properties that fit your criteria. and then make an offer with a lower price and a quick settlement. Not all owners will take the lower price, but some will and that is where you get the good deals that settle quickly. Hope this helps
1 vote Thank Flag Link Thu May 29, 2008
REO's can be a good buy. Unfortunately, they are also more prone to the place being stripped of appliances, cabinets, vanities, toilets, copper piping. etc. There can be a lot of anger by the former owner's. In an REO you do not have the same guarantees that the heating, AC and appliances are all in working condition as you would in a traditional sale.You have no recourse as the property is bought as is and in a lot of cases you don't know the full extent of the damage until after settlement. Consider speaking with your agent, who may know of listings where the sellers are really anxious to sell for personal reasons, in the end you may get a better and safer deal in a much shorter time frame. With less repairs to make you will be in a better position to hit the ground running and rent at least some of the weeks. 2011 has been a great rental year in Ocean City, NJ
0 votes Thank Flag Link Fri Jun 24, 2011
Here is a link o the sheriff's sale for CM County. The Bank properties are taking 9+ months to hit the market. We are in the 3rd inning of a 9 inning game.

Be patient, this summer is not the time to buy. It is still difficult to make offers at historic prices because they are considered lowball. By August more REOs and the ARM resets will make it clear to people that things aren't going to get better anytime soon. When Wkly Rent = Mortgage we will be back to normal prices (econ 101).

"It hasn't been that way for 10 years (rent=mortg)"
Ever hear of the greatest RE Bubble in history?

"They aren't making anymore shore property"
They did BEFORE the bubble?

"We have water" (my personal favorite)
"Southern CA and FL? (not to mention Detroit) LOL

Here is a link to why we will see the price drops:

http://patrick.net/housing/contrib/JSurridge.pdf
0 votes Thank Flag Link Wed Jun 4, 2008
Yeah...havent really found that site to be too useful/consistent (the property I am looking at is not on there)
Was wondering if any agents had any local color/commentary.
0 votes Thank Flag Link Tue Apr 1, 2008
http://www.realtytrac.com

anyways

good luck
0 votes Thank Flag Link Tue Apr 1, 2008
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