Foreclosure in 07107>Question Details

Meg725, Home Buyer in 07107

I am looking into purchasing a foreclosure...how long does the process usually take, start to finish?

Asked by Meg725, 07107 Tue Feb 8, 2011

Help the community by answering this question:

Answers

10
Meg
The real issue is what do you mean by a foreclosure. There are 3 foreclosure related opportunities to purchase a home in New Jersey: Short Sale (PreForeclosure), Sheriff Sale (the actual Foreclosure) and an REO/bank owned (Foreclosed and the lender ended up with the home). I discuss all of these and more in my Free Short Sale and Foreclosure seminars in Mountain Lakes. The next one is Feb 13 if you can attend. For information:
http://www.exitrealtygold.com/Seminars
2 votes Thank Flag Link Tue Feb 8, 2011
Hi Meg -

It can talke 45 days. You need to be in touch with a Realtor that handles these transactions, knows what to ask and how to be pro active inthe process. Yes, anyone can sell you a foreclosure, but those that have the experience in these transaction get to the finish line faster.

Give a call or email and lets discuss what properties you are looking at!

John Sacktig
Broker / Manager
Orange Key Realty
Direct: 732-213-1409
Email: JSacktig@orangekeyrealty.com
1 vote Thank Flag Link Wed Feb 9, 2011
Meg, the process can be pretty simple. It really depends on what bank owns the REO. Some banks can take longer than others. Are you paying cash or financing? If you are financing then usually the bank is the quick part, getting your loan usually takes the longest. On average I would say that you are looking at 30-45days start to finish if you are working with agents who are familiar with the process. Good luck on your home search.
Web Reference: http://virtualtricity.com/
1 vote Thank Flag Link Tue Feb 8, 2011
Thats a loaded question, it depends on how aggressive you are with your search and your offers. you need a good realtor who knows the market very well. I've purchased houses in days and sometimes it takes months
Good luck
0 votes Thank Flag Link Sat May 28, 2011
07107 would be Newark NJ. Foreclosure meaning already bank owned? Or short-sale, meaning that a notice has been sent to the owner indicating the bank lien-holder intends to exercise its rights and begin foreclosure due to delinquent payments of 60-90 days. This notice, when recorded at the county court house, called a lis pendens, becomes public record. You can buy a list of pre-foreclosures from RealtyTrac.com. Many owners then choose to list and sell their house. The MLS (Garden State MLS in Newark area) will have the house listed. The listing must be marked "Lender Approval Required" or should be so marked if the agent is doing their job. So depending on where in the process the house is, buying it may be 3-6-9 months or longer. A true foreclosed house, called an REO or bank owned house would be listed by a realtor and on the same MLS. The price should be at or 10-20% below its market value. It will need repairs and sometimes major repairs for it to pass the appraisal step for a new buyer. The owner-seller will not want to make the repairs and if the owner is the seller, will not have the money to repair (otherwise they would be paying the mortgage). If he seller is the bank, already foreclosed, it too will want to avoid repairs. So the buyer will have to repair before the loan to buy can be approved. Most buyers do not want to pay to repair without owning it. So a rehab loan can be obtained (FHA203), available from some lenders. All this explains why most foreclosed properties go to cash buyers who need no loan and can close quickly. The loan process takes time- 90 days or more.
So, where in the foreclosure process do you want to start counting the time? And, are you a cash buyer or need a loan? And then, do you have money to repair or need a rehab loan? Call anytime to chat about it.
Carl Witzig
Weichert Realtors- Upper Montclair
973 632 8593
0 votes Thank Flag Link Tue May 17, 2011
Purchasing a foreclosure doesn't take as much time as a short sale...but there's no hard and fast number. It depends...is the home offered through HUD or a bank? Are there issues with the title, or liens against the property? Clearing up these issues can be time consuming.

Laura Giannotta
Keller Williams Realty-Atlantic Shore
0 votes Thank Flag Link Wed Feb 9, 2011
Unlike purchasing a short sale, foreclosures are pretty much strait forward and can close in about the same amount of time that a bank financed transaction would require. With foreclosures, the lenders have normally worked through all of the "bugs" and can rather easily provide you with a clear title to close the transaction. Plan on 4-6 weeks under normal circumstances.

Best wishes,

Bill
0 votes Thank Flag Link Tue Feb 8, 2011
Meg725
Figure 45 days tops once you submit the offer.
If you are paying cash it could be sooner.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Tue Feb 8, 2011
When a foreclosure is listed on the MLS, it usually only take up to 45 days, depending on whether or not you are financing. Where you run into delays is if it is a short sale, which is a whole different animal. REO's or bank owned homes that have been foreclosed on close much quicker than short sales.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Tue Feb 8, 2011
I'm sorry but this isn't a very workable question. First off, there is no 'usually'. The amount of time varies from property type, to lender, to local filing schedules in your area, to what stage of foreclosure the property is in, how long its been listed, who the broker is, if the bank has an realistic understanding of what they own and what it is actually worth and on and on.
Simple answer 6 months to 2 years.
Web Reference: http://www.aic-chicago.com
0 votes Thank Flag Link Tue Feb 8, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer