Foreclosure in Mantua>Question Details

L, Home Buyer in Hummel

We are considering moving and will be looking at houses soon. I am curious what is involved in buying a

Asked by L, Hummel Fri Feb 13, 2009

forclosure property. How does it work? Can potential buyers walk through? Is it a big hassle and is it worth it in the end?

Help the community by answering this question:

Answers

13
As someone who has appraised literally thousands of foreclosed properties, as well as sold a few of them, as well as having several REO specialist friends who have sold multitudes of them, I can say without hesitation that you get what you pay for. Foreclosure definitely does not equal "deal". In fact, the vast majority of them are bad deals.

-Marc

Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
web: http://www.marcpaolella.com
2 votes Thank Flag Link Fri Feb 13, 2009
If you enjoy a root canal, you will LOVE trying to buy a foreclosure...

-Marc

Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
web: http://www.marcpaolella.com
1 vote Thank Flag Link Fri Feb 13, 2009
It depends on several different factors. Some foreclosures are straightforward and close as a regular sale. If you have the time that might be involved in the process of short sales and do not need to move in a timely manner then it could be a good deal; and, in the case of the foreclosure - some homes are destroyed - some are not - but be sure that it does not need court approval because that may be even more of a delay. I have sold several foreclosure properties which have been successful and the clients were very happy. You can have an agent show you foreclosures just as any other home. Where are you looking for a home? If I can be of assistance, please do not hesitate to contact me. I actually live in Mantua, NJ. Make it a great day!
0 votes Thank Flag Link Fri Jun 19, 2009
L - If you are still looking for more information on this topic let me know, I can email you some links that will help you out. Also, be sure to get a great real estate agent on your side (I'm not one) - one with experience with foreclosures will greatly aide your situation. GREATLY.

Regards.

Steve Kappre
Web Reference: http://www.stevekappre.com
0 votes Thank Flag Link Sat Jun 13, 2009
Align yourself with a Realtor that fully understands the short sell and foreclsure process.
0 votes Thank Flag Link Thu Feb 19, 2009
Where are you looking Maybe I can help
0 votes Thank Flag Link Sun Feb 15, 2009
L,

There is very little difference between buying a home by traditional means and buying a "foreclosure."
You are allowed to view thes properties with a real estate professional and make an offer.

Offers need to be accompanied by a cash/check deposit and a pre-approval letter from a bank or a letter varifying you have cash funds to cover the cost of the home.

There are differences in paper work that will be taken care of by your agent.
STRONG RECOMMENDATION: preview all property with an agent other than the one listing the property for the bank.

Our last two foreclosures have closed in less than 30 without a problem.

There can be tremendous savings in these deals. If interested in finding out about "hot" southwest Florida opportunities feel free to contact us.

Happy house hunting
The Eckler Team

Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Sat Feb 14, 2009
Hi there, I'd agree with Marc - there are loads of great deals that are not foreclosures. The lure is that you are getting an unbelieveable deal but as Marc cautions, you generally get what you pay for. And because foreclosure sales are "as is" you may inherit loads of work, which in the end take your budget well over the attractive market price of a well cared for home.

Good luck,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sat Feb 14, 2009
buying foreclosures is not a hassle. The biggest problem is the "as is" status that goes along with it. When almost every real estate deal has the "as is" understatement, many of the foreclosures out there are in need of extreme repairs.
With that said there are many great deals on unforeclosed homes or even preforeclosure homes. Financing plays an important role when buying foreclosures. Soe banks will consider financing them and others will not.

you are considering looking in Gloucester County? If yes there are some really nice programs available to you that will enable you to rehab properties...

Want to know more contact me.

Larry Sarlo
609-868-1171
Weichert Realtors
Turnersville, NJ
lsarlo@comcast.net
0 votes Thank Flag Link Fri Feb 13, 2009
Hi L,

Yes buyers can walk through and you might want to do it a few times as to estimate repairs, etc...You should also get help from a home inspector as to have a good idea of what you are getting into.

Cathy C.
0 votes Thank Flag Link Fri Feb 13, 2009
If you haven't seen it, here is a Trulia Foreclosure page with a lot of information.....http://www.trulia.com/voices/marketcrisis

Hope it helps, Dunes
0 votes Thank Flag Link Fri Feb 13, 2009
If you live in Long Island Come to our seminar at the Hewlett-Woodmere Continuing Education Dept Call me 516 455-8391
0 votes Thank Flag Link Fri Feb 13, 2009
The house will be listed with a realtor so you'll be able to walk through. Most of the houses are sold in "AS in Condition" meaning you'll be responsible for the repairs. Is it a hassle, not really if it's already "REO" Bank owned already. You have to be diligent and do your homework to make sure you're not inheriting "buying" someone else's problems, thus make sure you have professional guidance of a Realtor for the area.
0 votes Thank Flag Link Fri Feb 13, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer