If you're looking in Hackensack, visit my sites at http://HackensackCondos.com or use my distressed property search tools at http://JerseyForeclosureScene.com
The questions you pose can only be answered correctly by looking at each property on a case-by-case basis.
Just a thought: I wouldn't automatically assume distressed properties are the way to go. There are many good deals in the market, not necessarily foreclosures. With values on the low end & rents on the rise, you're looking to invest in what is a very opportune time frame.
Your best option would be to work with an experienced real state agent in the area of Bergen County that interests you. The agent could show you recent comparable sales in the area as well as what similar rental properties are leasing for to give you an idea of home and rental pricing currently.
Usually, it does not cost you anything to work with a buyer's agent and they will work for you in your best interests; not the seller's.
Good luck to you!
Prudential Connecticut Realty
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It really depends where this property is located ? You need to find out the sold comparables around the property to find out the offer that you can put for this property to make it a win win situation and since it is a foreclosure and not a short sale,you should make the call fast cos in this market many looking for tis opportunity
Do call me if you have any more questions or just post another question,hope I helped you
Remax villa realty
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I did look at zillow.com, but zillow lists the home as a foreclosure and says there is a price cut of 10K..