Home Buying in Randolph>Question Details

Prozario, Home Buyer in Randolph, NJ

Anyone specializes in bank owned, foreclosed property in Randolph?

Asked by Prozario, Randolph, NJ Mon Feb 14, 2011

Anyone specializes in bank owned, foreclosed property in Randolph?

Help the community by answering this question:


HI Prozario,

My office is actually located in Randolph and we specialize in bank owned properties. We happen to have many foreclosure listings within the morris county area. Are you an Investor or are you looking for your primary residence? If you are interested in a list of these types of homes give me a call or email me. 973-997-5296.
0 votes Thank Flag Link Tue Jun 14, 2011

First let me say welcome to the real estate market. Your question is one we get lot in the market today. I want to claify a few terms first , just so I know that I am answering your question correctly.

- a Bank owned forclosed property is commenly called an REO - these houses typically go on the market well after the bank hs taken possesion of a property and are commonly put on market " as is " through one broker or another depending on the bank

- Property forclosure- A propety IN forclosure is can not be purchased except through a sheriff sale ( in NJ ) a realtor can not help you in this reguard

- Propety in Short Sale - This is what most realtors and consumers deal with. This is a property that a bank has stoped forclosure proceedings on in order to give the mortagee ( homeowner ) a chance to sell the house and possibly avoid a forclosure and lessen their liability ( mabye )

As an SFR (Short Sale and Forclosure Resource Designee ) I am trained and educated by the NAR to help people both buy and sell homes in the forclosure/short sale market

Please contact me if you have any questions and good luck.
0 votes Thank Flag Link Tue Feb 15, 2011
Hi Prozario,

There are not enough foreclosures in Randolph for anyone to call it a specialty. Most foreclosed properties in northern New Jersey are concentrated in the urban centers. I have over 25 years of experience appraising these properties for all the big lenders, and I can tell you that they are very rare in the more affluent areas. For example, I've done only one in Mendham in 20 years. I've done a few in Randolph, Roxbury, Mount Olive, Morris Plains and towns like that, but they are few and far between. Most of the time, they are not great deals.

The bottom line is, you are extremely unlikely to find a suitable bank owned property in any of the affluent towns in Morris County. In Randolph right now, out of 134 listings, there are about 10 or so short sales, and only 2 bank owned properties priced below $200,000 that look like dumps. 2 out of 134 and you wouldn't want either one of them.

So if I were you, I would not attempt to limit myself to a bank-owned property in Randolph. They just don't exist, except for the once-in-a-blue-moon situation every few years.

Good luck!


Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
201 Route 10 East
Succasunna, NJ 07876
Phone (direct): (973) 584-4235
Coolest map-based home search: http://www.marcpaolella.com
0 votes Thank Flag Link Mon Feb 14, 2011
I like to say "Let’s find a home you like weather it is a bank owned, foreclosed property or just someone home." I want you to get a good buy! Some of the best buy is just a motivated seller! These banks owned, foreclosed properties could take a long time to close. And when the water turns on well things could be a bit different. So let me know if you are looking to purchase a house to flip, or to live in and own a home.
Let me know what your thoughts are
Doug Billek
Weichert Realtors
Cell 908 591 8326
0 votes Thank Flag Link Mon Feb 14, 2011
I specialize in achieving the goals of my buyers. I am certified to do short sales and foreclosures. (This involves taking courses and passing exams.) I understand how to do "bargain" sales in Randolph and anywhere else you might be looking. Please call me on my cell phone...201,463.9656 to make an appointment to find out exactly what you are looking for.

0 votes Thank Flag Link Mon Feb 14, 2011
I specialize in whatever the buyer's goal is. I have experience with bank-owned, foreclosures, good deals, in Randolph and other towns. I will be happy to meet with you and find out what we can do to get you a great deal on a house. Please call me on my cell phone...201.463.9656.
0 votes Thank Flag Link Mon Feb 14, 2011
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