Home Buying in Barnegat>Question Details

Renee, Home Buyer in New Jersey

What and how? Is the process of buying a foreclose home.?

Asked by Renee, New Jersey Wed Sep 4, 2013

Help the community by answering this question:

Answers

7
Linda Grey’s answer
It is best to use a Realtor, as the home buyer below indicated things can't be done, there are actually ways to do them. Also the home buying process and paperwork is different from state to state.

Good luck.
0 votes Thank Flag Link Thu Sep 5, 2013
Renee, I purchased a Foreclosed home for myself. As long as you can get inside the home and know the condition, so you know if the appliances are included and the amount of work that is required, the process if pretty much the same. Sometimes it takes a little longer to close if more than one bank has been involved in the foreclosure. You can have a home inspection done to know the condition of the home, but no repairs will be done. You are purchasing the home "as is", unlike a regular purchase, where you can negotiate repairs. Usually the asking price of the foreclosure is what you have to pay, if it doesn't go into a bidding way. Here, where I live, a foreclosure is a good purchase, if it is in good shape, but they are hard to find.
0 votes Thank Flag Link Thu Sep 5, 2013
If you have cash you can go to the sheriff sale and buy foreclosed homes.
Contact me for more info
0 votes Thank Flag Link Thu Sep 5, 2013
Good afternoon Renee,

Depending on the lender, the process can vary. It's best to work with an agent that is experienced in working with buyer's to purchase foreclosures. You can search right here on Trulia for an agent that can assist you.
0 votes Thank Flag Link Wed Sep 4, 2013
Basically after the foreclosure auction, if the bank takes the home back, they will have it cleaned, appraised and put it on the market for market value or a slight discount under market value. You should have a buyer broker who is well experienced with bank owned homes to guide you through finding them, looking at them and writing a good offer.
0 votes Thank Flag Link Wed Sep 4, 2013
Prices on foreclosed homes and short sale homes are not that far apart. As already mentioned, each bank is different that goes for short sales too. Find yourself a good agent who will be honest with you about the market and the best deals.
0 votes Thank Flag Link Wed Sep 4, 2013
Renee,
Have you read about the great bargins available to those who find the righr foreclosed home?
The are there and avaialable for those who are decisively positioned to take advantage of these opportunities. Unfortuneately, your request for 'step-by-step' directions can not be provided.
-
Each bank has their own resources and protocols THAT MUST BE FOLLOWED! Failure to do so results in the purchase offer being ignored, in essence, the response will be absolute silence. For many, absolute silence is the most distressing of situations even when one rants and shouts at the top of their lungs.
-
What and how can be determined ONLY by identifying the propety in which you have interest.
What and how will be of little importance if you are not strategicly prepared to COMPETE!
What and how will be of little significance if you are hesitant or indecisive.
What and how will be ineffective if your actions are dictated by desire rather than the data.
-
You would be well advised to CALL a NJ Realtor(r) and arrange a meet-up. At that time the environment of foreclosure real estate can be extracted from what amounts to urban legends often read about. Secondly, your Realtor (r) can guide you in being strategicly positioned to exploit a foreclusre situation when the right house shows up on your radar.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Grou[
Palm Harbor, FL
727.420.4041
htto://RealEstateMadeEZ.us

Serious people call.
Really serious people need reliable, comprehensive data.
0 votes Thank Flag Link Wed Sep 4, 2013
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