Home Buying in Wildwood>Question Details

Tim.adams, Other/Just Looking in Wildwood, NJ

What is the story with foreclosures? Are the prices accurate? What is difference between the various types? What is purchase process?

Asked by Tim.adams, Wildwood, NJ Tue Aug 20, 2013

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Hi Tim

best to contact a local agent like James Scott below that can show you comparables sales to show if prices are fair.

short Sales are usually called pre foreclosures and these prices are usually set by the seller or the Realtor. They actually price the bank may agree to sell may be more or less than the listing price.

True REO foreclosures being offered by banks are as James said fair market value because the bank had to do the appraisal.

I can email you my free Home Buying Process brochure just email me at andrewtise@kw.com
0 votes Thank Flag Link Wed Aug 21, 2013
Bank Foreclosures are priced according to market. You would be negotiating with the bank.

Short sales are pre foreclosures. You deal with homeowner then with the bank.

Down payments are same usually except some foreclosures required larger escrows. Their contracts are strict and dont allow much room to get out.

Financing is usually the same. there are exceptions there also. with some foreclosures there can be incentives in financing offered by the banks.

contact me to discuss particulars...

Larry Sarlo
REMAX Preferred
0 votes Thank Flag Link Tue Aug 20, 2013
A foreclosed property is owned by the bank. You'd be dealing with them similar to any seller.
The prices are negotiable, however banks price their properties professionally via an appraisal.

I'd be glad to chat with you about specific properties that have caught your attention.
I live on the Island and know the market well. As a licensed Real Estate Broker in New Jersey, I can prepare a contract for sale for any residential property up to and including a four-plex.

Here for you... for Shore!
Jim Scott,CRS*
Broker Associate.
Keller Williams Realty Jersey Shore
609 425 7121 cell to 9 PM daily.

*There are over one million REALTORS® in business today. Only 3% hold the
Certified Residential Specialist Designation.CRS is the symbol of excellence in
residential real estate. Our members have proven they have the experience,
continuing training and commitment to be the best in their profession.
0 votes Thank Flag Link Tue Aug 20, 2013
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