Home Buying in 07054>Question Details

giganticmall, Other/Just Looking in Parsippany, NJ

hello if it says foreclosure auction is that the price to pay ? also if it says foreclosure lis pendens , is that the price to pay ? thanks.

Asked by giganticmall, Parsippany, NJ Mon Apr 1, 2013

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The prices you see are the amount owed on the loan. It may be a second mortgage, a Home Equity Line or Credit or a Home Owners Association fee that you are seeing. People in foreclosure often stop paying everything, and all lien holders may file for foreclosure so you cannot depend on those numbers. The price to pay will be determined by either the bank, if they foreclose, at auction on the off chance the home sells at the Sheriff's auction, or during a short sale during negotiations with the homeowner and the bank.
0 votes Thank Flag Link Sat Jul 6, 2013
If it says foreclosure auction, then the price may be bidded on by interested parties. The bank (sellers) will have a starting price with which they will start the bids at and its up to the bidding parties what the final sale amount may wind up being.

Wiith Lis pendens, some of these you may be able to pay of the outstanding debt or lien on the property which is sometimes advertised.

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
0 votes Thank Flag Link Thu Apr 4, 2013
All your questions concerning foreclosures, short sales, lis pendens, etc. can best be answered by attending one of my free monthly short sales and foreclosure seminars in Morrestown. This is the best 2 hours you can spend if you have any interest at all in buying a foreclosure or short sale. The schedule and all the seminar information can be found at the following website:
0 votes Thank Flag Link Mon Apr 1, 2013
A property that is included in a public information database and identified is the subject of a legal proceeding, with a lis pendens filed. Because there is a legal proceeding, does not mean that the property is for sale. The amount that you see listed is the amount in identified in the legal proceeding. Many properties which have lis pendens filed will not be sold at this time. In many instances, the property owners will resolve the legal issue and retain the property. If it going to be offered for sale, the amount of the lis pendens does not reflect the price at which a property will be sold.

If a property has been foreclosed upon and ordered for sale by the sheriff at auction, the price listed is the opening price. It may be bid up from there.
0 votes Thank Flag Link Mon Apr 1, 2013
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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