Property Q&A in Morganville>Question Details

tra2671, Renter in Morganville, NJ

I am looking for a rental with option to buy I have seen this home a few times and I am really instrested in it, is there anyway to do an rental on

Asked by tra2671, Morganville, NJ Fri Sep 30, 2011

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This question is about this property: http://www.trulia.com/foreclosure/3056477833--Mariposa-Ct-Mo…

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Francesca Patrizio’s answer
Tra2671,

In a decling market it is rarely a good iea d to enter into a contradt with an option to buy as the market value today may be $100k, but tomorrow $75 and you will be held to the oriignal asking price of $100k.

As for the property to which u refer, as far as I can see it it not on the open market and the owners still have the option of "catching up with payment to keep their investment". If not, it will go to auction. Have u ever been to an auction? If not be advised, that you are up against major players who do this stuff for a living and come with cash. You will also inheret any and all liens against the property should u pruchase it in foreclosure, so therefore if u acquire it for $100k and it has $40k of lines that is your responsiblity. As a result, it is best advied that you not only do a home inpsection, but a title search before you attend an auction as it is not the Sheriff's obligation to advise you of any liens . . . any prior due diligence is up to you. Yada, Yada, Yada, I can go on and on, but it appears that this property is waaaaaaaaaaaaaaaaay underpriced and I am sure tha bank will demand a starting point of $200k.

Francesca Patrizio, broker Sales Associate, ePro, SRES
Francesca@Patrziore.com
732.606.2931 (24/7)

P.S. I am not in the marrket for these types of sales as they net little income with baeu coup work on the part of the REaltor, but I can refer you to others that would be happy to oblige.
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Fri Sep 30, 2011
Tra2671,

The property you link to has a notice of lis pendens filed which means the owner defaulted and the house is in the beginning stages of foreclosure. For starters, not all properties listed on this site in pre-foreclosure are available for sale. In addition, if it is for sale, the owner would most likely want to sell it so they can payoff the bank or if its worth less than what they owe, they would try to get the bank to approve a short sale. Either way the home most definitely would not be available for rent with the option to buy.
0 votes Thank Flag Link Fri Sep 30, 2011
Unfortunately this property isn't even for sale. This is just a preforeclosure notice.If you look at the remarks it says notice of default. There are a few properties available for rent in that community. Townhomes usually are priced in the mid to upper $200,000 range .If you are looking to rent with option to buy in the Marlboro area feel free to call me & I'll be happy to help you.

Joan Congillose
RE/MAX Central
(732) 972-1000 x 364
(732) 232-5277
0 votes Thank Flag Link Fri Sep 30, 2011
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