Joe Mc, Home Buyer in Parsippany, NJ

what would be the total cost to purchase this property and about how long would it take before total forecolsure?

Asked by Joe Mc, Parsippany, NJ Mon Mar 7, 2011

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This question is about this property: http://www.trulia.com/foreclosure/3029556948--Wilber-Ave-Lak…

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4
Joe,
Other answers have provided you a time frame so I won't repeat that. What I will do is ask the important question...Is it that the home has entered the foreclosure process and you are looking for a good deal, or is it that this is your dream home?

If this is the home you've always wanted you would need to approach the owners to determine if they are interested to sell. Please be prepared that they may not be happy to see you. They may be trying to work this out to keep their home or they may be angry. On the other hand, they might be very pleased that someone would want to buy their home and save them from the credit and legal ramifications of losing it. Please be aware that if this house goes through the foreclosure process and goes on the auction block, at that point, many homeowners who have gone through this process wreck the inside (and maybe the outside of the house) in anger and despair. What you may have seen no longer may exist. I've seen houses with missing plumbing, holes in walls and ceilings, offensive language sprayed on walls, paint dumped on beautiful hardwood floors, and more. Be very careful of purchasing in this stage.

If you are interested in this home because it is iis pendens status, there are many homes on the market that are "good buys." Because there are so many foreclosures, short sales, and bank-owned properties, even sellers who do not have financial difficulties are finding that they need to compete. You may have more options than you realize. I'm always happy to discuss what I'm passionate about and that's real estate in today's new market. Feel free to contact me if you want to bounce thoughts or ideas or to compare notes.
HeleneJeanette@EXITrealtygold.com or 973-207-9803 (direct). Wishing you the best in your endeavors!
Helene
0 votes Thank Flag Link Mon Mar 7, 2011
This property had the intial "Lis Pendens" filing (notice that the bank is looking to foreclose) done in September of 2010. In New Jersey there is an automatic six month waiting period before the bank can proceed with the foreclosure. After that it will depend on how backed up things are, whether the owner has applied for a loan modification, etc. It is not listed for sale on the Garden State Multiple Listing System, at least not yet.

The posting was put on Trulia by Realty Trac. Realty Trac pulls the information from the County Clerk. These properties are not necessarily 'for sale', they have simply entered the pre-foreclosure process. Sometimes the loans are brought up to date by the owner and Realty Trac does not track this information. According to the County Tax Records, however, this home is still in active foreclosure.

At this point your only option is to try to contact the homeowner.

Are you looking to purchase a foreclosed home? If you contact me I can help you with that. Feel free to email me at suzanne@exitrealtygold.com or call me at 201-602-4458. Good Luck.
0 votes Thank Flag Link Mon Mar 7, 2011
Joe,
This home is only in Lis Pendens which essentially means that the owner has missed loan payments. If they do not work out a payment plan or come up-to-date on their payments, a Notice of Default would be issed. Typically that can take several months to happen. After that, there would be an actual foreclosure. This can take up to a year or even more. Then, once the bank owns it, they may decide to hold it for a while or put it up for sale rather than send it to auction. Several bank owned properties are not currently for sale because the banks do not want to flood the market with REO's which would drive down market prices even more than they already are.

As for price, it depends if the property is going for auction or for sale and what the market conditions are at that point. Many people assume that a bank will sell a home for the amount of the outstanding loan. That is not the case. There is a lot of expense involved in a foreclosure process and the bank will want to recoup that if possible. In addition, they will try everything possible to avoid the foreclosure in the first place. They are not in the business of owning property. If you have any questions about the process, please let me know I would be happy to discuss it further with you.

Barbara Bertone
RE/MAX Platinum Group
973-726-5700 office
201-214-8400 cell
http://www.BringMeHomeNJ.com
http://www.ForeclosureHelpNJ.com
http://www.bbertone.remax-nj.com (for foreclosure searches)
0 votes Thank Flag Link Mon Mar 7, 2011
Joe,

In order to purchase this property you will need to contact the owner and ask if they are willing to sell their home to you and come to an agreement of purchase price. I would reccomend getting some legal advise for the process.

Other then that you will have to wait until the house goes on the auction block at the Morris County Sheriff sale and be the highest bidder. Contact the sheriff dept. for how they operate and on what days.

There is no way to know what the total purchase price will be until after you A) winthe highest bid and B ) have a title search done to see what if any leins are onthe property. As far as the time line it can take anywhere from 6-24 months for a propery to go in to the sheriff sale.
0 votes Thank Flag Link Mon Mar 7, 2011
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