I think it depends a lot on your timetable, your personal schedule, because it may be difficult to get the bank to respond to your offer on your timeframe. A personal experience? An offer was submitted in March for a bank-owned property (and an amount very close to asking price was offered). Despite numerous requests for information, the bank did not respond until November. By that time, these buyers had moved onto something else.... more
I would agree with Nadia - their location is likely the primary cause. You'll want to gauge proximity to what you care most about and also watch how close you are to the highway itself if traffic and noise bother you. Of course you have that to contend for properties hugging both sides of the highway.
Union County towns - including Scotch Plains, are popular among commuters. I just closed on a home with a buyer that was moving from upper Manhattan to Scotch Plains and commute and schools were the drivers - they are happy with their decision.
Good luck and best,
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I would suggest you contact a contractor. However, you will never get the value back for all of that work in selling your home. In this market, you can probably find a home that has everything you are looking for with a lower mortgage payment then you currently have.
Janet Larsen, Broker/Associate
Absolutely, they do. It will make it more difficult to sell your home when the time comes. Not only is it an eyesore issue, but also a health issue for many.
How much it will affect your price will be determined on how large it is and how close it is.... more
The process for purchasing a bank owned is similar to purchasing any other sale. Find yourself a good local agent and he/she can handle all the details.
Be sure it is bank owned and not in a state of pre-foreclosure ie, short sale. Those take a lot longer to complete and can be much more difficult.
Having an agent who is experienced in short sales and bank owned REO's will be of great help to you with this process. NAR now has a designation SFR that shows an agent has gone through the training necessary to get that additional knowledge.
Good luck!... more