Foreclosure in New Jersey>Question Details

Matthew Comp…, Both Buyer and Seller in 08050

Ocean County,NJ REO's! Well, I am ready!! I have my team ready to go.......CASH investor, Attorney, Title

Asked by Matthew Compitello, 08050 Tue Apr 7, 2009

Agency, Contractors...the only thing missing is the property. Does anyone have any REO properties in Southern Ocean County, preferably in Stafford or Barnegat? Does any Realtor want to be on board with this dedicated and motivated team?

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Well, I've been showing homes that are REO and HUD. To date there have only been two sweet deals out there. One was a barnegat HUD that sold for $139,000 and was in move - in condition including the appliances. The other was a REO in Little Egg Harbor asking $169,000. You missed both of those but I'm sure there will be others.
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0 votes Thank Flag Link Wed Apr 8, 2009
Thank you to ahose who have answered thus far.

- Mr. Higgins, sorry, but at this time, we are looking at Southern Ocen County. I actually just had the opportunity for a short sale in Miami. Maybe one day, but not today.
- Mr. Bain, I have to say I disagree with you. There have been several REO's in my area that only required $10,000 - $ 20,000 worth of work. Not so bad!! I am not looking to make 100K on a single property, a couple of bucks to keep the wife happy would be fine!
- Mr. Vollenberg, I agree with you about Mr. Higgins. I am in the process of trying to find an agent, hence the post. Thank you for the advice on the condititon of the property, but I was fully aware of that. Ironically enough, I am ready to make an offer if I see potential or walk if I dont like it! Like I said, I wont mind dropping $ 20-25,000 to get a place up to par.

Again, thank you all for your response !!
0 votes Thank Flag Link Wed Apr 8, 2009
Hi Matthew,

Good luck with your search. I would recommend contacting someone local as you're looking for a very specific area and have therefore a very narrow geographic focus. I disagree with Greg's assessment of REO properties as too broad and generic. REO properties are like their open market counterparts at the moment as they run from poor to good condition and are priced from too high to low. As in the private market a lot depends on the quality of the controlling broker's market assessment and how good their communications are with the controlling bank.

Just remember: REO properties are typically sold as-is, where-is. Make sure your attorney is familiar with REO sales. Banks typically do not negotiate all the little things we're used to in private transactions. You either like the property at the offering price or you don't and can then walk away from it.

Good luck!

Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Asset Manager - ERA Statewide Realty
0 votes Thank Flag Link Wed Apr 8, 2009
Most of the REO properties are either over priced or in such bad condition they are not worth the effort. You are better off looking at the HUD homes and making you bid there. BTW you don't need a Title Company since both REO and HUD has already done the title search before they offer it for sale and most of the time they will give you the policy.

Check out the web site click on NJ and then search by county. It's updated every Friday.

Good Luck.
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0 votes Thank Flag Link Tue Apr 7, 2009
Matthew, I am from Brick NJ. Would you consider investing in South Florida? There are deals in Palm Beach and Broward Counties that will give you positive cash flow. Email me and I will send you listings. Thomas Higgins, Higgins Tropical Real Estate, Inc.
0 votes Thank Flag Link Tue Apr 7, 2009
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