- 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 !!
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.
Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Asset Manager - ERA Statewide Realty
Check out the web site http://www.nhmsi.com click on NJ and then search by county. It's updated every Friday.