Property Q&A in Glen Ridge>Question Details

Eddie, Home Buyer in 07042

How can one get information on any of the the "foreclosed"or"Lis Pendens" homes on this site?

Asked by Eddie, 07042 Fri Mar 6, 2009

Further, how does one go about making an offer on any of these homes?

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This question is about this property: http://www.trulia.com/foreclosure/2003218363--Midland-Ave-Gl…

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Answers

2
Eddie,

A notice lis pendens (notice of default) is filed when the owner of the property defaults on their mortgage terms. This is the first step of the foreclosure process. Many homeowners, during this pre-foreclosure phase, either attempt to work out a repayment plan (loan modification) with their lender, list their home, if they haven't already..typically as a short sale but its not always a short sale, or do nothing and the house is foreclosed upon and the bank eventually takes back ownership.

With that being said, to make an offer on a house listed for sale whether it be a house that is in lis pendens status, short sale, or bank owned property, you would need an agent (particularily one experienced in such properties) and you would write up an offer in the normal fashion but be prepared to wait it out for a very long time, some as long as 3-9 months. The banks are not too quick on responding to short sales either because they are too busy and if the seller has not submitted their required paperwork, expect an even longer delay. I've recently been told the pending the new stimilus plan, all lender short sale departments have been put on hold. If it is a bank owned property, again an offer would be written up in the normal fashion. Banks are usually looking for highest price/best terms especially in a multi offer situation.

Keep in mind that if the house has a notice of lis pendens filed but is actually not on the market for sale, you can by all means contact the owner (I suggest via handnote or letter) and see if they are intereseted in selling but in that fashion remember that you will going at it alone with no professional, experienced agent working for you. If it happens to be a short sale, banks are tough to deal with by us agents, nevermind if you had to go it alone.

Good luck. If you are interested in the Bloomfield/Glen Ridge areas, please feel free to contact me directly. I am from that area originally and maintain strong ties to the real estate market in Glen Ridge and the surrounding communities.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
Gina.Chirico@PrudentialNewJersey.com
0 votes Thank Flag Link Fri Mar 6, 2009
Eddie,
The link you sent (that was listed on Trulia) did not have a specific address, just the street name. Currently there are 4 active properties listed for sale on that street. 2 of those are listed as requiring third party approval. So it's possible that the property in question is one of those 2 listed. Based on the initial search by address, if my gut is correct, this one is listed at $250k and listed as completely gutted to the studs.

If you would like more information, Essex county has their list available online: http://www.essexsheriff.com/index.php?option=com_content&…

Or if you still need further information, please feel free to contact me.

Good luck with your search!
Lisa Tempesta, Broker-Salesperson
Realtor® -Associate
Coldwell Banker Residential Brokerage / 2200 Rt. 10 West, Parsippany, NJ 07054
(973) 267-3030 x 129 / (973) 267-4161 fax / (973) 668-6322 cell
skype id lisa.tempesta / text 9736686322
connect with me on linkedin.com / plaxo.com / facebook.com
0 votes Thank Flag Link Fri Mar 6, 2009
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