FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market. For government foreclosed homes, by law, they have to be priced "at market".
The REO manager has a short list of "cash/close in 2 day buyers", they always get the first right to bid. Then they have to wait for the "public auction" Which drives up those prices. After a 30-60 day period. Then the REO picks the best bid. Sometimes, only sometimes does a REO manager take a property directly to a buyer he knows peronsally. Why should he, he has a bunch of people bidding and driving up the prices.
My REO manager friend likes to joke about all the "first timers" who continue to drive up the bid when they don't hear anything from the bank. Every time I see the "how come I haven't heard from the bank about accepting my foreclosure bid after 30+ days" on trulia, I have to let out a chuckle because he's so right. For those newbies, this is real. They know that when you don't hear from them that a large percentage of people drop a second or third offer higher than the previous one. **WARNING, YOU ARE BEING TAKEN ADVANTAGE OF HERE**
You want a deal on a property right, everyone wants that.... So the moral of this story is:
1. the 60 days you have to wait to hear from a REO, you could have made 2 or 3 better deals with a property that has been on the market for a long period of time. Any realtor can help you drop a crazy offer.
2. You are attempting to make a deal in a house covered in a cloud of bad energy, don't be surprised when it rubs off. Personally I stay away from these for this reason entirely.
3. One way to get a deal is dropping a hand written note on ANY house in a neighborhood you want to buy that says "my girlfriend and I want to buy a house in this neighborhood and yours looks cute from the outside. Do you know anyone that is looking to sell?" I always get responses, better prices and positive energy into the home.
Monmouth/Ocean County Multiple Listing Service shows (2 )Active listings on 4/15/09
You should be able to view homes with your Real Estate Agent.
click on My Listing, click on Monmouth County (MLS) Public SIte
If you want to specifically search for bank owned properties, work with a member of the Multiple Lising Service.
Carol Donatelli, CRS
Go to Monmouth County Sheriffs office website.
Anything else call me.
James M.Lavin C.R.S. Pinnacle Property Specialist CELL:732-673-4216
2009 CLOSED OR UNDER CONTRACT $9,360,000
2008 CLOSED Over $26,600,000
2007 CLOSED over $30,000,000
2006 CLOSED Over $48,700,000
2005 CLOSED Over $47,000,000
4 Year Closed Sales Total Over $150,000,000
#1 Agent Closed Dollar Sales 2006 ( 1/1/06-12/31/06) Monmouth County Association Realtors
Over 11,000 Monmouth / Ocean County Realtor Associates
2008,2006, 2005, 2004, 2003 & 2002 "CIRCLE OF EXCELLENCE" PLATINUM AWARD WINNER
2007 "CIRCLE OF EXCELLENCE" GOLD AWARD WINNER
2002 REALTOR ASSOCIATE OF THE YEAR
AWARDED BY MONMOUTH / OCEAN COUNTY ASSOCIATION OF REALTORS
Column1 Street Town Action Status Price
38 Laird Road Colts Neck Sold U/C $1,899,000
38 Laird Road Colts Neck Listed U/C $1,899,000
5 Falcon Drive Manalapan Listed U/C $1,199,000
16 Partridge Road Colts Neck Listed U/C $749,000
131 Prospect Street Clark Listed U/C $399,000
315 Ottawa Ave. Hasbrouck Hts. Listed U/C $375,000
21 Ely Road Holmdel List/Leased C $55,000
249 Holland Road Holmdel List/Leased C $51,000
27 Winchester Lane Holmdel Sold C $1,600,000
27 Winchester Lane Holmdel Listed C $1,600,000
12 Topeka Tinton Falls Sold C $30,000
15 Ambrose Lane Holmdel Sold C $19,800
UNDER CONTRACT OR CLOSED DOLLAR SALES 2009 $9,875,800
5 Elsworth Place (Adult Community) Holmdel Rental A $2,700
Inca Road (Land) Rio Rancho NM Listed A $40,000
23 Locust Ave Eatontown Listed A $347,500
Route 520 (5.9 Acre Lot) Marlboro Listed A $379,000
496 Laurel Ave (Deli 2 Family Home) Hazlet Listed A $399,000
123 Opal ( Ocean View Land) Aruba Listed A $450,000
5 Elsworth Place (Adult Community) Holmdel Listed A $529,000
4 Kathleen Drive Colts Neck Listed A $649,000
27 Mc Campbell Road (Mother / Daughter) Holmdel Listed A $639,000
10 Inverness Holmdel Listed A $675,000
5 Galloway Holmdel Listed A $800,000
Georjean Drive NEW HOME Holmdel Listed $989,000
51 Phalanx Road Lincroft Middletown Listed A $999,000
14 Round Hill Road Holmdel Listed A $1,000,000
80 Sandalwood Drive Marlboro Listed A $1,199,000
44 Minebrook Road 5,000 sq' 6 Acre Colts Neck Listed A $1,399,000
101 Hazienda Farm (4.9 Acre Lot w/lake ) Holmdel Listed A $1,399,000
4 Kathleen Drive Colts Neck Listed A $1,399,000
247 Holland Road Holmdel Listed A $1,499,000
11 Hasting Road Holmdel Listed A $1,598,000
94 North Mitchell Little Silver Listed A $1,698,000
10 Thistle Lane Holmdel Listed A $1,697,000
14 Winchester Lane Holmdel Listed A $1,698,000
24 Winchester Lane Holmdel Listed A $1,799,000
15 Winchester Lane Holmdel Listed A $1,849,000
35 Harbor Road Marlboro Listed A $1,849,000
21 Ely Road Holmdel Listed A $1,999,000
7 Kimball Turn Holmdel Listed A $1,999,999
2 Messenger Drive (NEW 7,200 sq' 2.2 Acres) Colts Neck Listed A $2,199,000
25 Ely Road Holmdel Listed A $2,378,000
9 Country Meadow Colts Neck Listed A $2,499,000
7 Maacka Drive Holmdel Listed A $2,499,000
2 Pacer Court (15,000sq' incs. LL5.2 Acres Colts Gait) Colts Neck Listed A $3,999,000
3 Michaels Way (14,000 sq' incs. LL 2.7 Acres) Colts Neck Listed A $4,299,000
18 Raintree Court (13,500 sq' incs. LL 2.7 Acres Hazienda Estates) Holmdel Listed A $4,499,000
12 Raintree Court ( 2.5 Acres Hazienda Estates) Holmdel Listed A $4,999,000
AVAILABLE INVENTORY DOLLAR TOTAL $48,462,999
There are a few websites that aggregate data like realtytrac.com. Some of these entail paid subscriptions.
The resource I use is absolutely FREE and provided by the Monmouth County muncipal government, actually the Sheriff''s Office that presides over the foreclosure process. See the link I've provided below.
Trulia shows foreclosure listings in this zip code at the link below.
Customer Service Representative