Your best bet is to find a buyer broker who cas assist through each step of the buying process when buying a forclosure. You can negotiate a buyer agent contract so that it does not cost you anything extra, make sure the buyer broker gets paid their commission from the commission the listing agent offers in MLS. This way you have someoen looking out for you and that can give you assistance in finding and negotiating an offer in your favor.
There are some tips you should follow when buying a foeclosed home, make sure you do your inspections prior to bidding. you will not be able to renegotiate after the bank accepts your offer and the property is sold as is so you can not back out if you find something after you sign. Make sure your deposit is at least 1% of the sales price and in the form of a bank check. Make sure your financing is in order as they will require you to close in 30 days from acceptance and you will want to include your pre approval letter with your offer. Dont ask the bank to fix anything or put any contingincies in your offer. Lastly dont change or cross out anything on the bank addendums. A good listing agent should get an answer for you with an hour to 3 days. It shgouldnt take more than that to get an answer unless your offer is way under asking price and the asset manager does not have authority to answer an needs to get approval from higher ups.
Good luck with your purchase
I am currently negotiating 2 short sales in Manahawkin, which are showing up as foreclosures on RealtyTrac.com. That means the bank will never take it to a sale, if they reach agreement with the buyers & sellers. Instead the will sell short of what's owed .
If you'd like info on the property you're interested in, please contact me via email at Laura-G@KW.com or at 609.384-6121. I'd be happy to provide you with the info on that particular property. No hard sell, if you'd like to proceed on your own, I'll give you the info you need to do so.
Keller Williams Atlantic Shore
Our advice is to get in contact with a local Trulia agent who will be able to lead you through the process step by step.
It appears that you have some important information that will help you get started within this posting.
If this doesn't work out contact us, we would be happy to refer you to a top area agent.
The "Eckler Team"
Michael Saunders& Company
I handled over 1000 REO (bank owned properties) over a 7 year period. The information you are looking for is easy to find BUT getting to the person who can make the decision at the bank is not. I will help you, no charge. Call me today or tomorrow 732-778-9933 (my cell #).
Realty Trac can be deceiving for consumers......some homes show up in "pre-foreclosure" even though the notice of default has already been satisfied. If it appears as a foreclosed home but it's not yet on the market...it takes several weeks for the bank to get it marketed and listed. Since lenders aren't licensed agents, they'll select an agent to represent the property for them.....keep your eye on the MLS. Lenders will not work dorectly with you. I hope this helps!
As soon as the bank is declared the owner of the property, then the bank will list the home with their real estate agent for sale, and you can bid on it then. Typically the bank will set an asking price and wait for offers for 45 to 60 days before they will consider lowering the price. Their time frame may accelerate near the end of the year to clear homes off the books though. After the bank receives offers for the home, they will hire an appraisal of the property and negotiate with the best offer on the table.
Be sure that you understand the property will be offered "as is" and you are advised to hire a professional inspector for that purpose. Good luck with this purchase.
Confused on your question regarding the first home - if it is foreclosed upon and bank owned - the auction took place and the bank took back ownership. If its still in pre-foreclosure status, the home will go to auction. You can go to the County website in which the home is located and provided you know the address and/or owner's name you should be able to perform a search. I know with Essex County only the homes up for auction for that week are listed so you would have to check back week to week. Again, if you know the address, you have the option of contacting the homeowner directly.
Regarding the second home, what is the status - REO or pre-foreclosure. A pre-foreclosure doesn't always mean the house is available for purchase. The owners may have defaultd on their loan but could have made other arrangements with the lender such as a workout, loan mod or even cured the default by paying what was past due. Again, if you know the address, you can contact the owner directly.
I'm not in your area so I cannot assit you in purchasing a foreclosure home but you should find a buyer's agent with experience in REO/short sales.
Gina Chirico, Sales Associate
Prudential NJ Properties