I wouldn't worry about that I do not think the city would throw tenants out. if the city took over the building they would sell it with tenants. The only issue is that if you do have any building issues like water, electric. heat there may not be a landlord around to fix things unless the building has a management company or super.... more
Since most foreclosed properties end up being listed with a broker, consider working with an agent of your own; keep in mind that not all foreclosed properties are such a great bargain, therefore don't overlook some traditional sales, as some may end up being a much better buy.... more
I have blogged about this before and have put a link in below for you. It depends on when the short sale gets finalized and a few other details.
For the best advise consult with your tax attorney or tax advisor.... more
Have you considered a short sale, if not do think about it--also consider consulting with an attorney who specializes in real estate and protect yourself and any other assets you may have--most professionals do offer a free consultation. As for the landlords--much will depend on the individual(s), some may care, others may not with proper financial documentation, employment, etc.... more
Your best bet is to work with a real estate agent who will be able to show you homes that are currently on the market in East Orange which are bank owned (REO. There are also a number of short sales on the market in East Orange as well. A short sale required the lender approval as the seller owes more than the house is currently worth. Many short sales may have the "pre-foreclosure" status as they may be behind on their mortgage and the bank may have filed a notice of lis pendens on the property.
I do cover parts of East Orange and would be happy to provide you with the details of the foreclosures in that area. Here are a few to get started with: http://emailrpt.gsmls.com/public/show_public_report_rpt.do?report=clientfull&Id=48532566_163777
Gina Chirico, Sales Associate
Prudential NJ Properties
973-992-6363 ext 116
In order to take the deal away form the other party ( if it has been accepted ) You need to walk in and knock them down with your offer to show you are serious. Walk in with a larger down payment then the other guy and you should take the deal. This is not time for weakness. If you want the deal, go take it.
Orange Key Realty... more