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Foreclosure in 08226 : Real Estate Advice

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Fri Jun 24, 2011
Joanne Bernardini answered:
REO's can be a good buy. Unfortunately, they are also more prone to the place being stripped of appliances, cabinets, vanities, toilets, copper piping. etc. There can be a lot of anger by the former owner's. In an REO you do not have the same guarantees that the heating, AC and appliances are all in working condition as you would in a traditional sale.You have no recourse as the property is bought as is and in a lot of cases you don't know the full extent of the damage until after settlement. Consider speaking with your agent, who may know of listings where the sellers are really anxious to sell for personal reasons, in the end you may get a better and safer deal in a much shorter time frame. With less repairs to make you will be in a better position to hit the ground running and rent at least some of the weeks. 2011 has been a great rental year in Ocean City, NJ ... more
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