07107 would be Newark NJ. Foreclosure meaning already bank owned? Or short-sale, meaning that a notice has been sent to the owner indicating the bank lien-holder intends to exercise its rights and begin foreclosure due to delinquent payments of 60-90 days. This notice, when recorded at the county court house, called a lis pendens, becomes public record. You can buy a list of pre-foreclosures from RealtyTrac.com. Many owners then choose to list and sell their house. The MLS (Garden State MLS in Newark area) will have the house listed. The listing must be marked "Lender Approval Required" or should be so marked if the agent is doing their job. So depending on where in the process the house is, buying it may be 3-6-9 months or longer. A true foreclosed house, called an REO or bank owned house would be listed by a realtor and on the same MLS. The price should be at or 10-20% below its market value. It will need repairs and sometimes major repairs for it to pass the appraisal step for a new buyer. The owner-seller will not want to make the repairs and if the owner is the seller, will not have the money to repair (otherwise they would be paying the mortgage). If he seller is the bank, already foreclosed, it too will want to avoid repairs. So the buyer will have to repair before the loan to buy can be approved. Most buyers do not want to pay to repair without owning it. So a rehab loan can be obtained (FHA203), available from some lenders. All this explains why most foreclosed properties go to cash buyers who need no loan and can close quickly. The loan process takes time- 90 days or more.
So, where in the foreclosure process do you want to start counting the time? And, are you a cash buyer or need a loan? And then, do you have money to repair or need a rehab loan? Call anytime to chat about it.
Weichert Realtors- Upper Montclair
973 632 8593