Are there currently any good short sale/foreclosure deals in the Basking Ridge area?

Asked by Beth, Basking Ridge, NJ Wed May 2, 2012

We are looking to purchase a home in the Basking Ridge/ Bridgewater areas. We are currently renting in BR.

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Lyle Wolf, Agent, Morristown, NJ
Sat Mar 9, 2013

Most people interested in short sales/foreclosures are really just looking for a "good deal". There are actually 4 different types of short sale/foreclosure opportunities in New Jersey. There are some other types of unique motivated seller situations that can also be a source of a below market home purchase. Each have their advantages and disadvantages and requre a Realtor with specialized experience to help their client get it right.

If you want to learn more come to one of my free seminars at our office in Morristown, NJ where I discuss all of these situations. The seminar is:

All About Short Sales & Foreclosures"
Selling or Buying: Learn The Secrets & Learn The Facts

Saturday March 16, 1pm-3pm

Call 973-563-9722 or email me at to reserve a space.
If you can't make this date we have 2 dates in April that might work for you.
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Ron Patetta, Agent, Toms River, NJ
Wed Mar 6, 2013
Beth.. the answer is ..YES..there are some bank and shortsale opportunities in Basking Ridge.

I am a REO designated specialist and Real Estate Investor as well in this area, and can assist you if you choose to contact me.

Warmest regards,

Ron Patetta
REO Specialist
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Jeanne Feeni…, Agent, Warren, NJ
Thu May 3, 2012
Short sales and bank owned properties will be included among the active listings - sometimes they are good deals, sometimes a well priced traditional deal is a better deal overall. My recommendation is to include both distressed and traditional opportunities in your scope.

Basking Ridge is a particularly strong market - performed better than its peer communities throughout the correction. It is in demand and moving very well this Spring. Bridgewater is also moving well this Spring. You'll want to be watching inventory carefully and act quickly to opportunities. A good tool is automatic email alerts so that you are alerted immeidately of new or changed (ie - price changed) inventory. Homes tend to sell quickly after they come to market if they are priced right - or soon after the price reduction that catches buyer interest.

I'm here to help -

Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
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Lynn Dachisen, Agent, Montclair, NJ
Wed May 2, 2012
First, lets define. A short sale is a "pre-foreclosure" where mortgage payments have not been made and the foreclosure process has started or will be started soon. The seller will look to do a "short sale" where there is more owed on the mortgage than the home can be sold for - this does not sit well with the bank, so you can be assured that they will not come to decision quickly, though the process has been shortened due to recent fine implications the banks will incur if not processed timely. A "foreclosure" is actually one that has already been taken back by the bank and is now "bank owned". These are not a pretty site, but unlike a "short sale", they can close quickly. Both are sold "AS IS" where the owner/seller will not do anything in regards to inspection repairs, and town permits, and under no circumstances will a home sale contingency be accepted (your're renting so you're good there). You still have the right to inspections, and can terminate the contract if unsatisfied with the report. That being said, if you are handy and have a little extra cash to spend to fix things, and have the stomach for a short sale, you may get a good deal evenutally. If you need more info, I'm a Certified Distressed Property Expert (CDPE) and would be glad to help you - email me at for more information
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Jennifer Bla…, Agent, Basking Ridge, NJ
Wed May 2, 2012
Hi Beth, short sales and foreclosures aren't always the best way to go. Sometimes you can get a great deal from a regular seller - - with less hassle! Are you looking for a single family home, a condo or a townhouse? Visit my website to search for options:
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Melissa Mart…, Agent, Basking Ridge, NJ
Wed May 2, 2012

While the general public may think they will get a "deal" with a short sale or foreclosure that is not always the case. The banks are using comps (recently sold similiar homes) to come up with the allowable sales price, just like regular sellers do. You may have to wait months and months before hearing back from the bank on an approval. Something else to consider is these sales are almost always sold "as is". If you are renting in Basking Ridge, you are most likely paying a pretty penny for your rental. Many renters in Basking Ridge are finding with the low interest rates and low sales prices they will be paying less for a mortgage - that is probably the reason you are deciding to buy! Back to your question, yes there are short sales and foreclsoures in Basking Ridge and I would be happy to share them with you, but there are not always a better buy than a typicall sale and you will certainly have a lot less aggrivation. Feel free to reach out if you have any furher questions,
Melissa Martin
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Suzanne MacD…, Agent, Succasunna, NJ
Wed May 2, 2012
There are several. If you will email me at I will send you an email with some choices.
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