How do you go about buying a foreclosed property?

Asked by Jessica, Clifton, NJ Tue Apr 29, 2008

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Team Triad, Agent, Greensboro, NC
Tue Apr 29, 2008
First find a good agent. Then get a pre approval from your lender. The foreclosure companies will not look at an offer with this letter from a lender. Your agent can help you do the rest.
Web Reference:  http://www.teamtriad.com
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Munish Sawhn…, , Summit, NJ
Tue Apr 29, 2008
Hello Jessica,
That's a great way to buy properties in this market.
There are a few ways you can go about doing that.
1. Foreclosure subscriptions available online and in magazine form
2. Call an area Foreclosure and asset management realtor / agent
3. look through the news papers for Sheriff sales in your county of choice
4. Real Estate Attorney's that practice estate, short sale and bank REO's

Remember; Foreclosure does not mean they're a great deal. You should be asking for a good buy. Short sale properties are usually below market value. I have provided a small list of Short Sale and Foreclosure properties.

1) 364-366 VAN HOUTEN AVE (PASSAIC PARK) – HUGE 1 FAM / CORNER

2) 281 DEVOE AVENUE (SPOTSWOOD) – BEAUTIFUL SINGLE FAMILY

3) 159 ORCHARD STREET (ELMWOOD PARK) – MASSIVE SINGLE FAMILY

4) 7 EDISONIA TERRACE (WEST ORANGE) – NICE SINGLE FAMILY

5) 1718 FRONT ST (SCOTCH PLAINS) – BEAUTIFUL SINGLE FAMILY

6) 11 W PIERREPONT AVE (RUTHERFORD) – BLUE RIBBON SCHOOLS

Thanks and all the best

Munish
munish@kw.com
Web Reference:  http://kwVIPteam.com
0 votes
Theresa Tuen…, Agent, Kirkland, WA
Tue Apr 29, 2008
Foreclosures in my area of the Pacific Northwest don't stay on the market for too long. With the robust economy we have our number of foreclosure homes is not that high, and the sellers are able to get pretty close to fair market value if they want. All of these homes show up in my listings that I hunt up for people as most are on the MLS service. Having done foreclosures statewide for over ten years I know how to work with the lenders. There are short sales that can be done while the property is in foreclosure and getting the list of what is coming up for sheriff sale is how you can find them. I subscribe to a number of foreclosure informational sites where they are posted. It cut down on a lot of leg work. Keep in mind that many foreclosed homes are in sad shape some needing more than cosmetics.When this is the case having cash to buy is the only way to go. If you get financing then the lender will most likely require the repairs done prior to closing. Patience is not only a virtue when it comes to dealing with lenders or sellers in foreclosure, it is critical to sanity. I hope this helps
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Apr 29, 2008
Keep in mind that the media fails to notify the general public that not all foreclosed properties are below market value. There are many tips and tricks in securing a winning bid from the bank on a foreclosure, short sale, pre-foreclosure, HUD home. You need to get with a seasoned real estate agent that knows how to complete the paperwork. GOOD LUCK !
Web Reference:  http://www.lynn911.com
0 votes
Gina Chirico, Agent, Fairfield, NJ
Tue Apr 29, 2008
Hi Jessica.

Are you looking to buy a property that is already owned by the bank? If that's the case then myself or any other agent can help you. Once the bank takes ownership of a foreclosed home - they list it with a realtor to get it sold quickly. If you are referring to bidding at on a property at a sheriff's sale - that is a little more extensive and I would much rather go over those details directly with you.

Are you just looking to purchase a foreclosure property? Are you looking to occupy or just as an investment to fix and flip (although not the best flipping market)? Keep in mind that if you planning on living in it, although they may be cheaper than some other homes..what you pay for is what you get. Most foreclosed properties are not in the best condition, they are run down, some need extensive repairs, etc. Depending on what it would cost you to fix it, you may be better off buying something that is updated and modernized.

I would love to work with you in finding a home. I handle all of Essex, Morris and Passaic Counties. Please feel free to contact me.

Good Luck

Gina Chirico, Sales Associate
Prudential New Jersey Properties
Caldwell
973-715-1158 (cell)
973-228-1000 ext 132 (office)
GinaChirico@PruNewJersey.com
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