Home Buying in Paterson>Question Details

Jorge M. Alva, Home Buyer in Paterson, NJ

Interested in rehab homes, need help.

Asked by Jorge M. Alva, Paterson, NJ Mon Feb 1, 2010

Hello, im interested in buying homes that need rehab since they are cheaper. I would prefer owner financing when possible. Can i find these homes through a real estate agency? Or is there another way. Thank you in advance for any help and advice.

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Jorge if you are going to seek financing for a home that need repairs, you will need a specialty loan that not all banks or loan officers are willing or qualified to do. Let me know if youhave any further questions. I've attached a website link providing some information on these type of loans
0 votes Thank Flag Link Fri Feb 5, 2010
Jorge,

You can definitely find rehab homes by working with an agent specifically in the areas you are looking. Most of these homes may be bank owned and/or short sales so owner financing may be impossible. I suggest you give Peter a call and he can get you started.

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116 office
Gina.Chirico@PrudentialNewJersey.com
0 votes Thank Flag Link Tue Feb 2, 2010
Most of the homes you are talking about have been foreclosed and are listed on the multiple listing service so the realtor you choose to work with can watch out for you and select those that are suitable. We usually set it up so emails are sent to you on a regular basis with these listings.
The worst of these are sold for little more than the value of the land but there are plenty available that can be saved. Mind you these are mostly in the inner city.
If you are interested send me your email address and I will send you samples.
In recent months I have been looking in Paterson, Prospect Park and Haledon for several customers for suitable properties.
0 votes Thank Flag Link Tue Feb 2, 2010
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