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Foreclosure in Marlboro : Real Estate Advice

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Fri Jun 13, 2008
Joan Congilose answered:
Hi Munish
I work with a lot of buyers & investors of Foreclosures & REOs. There are always new properties coming up for sale including Marlboro. Keep in mind that these transactions differ from an ordinary purchase of a resale or a new home. Most of these properties are very distressed, & are sold strictly as is which means the buyer has to do all repairs regardless of the condition, & also be reponsible for obtaining the Certificate of Continued Occupancy from the town before you can actually live in the house. In addition before the seller will consider accepting an offer from you they require that you show them you can close quickly, that you are financially able to buy it & can show them proof of funds to close on it quickly. If the home is in really bad shape then you have to pay cash or get a rehab loan. You are also competing most of the time with a multiple bid situation, so highest & best offer form the start gets you the house. Is that something you feel you are willing to do? If not, I would recommend looking at resales. There are plenty of nice homes to choose from in Marlboro at very attractive prices right now. There is no set formula for how much homes came down in Marlboro. Some came down & some didn't because they didn't have to & the ones that are priced right still sell quickly. Marlboro is known for its great schools, easy access to commuter hwys, shopping & recreation. You can obtain school info, demographis & neighborhood profiles on any town from my web site for free. ... more
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