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Foreclosure in North Bergen : Real Estate Advice

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  • Local Info9
  • Home Buying36
  • Home Selling4
  • Market Conditions8

Activity 9
Fri Jun 3, 2016
Gruiz0406 asked:
Thu Oct 30, 2014
Simon Campbell answered:
I am not sure if the property is still available. Many of Trulia's foreclosure listings have already been sold since their system runs about 30 - 60 days behind. , I would like to recommend http://www.bankforeclosuressale.com. It is a leading website database that contains over two million foreclosure homes, including bank foreclosures, government foreclosures like VA homes and HUD homes, distressed properties and commercial properties that are for sale all across the nation. All of the listings have had any outstanding liens eliminated and the title is free and clear. We also update our extensive collection of listings every day. ... more
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Sun Oct 19, 2014
Simon Campbell answered:
If you are looking for a website that offers up to date foreclosure listings, I would like to recommend http://www.bankforeclosuressale.com. It is a leading website database that contains over two million foreclosure homes, including bank foreclosures, government foreclosures like VA homes and HUD homes, distressed properties and commercial properties that are for sale all across the nation. All of the listings have had any outstanding liens eliminated and the title is free and clear. We also update our extensive collection of listings every day. ... more
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Thu Jan 16, 2014
Amos Elroy answered:
Hi Chen,

As Dan stated correctly, the fact that something is a foreclosure property does not make it automatically a good deal. Here is where caution, experience, and skill, play a crucial role.

While an experienced agent can not make the decisions for you, they can guide you though the labyrinth and in some instances negotiate on your behalf.

Short sales, bank owned properties (REOs), FannieMae sales, and HUD homes all have their relative advantages and disadvantages, and call for different strategies.

If you would like to discuss this I would be happy to meet with you at our office and take you through it.

Sincerely,


Amos Elroy

CDPE (Certified Distressed Property Expert)
SFR (Short-Sale Specialist Certified)
CHBA (Certified Home Buyer Advisor from NAEA)
CSBA (Certified Home Seller Advisor from NAEA)
NAEA Member (National Association of Expert Advisors)
Residential Real Estate Expert Adviser

Lic. Realtor Associate
EXIT On The Hudson Realty

(888) 462-6573 Ext. 101 / (888) HOB-NJRE Ext. 101
FAX (888) 462-6573
Office 201-437-0411
http://www.HobNJRE.com
... more
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Tue Oct 23, 2012
Anna M Brocco answered:
Since most do end up being listed by a broker, for accurate and free information why not simply work with an agent of your own....
0 votes 4 answers Share Flag
Wed Sep 5, 2012
Jessiea0723 asked:
I'd like to contact owners or the bank for a good deal
0 votes 0 Answers Share Flag
Tue Jan 25, 2011
Anna M Brocco answered:
Consider asking friends, relatives, co-workers, etc., for recommendations--also see link...
http://www.njsba.com/lawyer_referral/
0 votes 1 answer Share Flag
Fri Jan 30, 2009
Walter Burns answered:
Daniel,

According to the MLS, the property is no longer available for sale. It was last listed for sale in May 2008. At that time, the property was being sold as a "short sale" subject to bank approval and the asking price was $210,000. I have check the tax records to see if there was a transfer on the deed. If there was a sale, I will get back to you.

Please let me know if you have any additional questions.

Sincerely.

Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
wburns@weichert.com
... more
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Sat Jan 12, 2008
Perry Henderson answered:
FORECLOSURE REALITY CHECK.... Seasoned investors who buy foreclosures know the REO manager at the bank and get "off market" deals. They never have to bid or find a place to learn what's available.

FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market. For government foreclosed homes, by law, they have to be priced "at market".

The REO manager has a short list of "cash/close in 2 day buyers", they always get the first right to bid. Then they have to wait for the "public auction" Which drives up those prices. After a 30-60 day period. Then the REO picks the best bid. Sometimes, only sometimes does a REO manager take a property directly to a buyer he knows peronsally. Why should he, he has a bunch of people bidding and driving up the prices.

My REO manager friend likes to joke about all the "first timers" who continue to drive up the bid when they don't hear anything from the bank. Every time I see the "how come I haven't heard from the bank about accepting my foreclosure bid after 30+ days" on trulia, I have to let out a chuckle because he's so right. For those newbies, this is real. They know that when you don't hear from them that a large percentage of people drop a second or third offer higher than the previous one. **WARNING, YOU ARE BEING TAKEN ADVANTAGE OF HERE**

You want a deal on a property right, everyone wants that.... So the moral of this story is:
1. the 60 days you have to wait to hear from a REO, you could have made 2 or 3 better deals with a property that has been on the market for a long period of time. Any realtor can help you drop a crazy offer.
2. You are attempting to make a deal in a house covered in a cloud of bad energy, don't be surprised when it rubs off. Personally I stay away from these for this reason entirely.
3. One way to get a deal is dropping a hand written note on ANY house in a neighborhood you want to buy that says "my girlfriend and I want to buy a house in this neighborhood and yours looks cute from the outside. Do you know anyone that is looking to sell?" I always get responses, better prices and positive energy into the home.
... more
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