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Foreclosure in Ocean City : Real Estate Advice

  • All189
  • Local Info13
  • Home Buying50
  • Home Selling9
  • Market Conditions6

Activity 3
Tue Jul 26, 2011
Joanne Bernardini answered:
Who holds the mortgage is far less important than how the mortgage will be paid off by the current owner. Are you a cash buyer? If you intend to offer the owner less than he owes on the mortgage, you will be forcing the seller into a short sale position with his lender. You would be much wiser to start the offer process lower and work with the seller so he can cover his mortgage. He may be willing to sell without a profit for a quick sale. I would be happy to help you and get this process started!
Joanne Bernardini
Sales Associate
Short Sale Certified
Keller Williams Realty- Oceanside
Cell- 609-947-2451
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Fri Jun 24, 2011
Joanne Bernardini answered:
REO's can be a good buy. Unfortunately, they are also more prone to the place being stripped of appliances, cabinets, vanities, toilets, copper piping. etc. There can be a lot of anger by the former owner's. In an REO you do not have the same guarantees that the heating, AC and appliances are all in working condition as you would in a traditional sale.You have no recourse as the property is bought as is and in a lot of cases you don't know the full extent of the damage until after settlement. Consider speaking with your agent, who may know of listings where the sellers are really anxious to sell for personal reasons, in the end you may get a better and safer deal in a much shorter time frame. With less repairs to make you will be in a better position to hit the ground running and rent at least some of the weeks. 2011 has been a great rental year in Ocean City, NJ ... more
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Fri Dec 21, 2007
Greg answered:
Ali;
If you bought it for personal pleasure, just enjoy it. Great place!
If you bought it as a rental / investment, look at the math.
Math assuming you did 20% down:

$2341/mo Mortgage
$1200/mo taxes, util, hoa, insur ect
$3541/mo Total
Average rent $1700/wk for 12 weeks.
You have a negative cash flow of $1841 x 12 = $22, 092 per year
Rent it 24 weeks (somehow?), still in the red. by over $1100/mo.
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