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Foreclosure in Parsippany : Real Estate Advice

  • All68
  • Local Info12
  • Home Buying23
  • Home Selling3
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Activity 4
Tue Mar 22, 2011
Christopher Pagli answered:
Hi Meg, The very first step is to get yourself pre approved for a mortgage from a reputable lender or broker. The loan officer will take some basic info, social security #, income, etc and use this information to determine how much the bank will lend you. Once you get pre approved you can now start deciding how much you want to spend and exactly what you are looking for. I am an Accredited Buyer representative and I always recommend to my buyers to make a list of absolute must haves and a list of things you are willing to compromise on. Once you get a feel for what you are looking for and areas you may have interest, you can contact a few agents to meet with. Choosing an agent is always about who has sold the most homes but who will do the right job for you. Look at it as a relationship, you will be working with this person so you want to make sure you like them and respect their work. I also conduct a no strings attached buyer counseling session where we discuss the entire process and help you narrow down your search. This is a greta time to get to know eachother and help you get focused.

If you need a referral for a top noth agent I will gladly provide you with a few. I am part of a national network of Buyers Agents.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
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Tue May 25, 2010
Tej Bhatnagar answered:
Hi Sue,
I'm glad that you have the foresight to ask these questions well in advance of your home purchase. Although, the bank is the new owner of the property, they have never lived in the property and will not have a sellers disclosure. They are only focused on their net after the sale. It is up to you to do a thorough home inspection. Price a house accordingly with the repair cost built in. Have a contractor do a walk thru with you to get a better idea of the cost of rehab. You won't get to home inspection until after the contract is accepted by the bank. Go to the town (building department) and find out the permit history and see if it matches what you see inside the house. You will be inheriting any work not done to code and will have to remedy that situation.

As far as winterization, I have had banks de-winterized a house for me to conduct a thorough home inspection. I have also negotiated some major repairs from the banks. Let me know how I can help. I live and work in Parisppany.

TJ Bhatnagar
Weichert Realtors
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Wed Feb 10, 2010
Gina Chirico answered:
Hi P,

Buying your first home can be as exciting as it is nerve wrecking all at the same time -- but everything works out in the end! You've received some good responses and I would like to determine your needs.

Do you understand the difference between a foreclosed property which is REO (bank owned), a property listed as a short sale which the seller owes more to the bank that the house is worth today and a property listed on public records under foreclosure and states that a notice of lis pendens has been filed which means the owner defaulted on their mortgage. It doesn't necessarily mean that the property is for sale. Its just the first step the bank takes in a foreclosure action. Many buyers are unaware that these three things mean totally different things.

Moving forward, Is there a specific reason you are limiting yourself to foreclosure properties? Do you think they are a better deal compared to other homes on the market? Have you physically compared them to other homes? I'm not saying that there are not some foreclosures that are good deals but sometimes they are in need of rehab and can cost a decent amount of money to make the repairs. Again, depending on your needs and financial situation, its best to find an agent, get your financing and approval in order (you may qualify for a 203K loan if buying a foreclosure), start weighing your options and looking at homes. There is time to still take advantage of the tax credit but you do need to act fast and work with an agent.

I would be happy to assist you in determining your needs and buying your first home. Please feel free to contact me through Trulia or directly. My contact information is below.

Good luck. Stay safe in this blizzard today!

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116 office
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