I am interested in this property. do you know how this work?

Asked by Nicole, Point Pleasant Beach, NJ Wed Feb 17, 2010

This question is about this property: http://www.trulia.com/foreclosure/2008841719--Parkway-Point-…

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., , Brick, NJ
Thu Feb 18, 2010
Hi Nicole,
I believe the property is located at 101 Parkway in Point Pleasant Beach. I have the necessary contact information you need in order to pursue a possible offer. Yes foreclosures can be complicated however you can secure yourself a great home at a great price if you have the time to invest. As far as financing, as long as you are qualified for a mortgage and the home appraises for the amount needed there is no difference in purchasing a pre foreclosure on the buyers end (Except for the time it will take). I have handled numerous foreclosure sales in the area and will be more than happy to assist you. You may contact me via phone to discuss this property further. Dawn Marie White 732-581-9414 Cell
Dawn Marie White
Broker-Manager-Sales Professional
Crossroads Realty Inc
732-581-9414 Cell
732-657-1300 Office
Web Reference:  http://www.njwaterfront.com
0 votes
Cara Realtors, Agent, Bay Head, NJ
Wed Feb 17, 2010

Hello, we are a Point Pleasant Beach Real Estate Brokerage and Agency.

That property is Lis Pendens, which in simplified terms means it is taken as "constructive notice of the pending lawsuit, (as in NJ we are a judiciary state, one of the few, that will judicate upon foreclosures in a lawsuit type process) and it serves to place a cloud on the title of the property in question until the suit is resolved and the notice released or the lis pendens is expunged.

Careful lenders will not lend money on the security of land which is subject to a lis pendens, as title insurance companies will not insure the title to such land: title is taken subject to the outcome of the lawsuit. Because so much real property is purchased with borrowed money, this largely keeps the owner from selling the property. It also may keep the owner from borrowing money secured by the property (such as to pay the costs of defending the suit). Similarly, careful buyers will be unwilling to purchase the land, at least not at what the full value would be without the cloud on title.

It is important to note that the presence of a lis pendens does not prevent or necessarily invalidate a transfer of the property, although it makes such a transfer subject to the outcome of the litigation. As such, it tends to scare off diligent, reputable lenders and careful buyers. Thus, the owner is not prevented from selling the land for (non-borrowed) cash, pledging it as security for a speculative loan, or giving it away—subject to the outcome of the lawsuit. However, once the lis pendens is recorded, the recipient (a "purchaser" or "grantee pendente lite") would be deemed to have notice of the litigation, and thus would not be a bona fide purchaser, and the title might be regained" ('Lis Pendens; Effect.' Retreived February 17, 2010: http://www.realtor.com)

If you would like someone to further explain the foreclosure process to you, or other real estate aspects concerning short sales, or just the home-buying process/selling process, please do not hesitate to contact our office at (732) 892-9900, or visit us at http://www.cararealtors.com.

Good luck in your home-search, and please call if you need a real estate question answered without hassle or pressured sales pitch.

Cara Realtors,
Point Pleasant Beach, NJ
Web Reference:  http://www.cararealtors.com
0 votes
Valentina Ga…, Agent, sea girt, NJ
Wed Feb 17, 2010
FYI it looks like the property at 101 parkway in pp beach. I can do more research if you would like to give me a call

0 votes
Valentina Ga…, Agent, sea girt, NJ
Wed Feb 17, 2010
hi Nicole

This is about to go into foreclosure. I need to do a little more research but you need to go through the bank to give them an offer they would accept before foreclosure .

Give me a call I will look into this for you

908 334 8252
val gabela
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