how do I buy foreclosure properties? Real estate agents from Realty Trac and from other agencies have not been able to help me.

Asked by Sadhana Shah, Edison, NJ Thu Oct 11, 2012

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This question was asked from this property: http://www.trulia.com/foreclosure/3024161526--Richard-Rd-Edi…

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6
Poonacha Bol…, Agent, Metuchen, NJ
Mon Oct 15, 2012
Good answers are below. Hopefully this will help you navigating in the maze of foreclosure properties.
0 votes
Bruce Parker, Agent, Highland Park, NJ
Sun Oct 14, 2012
Hi, Please attend one of my classes at "The Best School of Real Estate"

There is a general misunderstanding about how to buy real estate at discount prices.
Think about 4 different stores to buy in:
1. Full Retail- MLS listings where the seller is not forced to sell (100% of market value)
2. Slight Discount- MLS short sale listings, seller will sell for less than they owe the lender but must be approved by the lender (90-95% of market value)
3. Bank owner (REO) properties- Properties already foreclosed by bank and past the redemption period (90% of market value)
4. Buy at the Sheriff Sale itself- Properties that have gone all the way through the pre-foreclosure process and are now for sale by the Sheriff (every county in NJ holds one sale per week) 60-100% of market value)
Each store has different risk and reward profile. Call me for more info or to attend a class.
0 votes
Thanks you so much. It was very informative.
Flag Sun Oct 14, 2012
Patric Santo…, Agent, North Brunswick, NJ
Sun Oct 14, 2012
Hello Sadhana,

I would be happy to share with you information about purchasing short sales or foreclosures in the Edison area. That particular property you inquired about is not yet on the market and may never become available if the owners can work out the issues with their mortgage. However, there are a number of other well-priced properties available at the moment. Please contact me for more information.

Patric Santo Pietro
Prudential NJ Properties
patric@pspreal.com
732-570-5442
Web Reference:  http://www.PSPreal.com
0 votes
Marsha Bowen…, Agent, Livingston, NJ
Fri Oct 12, 2012
Realty Trac posts Lis Pendens which are the notices of default for homeowners that are behind on their mortgage and the lender has filed a complaint against them. Since this is public information, many buyers are assuming these homes are available for sale and this is not the case, Your best bet is to work with a real estate agent that specializes in working with buyers interested in pre-foreclosures and bank-owned homes.

Good luck!
0 votes
thanks for the answer.
Flag Fri Oct 12, 2012
Larry Sarlo, Agent, North Wildwood, NJ
Thu Oct 11, 2012
First this property is not a foreclosure. A notice of Default is the beginning stage of foreclosure.

Buying a foreclosure at a sheriff sale really requires experience. The bank will bid usually to the amount of the loan only. That is what they are reimbursed thru insurance.

Foreclosed homes are bank owned.properties. Short Sales are Pre foreclosures.

Be careful buying anything in default and trying to buy before the foreclosure. Know what liens are against the property first.

Buying a Bank Owned foreclosure you must do your due diligence. They are as is purchases. There is no warranty expressed or implied. Be sure to understand the property you are purchasing.

Don;t expect the bank to fix anything.

The bank will have its own processes for the purchase.

Use an experienced sales professional to help you thru the process.

Search foreclosures and short sale here: http://www.BuyNJShortSales.com

"Nobody Sells More Real Estate than RE/MAX"

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo When you want it Sold Fast!
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net http://www.larrysarlo.com
0 votes
Andrew Tisel…, Agent, clifton, NJ
Thu Oct 11, 2012
the only way to really buy a foreclosure is at the sheriff sale.
you can buy a short sale(pre foreclosure) from an agent.
you can buy a bank owned( post foreclosure) from an agent
There is no commission paid at a sheriff sale so if you need help you have to pay an attorney or hire a realtor that is familiar with the process and be willing to pay the commission.
I have some recent experience with the sheriff sale process in Passaic county. the process may be a little different in each county. feel free to send me an email with any questions
0 votes
Thanks for the reply.
I am interested in a pre-foreclosure property that I found on Trulia and it's in Edison.How do I get more information about buying this property?
Flag Thu Oct 11, 2012
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