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
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