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Foreclosure in 08002 : Real Estate Advice

  • All20
  • Local Info1
  • Home Buying13
  • Home Selling0
  • Market Conditions0

Activity 4
Tue Oct 6, 2009
Gina answered:

21 Charles Lane is listed at $369K. It has been dropped from $ 435K.
Has been on the market for 128 days so far. Are you interested in seeing it?
Please feel free to contact me anytime!

Thank you,
Gina Fagnani
Realtor Associate
(856) 419-5066 cell
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0 votes 2 answers Share Flag
Wed Jun 24, 2009
Gina Chirico answered:

REO homes are bank owned homes. You would go about buying the same as you would any other...put an offer in writing and see if the bank accepts or counters your offer.

The latter part of your question is more detailed. Under market value -- yes but definitely not cheap in the long run. Most REO homes are run down, in total need of rehab and even if the list price is good you really need to outweigh the costs of rehabbing the home in order to live in it. Most sellers in foreclosure let the property go, some trashed on the way out...poured cement down the drains, left the faucets on so the houses can't imagine the these we've seen in foreclosed properties. It can be very costly and that's fine if you would like to take on that type of property but in the end...all the money you've spent should be equal or less than equal to at least what the house is worth in the rehabbed condition. Most bank homes are sold as is so you take on the full responsibility for repairs.

Bottom line is there is plenty of inventory on the market and honestly sometimes the foreclosed homes are no better deals than ones that are in good condition and correctly priced. Don't limit yourself...look at everything and outweigh the pros and cons.

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116
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0 votes 7 answers Share Flag
Mon Apr 1, 2013
Brian Ferreira answered:
Your tax ratio in Cherry Hill figures to be 5.4 mills or 5.4 cents for every dollar of assessment value of the home as dictated by the township.
0 votes 4 answers Share Flag
Mon Apr 1, 2013
Cynthia McKenna answered:
You have to be very persistent in trying to get in with banks. They usually have people that they have woked with for years. A suggestion would be to also try companies that handle more than one bank. This seems to be easier to do, then you have a proven track record to show the bank.
I started with the banks that I was doing short sales on and kept asking everyone I spoke to who handles their REO's . One company finally caved and gave me the name of the servicing company and now I am doing a few for them.
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