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Foreclosure in Bergenfield : Real Estate Advice

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Mon Aug 10, 2009
Peter J Rogers answered:
Buying a foreclosed home as opposed to a home in a "Short Sale" is relatively simpler. The owner has become the bank rather than the homeowner. However some of the responsibilities become the responsibility of the buyer rather than the seller. The bank will not normally effect any repairs that a seller would in response to inspection issues nor will the obtain the certificate of occupancy and correct any issues.
Some banks will place restrictions on your pre approval. Whereas a seller may accept a pre qualification the bank will often insist on a full pre approval and to that end may insist that the pre approval be issued by a specific lender
My suggestion is that you do not attempt this without the help of a qualified Real Estate agent. I am sure you have heard this many times but in the case of a foreclosure the Realtors help is essential.
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