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Foreclosure in Hoboken : Real Estate Advice

  • All529
  • Local Info40
  • Home Buying205
  • Home Selling21
  • Market Conditions18

Activity 7
Mon Aug 20, 2012
My NC Homes Team answered:
No. Just because a home is foreclosed on doesn't mean it's certificate of occupancy is lost.
0 votes 2 answers Share Flag
Wed Jul 13, 2011
David Leonard answered:
Foreclosures most often work like regular sales and any broker can do them. There is a usual pricing philosophy and that is that the price is pretty close to what the bank will accept. That's different from a short sale, which the bank may take a vastly different amount than what the list price is. And for a short, you want to work with a full-time, knows his stuff and how to vet a short sale deal to see if it will close, responsive, on the phone constantly kind of realtor.

Would be happy to answer any further question you may have re this process - a bit complex to be done over the virtual world.

Best,
David Leonard
Weichert Realtors
(718) 915-2855
(201) 333-4443
dave@davidleonard.biz
... more
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Thu Jul 7, 2011
Spirit Messingham answered:
That depends, what kind of auction are you talking about as there are several. For example, at a Trustee's Sale, that auction will need to be a cash only deal, payment required with 24hrs and most of the time, no inspection or anything else will be done before hand. Other answers depends on what kind of auction you are asking about, they are not all the same. ... more
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Wed Dec 29, 2010
Irene M. Smith answered:
The place to start is the Building Department which is located in City Hall, its generally the seller's responsibilty to provide a clear title.

The process would be to re-open the building permit (a fee would be associated with this) and schedule inspections (Fire Alarm, plumbing, electrical, etc). Once everything is checked out you can file for the C of O. If there are minor defiencies then you will have to get a TCO and will have 90 days to repair the problems before a final C of O is issued.
I hope this helps, good luck.
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Thu Apr 7, 2011
Robin Silverberg answered:
If the home pre-dated the issuance of CO's, you may be able to have the title company get something from the municipality relating to the fact that the house can be rebuilt on it's original footprint.
If this is not the case, you may need to get a 203K loan, and include getting the CO as part of the work to be done.
This is a question that your loan officer should be helping you with. It is not something that you should have to turn to Trulia for. Also, what does your attorney tell you?
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0 votes 12 answers Share Flag
Thu Aug 6, 2009
Andres Garcia answered:
Kathy,

I wouldn't go into the auction expecting to steal a place. Sheldon Good Auctions are marketing auctions, not distressed property auctions. They really just have the auction to build hype and excitement. While you may get a small discount you're probably not going to go away with a huge bargain. They are only obligated to sell 3 homes at 1300 Park. After they have sold the three homes they can decide how may more homes they want to sell based on the prices they are getting. If they don't like the prices they stop the auction.

Units at a recent Sheldon Good auction for homes in Weehawken went for between $325,000-410,000 and that was Weehawken. As we know, Hoboken is a more expensive market.

Here's the general overview:

They are having a open houses every weekend. If you wish to make an offer at the auction you must attend an open house and purchase a Public Offering Statement at the open house for $20.

You will sit through a short presenatation explaining the process

You should be pre-approved by Bank of America (preferred lender) prior to auction

You will need a $15,000 cashier check day of auction to bid

The building is FHA approved

If you are working with an agent and would like them to assist you with this purchase, the agent must accompany you to the open house prior to the auction

The auction is August 5th 6pm at the Hyatt in Jersey City.

If you have any questions please do not hesitate to contact me.

Andres Garcia
Sales Associate, CDPE
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Andres@MileSquareRealty.com
http://www.MileSquareRealty.com
MileSquareRealty.com on Facebook
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Fri Dec 25, 2009
Chris answered:
it sucks but your really at the mercy of when the bank takes it over and if the tenants pony up an illegitimate lease the state of NJ will let them stay its very pathetic but i have seen this across hudson county you will probably sink so much money into a lawyer and not get far if i where you and i had equity my solution would be to try to sell and get out of there if not there is not much re-course you have in telling an owner technically what to do with his property you cannot lock them out because the unit does not legally belong to you.

I agree with your attorneys and that is the main reason i am not an advocate of condos because when things get annoying you have to deal with these people in your peace and quiet time i would sell and move or rent unit and move elsewhere
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