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Foreclosure in Jersey City : Real Estate Advice

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  • Home Buying310
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Activity 14
Wed Mar 13, 2013
Diane Maxon answered:
Hello Adel - Any agent licensed in NJ can help you with this. Please contact me and we can discuss what you are looking for.
0 votes 1 answer Share Flag
Wed Mar 7, 2012
Anderson answered:
There are many 3-4 family homes in the Jersey City areas.
Fell free to call me to discuss different options.


Anderson Herrera
Weichert Realtors
917-418-2192
0 votes 2 answers Share Flag
Tue Nov 23, 2010
Bill Eckler answered:
Krishna,

Probably the best way to identify and obtain a "foreclosure" property is to identify a real estate professional to work on your behalf. They will be able to identify potential property and guide you through the buying process acting in your best interests.

Your best source for accurate and up to date information is through a local agent......and there is no expense!

Good luck,

Bill
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0 votes 5 answers Share Flag
Thu Jul 29, 2010
Karina Abad answered:
Hello. If by you, you mean the owner, you can occupy until the house is sold or until the bank takes ownership.
Best,
Karina Anillo
0 votes 2 answers Share Flag
Sat Jul 23, 2016
Karina Abad answered:
Hello Segafour. There really isnt a set time, it depends on the bank. A house can go to foreclosure status quickly, as soon as 3 months perhaps less or it can take more than a year. You can check your local paper for foreclosures and sheriff sale dates. Hope this helps.
Karina Anillo
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Sun Jul 4, 2010
Al Akerman answered:
You don't just get the house after two years. After two years you have the right to start the foreclosure process. He will have to keep paying the taxes every year until he actually forcloses on the home.

He had better hire an attorney because the process is very complicated and if all procedures aren't followed properly, it can delay or nullify the process.

Also, if there are other lienholders on the property, they may be able to pay him off (even if the owner won't) before he forecloses.
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0 votes 7 answers Share Flag
Tue Jan 26, 2010
Ian A. Wolf answered:
By belonging to the National Association of Realtors, Realtors have to hold themselves to a high ethical standard. My first instinct would not to be to assume the offer was not presented. I will tell you that as an REO agent myself, that what you are describing is not uncommon on foreclosure properties. The banks are difficult to deal with and often accept higher offers, and not necessarily best or most complete offers. However, ultimately they will lose patience and go with another buyer if a purchaser does not have their act together. Remember, the banks are not a typical seller, and they often do not behave logically. It would appear that the listing agent is being very upfront and honest with you as to the status of the offers. I would let her guide you and if it was meant to be, then it was meant to be. ... more
0 votes 6 answers Share Flag
Wed Sep 23, 2009
Joe Montenigro answered:
Hi Denise,
No, the short sale process will not automatically stop the sheriff sale, althought the lender MAY delay the sheriff sale based on the circumstances of the situation. Sometimes the lenders Left Hand doesn't know what the Right Hand is doing and it may go to sheriff sale anyway.

If your short sale is rejected by the lender, they would continue to proceed with the sheriff sale, whether it be the originally scheduled date or another date, it would be up to the lender and thier attorneys to continue with the foreclosure process.

Hope that helps
Joe Montenigro
Broker Owner, REMAX Home Team
serving Gloucester Twp and Southern NJ
http://hometeamNJ.com
http://joemonte.vflyer.com
http://www.facebook.com/joemontenigro
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Mon Jun 15, 2009
Amar asked:
I am interested buying a condo at a sheriff sale. 1) What will be my cost in addition to the winning bid amount. Is it only property taxes and condos fees that were due?...
0 votes 0 Answers Share Flag
Thu Mar 12, 2009
Mikhail Shtort Nikitin answered:
Hi Massi, I am afraid you are already in trouble. If you are a co-borrower on the loan, it is reflected on your credit report. Since loan is already 5 months over due - your credit score is taking a beating.

Short sale is your best shot to get it off. You should hurry, because banks usually start foreclosing precess after 6 months delinquency. And having a Foreclosure on your credit is not fun at all.

Good luck!
M.
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0 votes 3 answers Share Flag
Fri Nov 14, 2008
William Leigh Holt answered:
H.B: You have a contract. Please read what it says about inspections, requests for remediation and time limits. You may also have a homeowner's disclosure stating that the owner knows..(if anything)..about the property. You may have an escape from the contract because it is not a legal two family, as advertised. Only an attorney can represent you in interpreting the contract and, if necessary, going to court.

By the way, the standard attorney approach to the attorney review (If you had one) is to REJECT the contract and then state that, with specific changes, it would be acceptable. You may find that verbal and even written offers to change terms do not stop the time-limits clock. As a Realtor, I'd not give you an ounce of advice on this one. It’s see-an-attorney-time or pay up.
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0 votes 22 answers Share Flag
Mon Sep 22, 2008
Sj209 answered:
Patience young grasshopper, patience. Was your bid higher than the new asking price? What type of financing did you obtain? It is a complicated process and factors such as concessions, closing costs, type of financing plays a role. The seller probably is seeking other offers. True, it would have been nice to counter you but the seller is under no obligation to do so. I would sit tight or move on. Demanding an answer is to be avoided. ... more
0 votes 16 answers Share Flag
Wed Jan 23, 2008
Brian Parkes answered:
It depends what is rigt for you and if it is affordable for you--unless you are trying to flipp-(I do not advise)-not sure you will really benefit from trying to time the bottom--even the best investors can never truly predict the bottom-- what I do know it is not at its high. People often ask how much lower should I offer from asking? I want to let people know that is not always the best way to look at it--each property is different and each agent has different strategy.Some prices are set below market value and the wise buyer will take advantage of a wise seller. Each unit has to be looked at compared to the rest of the market and what it has to offer-& does it meet your needs!

Good luck

Brian
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0 votes 18 answers Share Flag
Wed Jul 16, 2008
Emily Erekuff answered:
Hi Lenore,

If you access http://www.trulia.com/foreclosure/2000378150--1st-St-Hoboken-NJ you will see a Status among the listing details and next to that a 'What's this?' link. If you hover over the 'What's this?' link you will find a definition for a pre-foreclosure. You can also view other foreclosure listings in Hoboken if you access the link below.

Best Wishes,

Emily Gibson
Customer Service Representative
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