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Foreclosure in Newark : Real Estate Advice

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  • Local Info32
  • Home Buying130
  • Home Selling16
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Activity 31
Tue Sep 15, 2009
Larry Cappelletti answered:
It depends on how badly you want the house and if it is really worth a $330K price. Also, if you are in an area of steep decline with many foreclosures, it may be worth walking and finding a better bargain. You could also counter with a "highest & best offer" that meets somewhere in the middle. When you offer your "highest & best," that tells the bank and listing agent that the offer represents your final offer, so there will be no more back and forth. Good luck and don't over pay. ... more
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Mon Aug 25, 2008
Jeanne Feenick answered:
Hi Veronica, a current pricing analysis will flush out whether, given the passage of time, the price is still a good value relative to the current market conditions. If the original list represented a discount to market at the time, and after reflecting on the updated pricing analysis, you still are happy with the transaction, then proceed.

I suspect if you make a change - which I think you can unless you are already under contract - that you will enter into another protracted approval process. And as you have already experienced, short sales are anything but short.

Good luck and best,
Jeannie Feenick
Search and connect at http:www.feenick.com
... more
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Wed May 7, 2008
Diane Glander answered:
Plenty of homes facing foreclosure are being advertised every day by local Realtors. The banks sometimes list them on the MLS trying to get the most money from them by marketing them with Realtors. You might not know they are foreclosures by the advertising, but if you contact a local agent and ask to be put on a mailer for bank owned properties in the area you are interested in, you will get a good idea of what's out there. I would help you, but I don't service Essex County. If you are looking in Monmouth or Ocean Counties, though, email me and I will be happy to send you out the listings in our MLS. ... more
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Tue May 6, 2008
Bob DeMassi answered:
The length of time a home stays in a "Pre Forclosure" state is determined by the Hortgage holder. The tenant is considered "In Default" when they have missed 3 monthly rent payments. Then the Forclosure process starts....can be up to 6 months. The house is then offered at Public Auction.

If it is purchased, in the state of NJ, the tenant has a 10 Day RIGHT OF REDEMPTION. This means the tenant can borrow the money form somewhere to get current. If that does not happen, then the deed for the house is delivered to the BUYER (private individual or the Bank). Then, the OWNER starts the Eviction process, just as if the tenant has missed 3 payments......the Owner must go to court to apply for eviction - it's a pretty long process.

Visit my website for more Real Estate information & my qualifications. If you have any more questions, don't hesitate to contact me.

Stay well
... more
0 votes 4 answers Share Flag
Tue May 6, 2008
Hi answered:
why did you buy the house in 2004?
keep the house
not a good time to sell a house
in most states the bank will get a deficiency judgement against you
for example say you have 200k loan
the house foreclosed
if the bank can only sell it for 150k
they want 50k from you, plus the cost of foreclosing, attorneys, etc
you may want to talk to a lawyer
to see what the laws are in your state

anyways

good luck
... more
0 votes 9 answers Share Flag
Sun Jul 28, 2013
Cassandra Tillis answered:
A property must be foreclosed on to allow the bank to take back ownership with clear title. Once it has ownership they may list or auction it to the highest bidder. It is often better to gain properties before foreclosure while occupied in a short sale. Good Luck! Essex Co meets each Tuesday in the county sherrif's office...its a mad house and not every property is called. ... more
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Sat Mar 15, 2008
Dwight Walker answered:
yes there is that is what we call a short sale is the business and as a agent I would be happy to assist you with that please contact me and we can proceed
0 votes 7 answers Share Flag
Wed Feb 27, 2008
Gina Chirico answered:
Veronica, in my experience with bank owned properties there is usually a specific date that the bank will review all offers on. Typically they look for the highest and best offer and go from there. If your offer is not in the top 3, they probably won't even counter you or give you an opportunity to offer more money. Some banks respond rather quickly because it's not in their best interest either to hold on to a foreclosed property but sometimes they do drag it out (a little too long for my taste). I'm assuming you've already put in your offer? Have you asked your agent to contact the listing agent to see when the bank will entertain the offers. Good Luck!

Gina Chirico
PNJP-Caldwell
(973) 228-1000 ext 132
GinaChirico@PruNewJersey.com
... more
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Mon Mar 3, 2008
Megan Manly answered:
Anne, it's all about what is in the contract specifically that you agreed to. While most REALTORS are not attorneys, if yours is not, I'd certainly seek out qualified legal counsel to find out what exactly you agreed and didn't agree to in your purchase agreement. ... more
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Fri Jan 18, 2008
Janice Morze answered:
Hello Thao. I have been diligently researching just the same thing in my area. It is amazing just how many properties are either pre-forclosure (1-3 months behind in payments), in sheffifs sale (after notice is posted in papers for 4 continual weeks), and real estate owned (purchased by the bank at sale if no one else bids)!! If you see it in the paper it should give you alot of info. They have to post the sale I beleive 4 weeks in a row (unless someone bids and buys it at sale). In my county they post the notices every week in a couple large local papers and a couple community papers. I keep tabs on the properties, pull comps, and research the areas by driving around and checking it out. If you want to purchase a home for auction, just go to the location posted on the paper's notice and bid! The amount they owe on the mortgage will be on the papers notice too. They usually start the bidding at that price. SO, if a homeowner is in forclosure for alot less than the market value of the home, you would be safe to say after a small investment in sprucing up the property you would make some kind of profit. It is very detailed and inviolved but interesting. So...look in your local papers in the legal notices section and just research!! Good luck... ... more
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Sun Mar 9, 2008
Marc Paolella answered:
Hi Daniela,

Honestly, it's just a case of not enough money. If you are looking in the low 200's for a 3 bedroom house that you can actually live in, you are going to be looking in urban areas.

If you can stand it, I would stay where you are and save enough to make a larger down payment. If you can at least look in the upper 200's, you can then find a starter home in an area like Netcong or Mount Arlington, which are nice suburban areas right on the train line that you can enjoy, even in a small home.

If you can't stand it, you may be able to find something very small and just crowd in and make it a 2-step process. Move in, live there for 2-3 years and save for a larger place.

Good luck and if you have any other questions, contact me!
... more
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