Are you perhaps thinking of purchasing a new home for some reason? If so, then it might be within your best interest to look into repossessed properties rather than looking into brand new, or generally those for sale by owner. Why would you want to avoid owner sales? In the end you get the same result anyway, right? Well there are a few issues with home owner sales that you might not entirely be aware of. First of all, you have to consider that the homeowner has spent the last several years in the home. Perhaps they have raised a family there, or maybe it was their childhood home. Either way, there are sentimental issues that you will need to deal with, and let’s face it, they can slow down the process and frustrate you given the right circumstances. Instead, it would be to your advantage to ask a real estate agent Burlington County, NJ for information on various foreclosures throughout the area. While the idea of a foreclosure might not appeal to most people, it is actually quite beneficial, and something that you should consider if you wish to make a good investment. Any real estate agent Burlinton County, NJ will be glad to tell you that the first major benefit of a foreclosed home is the amount of transparency that you are certain to receive before, during, and even after the sale if you should have question.
It is important to remember that your Burlington County, NJ realtor does not have any sort of emotional connection to the home in question. What does that mean exactly? It means that you can expect great levels of transparency throughout the sale. For example, if there were a problem with the plumbing, you would be told, or if there is a history of tax delinquency on the property, you would be informed, especially as to whether or not you would be expected to make up for such delinquency. As we said in the previous paragraph, there will be lack of ‘sentimental value’, making the process of transferring the title a bit easier and faster than it would be otherwise.
Taxes and Mortgage
There will obviously be a mortgage due on any property you purchase from a foreclosure listing, though the amount you pay may be significantly reduced in order to entice your purchase. Taxes on the other hand are a different story. In order to encourage the purchase of these homes, taxes will most likely be waived and you will be in the clear for your purchase unless you manage to run up back taxes of your own. In any case, you will find that most banks will be more than happy to work with you when it comes to the fees on your new home.
Any Burlington County, NJ homes for sale due to foreclosure will be listed in two places, generally. First of all, the county will keep a record of all homes that have been foreclosed upon(http://salesweb.civilview.com/SalesListing.aspx) which is available online and is permissible for public viewing. The information on this form includes the name of the controlling financial institution, the address, and the name of the former/current homeowner. Much of this information is listed here before the property is considered eligible for sale on the market, mainly because some of the homes are in pre-foreclosure.
Pre-foreclosure is the state a home resides in until such time as the current homeowner loses ‘custody’ of the home due to a defaulted mortgage or other extenuating circumstances. Repossession is handled by the Sheriff’s department along with the lending institution, and the resale is handled by a real estate agent Burlinton County, NJ. Remember, a home cannot be purchased from foreclosure until it has passed the pre-foreclosure stage and has actually been repossessed by the lending institution.
If you are ready to purchase one of these amazing homes, then now would be a great time for you to contact a Burlington County real estate agent and see what your options are. There may be some listings that you are currently unaware of, and real estate agents can actually provide you with information on homes that are about to enter the market. There are plenty of reasons for you to use a real estate agent rather than simply attempting to locate and purchase a home on your own. Real estate agents can give you that much needed insider information and make sure that you get the best possible deal. From telling you about potential problems with the home, all the way to ensuring that you know about the financial situation. Sometimes, having someone with a bit of insider knowledge will help you out significantly, ensuring that you get a great deal. You might be planning to live in this home, or you may simply be planning to flip it for a profit. Either way, the more knowledge you have, the better off you are going to be in the long run. Look up a real estate agent today and get the process started!