When people hear the word foreclosure, they generally thing of it in a negative context. It evokes images of bad neighborhoods with broken down and boarded up houses. But they can represent excellent investment opportunities to the smart investor. When the bank forecloses on a home, it takes over ownership of the property because the previous owner was unable to make their mortgage payments, or possibly that they intentionally defaulted if they had a higher balance left on their mortgage than the house was actually worth due to a real estate bubble. Foreclosed homes are available for savvy investors to purchase. Many people know about real estate auctions, which is where foreclosed homes are sold to the highest bidder. But many of these homes do not get sold at auctions, and the bank assumes ownership (these are also known as real-estate owned, or REO, homes). These REO homes can present some of the best investment opportunities in Mt. Laurel real estate.
Interested in Buying a REO Home?
There are many reasons that people want to purchase REO homes. The bank is selling the home, and they generally have other REO homes that they want to sell in addition to the one that you are interested in. They will normally be more likely to haggle with you on price – giving you a solid chance to get the house for below-market value – because they are trying to clear these homes out of their inventory, as opposed to homeowners, who mainly want to get a fair price for their home. The foreclosed home market can also move quickly in addition to offering a nice value for a buyer.
After a bank assumes control of a property, they waive all previous liens that existed for the property. In other words, an REO property will not have outstanding taxes or unpaid bills that the new owner has to pay for after they buy. Buying a home that the bank owns also eliminates the possibility that there will be any messy ownership issues that require settling before you can put your name on the title.
A lot of real estate experts think that bank-owned homes are some of the safest investments in Mt. Laurel real estate. In addition to the above reasons, bank-owned properties offer prospective buyers the chance to get a home inspection done prior to closing on the property, which can grant buyers the peace of mind that they would not have if they bought at an auction, which can make all the difference for many home buyers and real estate investors.
The South Jersey Real Estate Difference
The hardest part about buying a bank-owned property is often learning about the property. Fortunately, banks frequently enlist the help of local realtors to help them advertise and sell these homes. In Mt. Laurel, the most respected name is Roxanne Ardary at South Jersey Real Estate. I understand the nuances of the area incredibly well, and I work hard to keep myself up to date on the latest trends in home values and location. I get why people want to buy homes in South Jersey, and I can help out people that are just moving to the area and long-time residents alike. This gives me the edge I need to help anyone find their perfect home.
Foreclosed homes and bank-owned properties are an extension of my market knowledge. I stay on top of which properties go into foreclosure so that I can locate foreclosed homes or bank-owned properties that any potential buyer might want and need assistance closing on. Learning about a property first can be the difference that gives a buyer the edge they need to secure the home that they desire. When you also realize that bank-owned properties have many other attractive incentives for buyers that include low interest rates, discounted pricing relative the overall market, and the absence of many common problems that confront home buyers, it makes sense to trust an expert when considering one of these properties. I have ample experience in the foreclosure and REO markets, and my experience combines with my knowledge of quality real estate in South Jersey and allows me to provide my customers with the expertise and excellent service that buyers have come to expect from South Jersey Real Estate.
This expertise extends beyond mere market knowledge, however. People trust the South Jersey Real Estate brand for many reasons, but one of the biggest is that I provide a personalized touch to the service I provide. After closing on a home, my customers know that they have received the best possible service and that I done everything possible to ensure that their needs are met. I take the time to answer any questions about the area, the local homes for sale, and every other aspect of the marketplace.
My top goal is to make sure that my customers have the utmost comfort with the area and their new home. Nobody wants to go through the home buying process and then feel like they still have nagging doubts even after closing the deal. I work hard to alleviate any and all concerns that my clients have before the deal is done, and I want my customers to feel confident that they made a smart purchase and that their new home will provide the backdrop for many happy memories for the rest of their lives.