Burlington County, NJ, is a beautiful place. It is the largest county in the state of New Jersey and it’s the leading county in the United States for cranberry cultivation. Yet, while Burlington County has its rural farmlands it also has its urban and suburban areas. In short, it is a perfect place to own a home, business, rental property, or any other kind of property. In fact, the hottest types of property on the market today are foreclosures and real estate owned properties in Burlington County. Let Long and Foster Real Estate, Inc., help you find the property of your dreams! We know that our best realtor, Roxanne Ardary, and her team are more than qualified to help you find the perfect Burlington County real estate New Jersey.
Real Estate in Burlington County, NJ
As we’ve mentioned, Burlington Country is the biggest county in New Jersey. Therefore, there are many different kinds of real estate on the market. Acres of land, commercial properties, and homes, are listed and waiting for a potential buyer to come along. Any of those types of real estate can be considered foreclosures or real estate properties. However, there are also pieces of real estate that are simply on the open market. A realtor will help you sift through the options but it helps to know the basics.
What is a Foreclosure?
In order for most people to buy a home, or other property, they get a bank loan called a mortgage. This loan must be paid, because if the payments are not made appropriately the homeowners have defaulted on their loan. The homeowners typically have one last chance to pay the bank or other lender, and if they cannot they are foreclosed on and the bank repossesses the property. Once this happens the property is up for auction or short sale. At the auction, the highest bidder can purchase the home.
What are REO Properties?
Real estate owned (REO) is a type of property owned by a bank or the government that was foreclosed on and did not sell at the foreclosure auction. Generally, the opening bid at a foreclosure auction begins at the same amount the outstanding loan was for. REO properties are typically generated when the amount that was owed on the property is more than the property is worth, which does not make it a juicy foreclosure auction sell. Many times the beneficiary (the bank or government agency) will choose to go through a real estate agent to then try to sell the REO properties on the open market.
Perks of Buying a REO Property
There are many good things about buying a real estate owned property. Firstly, there are no homeowners to haggle with; everything that could go wrong because of the previous homeowner has been taken care of by the bank. This means that there are no liens on the property for any bills or taxes. Plus, you know there are no issues with the title of the property, all of the ownership issues have been dealt with by the bank. Secondly, you get the option of a home inspection. Foreclosed home auctions do now allow for home inspections, but REO’s do.
Thirdly, you get what many professionals have called the safest investment for a fraction of the cost of a usual house on the open market. Banks are impatient to sell their repossessed properties and therefore tend to offer them for below market value prices. Lastly, the real estate owned property market is a fast one. This helps breed the previously mentioned discounted prices. However, it also allows you to take possession of your new home faster which many people find very exciting! Furthermore, because of the quick nature of the sale, negotiations always go through a practiced Realtor, a professional that specializes in foreclosures to direct you through the process.
Bulk Real Estate Owned as an Investment
From a real estate investor’s perspective, buying bulk REO is basically like investing on wholesale real estate properties. Banks or lenders attempt to sell the REO properties at a low price compared to the higher market value of the properties. Plus, if an investor were to buy several properties at once, they tend to get a discount. Therefore, buying several REO properties at once is similar to buying properties in bulk. Many times bulk REO properties sell at 40 to 60 percent lower than market value.
Buy A REO Investment Property with Us
The REO property market is fast and therefore always changing. However, we believe it is our job to keep up with the current markets. We know when and where the foreclosure auctions are going to be. We know what REO properties are on the market. We also know how to help negotiate the best deals on those properties for you. Let us help you invest in the properties of your dreams!
We look forward to hearing from you! Feel free to contact us here. If you wish, you can call our Long and Foster Real Estate, Inc., office at 856-857-2219 to contact our head real estate agent, Roxanne Ardary. If you cannot reach her at the office, try her cell phone at 609-346-8209. She is excited for your call! If for any reason Roxanne is unavailable, one of her associates is more than qualified to handle your needs.