There are many reasons for which you might be looking for a home. You might be interested in buying your very first home, or you might just be looking to flip it for profit. There is nothing wrong with either one of these scenarios, and there are many ways in which you might profit. Before offering anything however, you should know what type of property that you are dealing with and what sets it apart. Let’s start by discussing the pre-foreclosure stage.
In Pre-Foreclosure, the homeowner has in fact failed to pay their mortgage and the lender has started the paperwork involved in repossessing the home. During this stage however, the homeowners do have the option of paying if they can, come up with the required sum of money. The chances of this happening are debatable, and in the event it does not happen, the house moves on to what is known as the auction stage. The property, at this point, is fully foreclosed upon and it will be auctioned to the highest bidder. In the rare event that a home is not sold at this point, it does not go back to the homeowner, but rather into a status known as REO, or Real Estate Owned Properties. At this point, the homeowner has nothing to do with the property and you are dealing solely with the bank. This is great for many home buyers, especially if they prefer not to deal with homeowners. There are many reasons to avoid them, for example the desire to avoid those tenants reluctant to leave, or those who believe they can force some sort of legal action against the new buyer.
Taxes on Property for Sale in South Jersey
All homeowners are required to pay property taxes and risk serious fines if they should fail
to do so. Unfortunately, normally through circumstances that they cannot control, they will incur fines from failing to meet their tax obligations. Now, if you are a buyer, then you will find that the taxes have been waived by the bank. This waiver is normally issued to entice buyers, but you should always do your best to ensure that this is actually the case with the property that you are going to buy. For more information on the matter it is strongly recommended that you perform a title search as all tax information is a matter of public record.
When you are purchasing any REO property you can actually request a home inspection before you close on a deal, and you should actually do so. First of all, a home inspection is always in order before a purchase, but in the case of an REO property you will face additional challenges.
As individuals are forced to leave their homes for one reason or another, there is a good chance that they will not treat those homes as well as they should. They may allow the home to fall into disrepair, or if they are upset over the eviction, they may go so far as to damage the home, which is never a good thing. A home inspection will help to ensure that you obtain quality real estate in South Jersey and of course avoid making huge mistakes.
The problems that you do have with these homes can often be mitigated by the lower cost that you would experience. The bank or the property owner usually wants the property to be gone, and gone quickly, meaning you can usually snag it for a low price. The problem however is that the low price may be mitigated by the amount of repair work and capital that you need to put up to make the place livable again. As we said before, it is of the utmost importance that you have a thorough inspection performed. This will not only ensure that you are buying a livable home, but also one that can be realistically restored. Remember that when to a home, there is always going to be more than meets the eye, and much more than you can anticipate.
Before you commit to purchasing any property you will want to take a look around the area for other property for sale in South Jersey. What you are looking for are comparable prices. Do you see anything similarly priced along the same lines? If so, is there anything wrong with said property? When it comes to buying property you need to be careful, but as luck would have it, we not only know what we are doing, we are dedicated to ensuring that you get the right deal, and that you are properly taken care of. There is much more to real estate than simply picking out a property and putting your money down. You need to know the history of that property, you need to know the financial situation, and most importantly, you need to know whether or not it is a viable living space. We will help you to determine all of that and more. It’s time to put your money where your house is.