greenbriarIf you are considering investing in foreclosed properties in New Jersey, a Cherry Hill Realtor, such as us, can help you find quality properties that carry the least amount of risk. Although foreclosure investing can be highly profitable, the practice is not for everyone. There are a lot of things that can go wrong in real estate investing, so if you don’t know what you are doing, one disastrous experience could clear your bank account and your excitement for the process.

A Realtor in Cherry Hill, NJ knows the Best Ways to Buy Repo Properties

In the real estate industry, foreclosures are called “distressed” properties. There are basically three ways to go about buying distressed properties.

  1. Pre-foreclosures – These properties have delinquent mortgages but have not gone to auction yet.
  2. Foreclosure auction – Properties in a foreclosure auction are sold to the highest bidder.
  3. Real Estate Owned (REO) – Properties that don’t sell at auction are returned to the lender, who can then sell the properties themselves.

Depending on which way you end up purchasing a foreclosure property, you may or may not have the services of a realtor in Cherry Hill, NJ to guide you through the process. Buying REO carries the least risk because it is similar to a normal sale, however, you might not get a seller’s disclosure. In New Jersey, lenders selling real estate owned properties do not have to provide a seller’s disclosure. The best thing to do in this case is to have your Cherry Hill real estate agent do their best to find out as much detail about the property as possible.

Best Reasons to buy REO Cherry Hill Real Estate New Jersey

If you have done all your homework and understand the risks involved in real estate investing, you probably also know that you can get some pretty nice REO or “bank-owned” properties at highly discounted prices. There are several reasons buying REOs is a good thing.

  1. No homeowners to deal with. You work directly with the bank. When you purchase an REO, you don’t have to worry about tenants who are reluctant to leave, distraught homeowners or angry owners who threaten legal action. Furthermore, you don’t have to deal with emotional property owners who won’t negotiate for sentimental reasons.
  2. No outstanding taxes. As an incentive for people to buy REOs, most banks waive any outstanding property taxes the previous owners may have neglected to pay. Just to be safe, though, ask your New Jersey realtor about doing a title search.
  3. Home inspections are encouraged. Unlike buying distressed properties at auction, you have the opportunity to inspect REOs before closing the deal. Because these properties are distressed, the previous owners might not have kept things up-to-date or even livable. Major repairs may be necessary.
  4. Low, low prices. As we mentioned before, buying a bank-owned property can save you a lot of money. Many of these homes sell for way below market value, which makes them highly suitable for investing. Having said this, distressed homes may require a lot of repairs that could make the super-cheap price you bought it for nothing worth mentioning. It is best to get a home inspection before making any final decisions.

Tip: Consider using a real estate agent in Cherry Hill, NJ when buying bank-owned properties in that area. Negotiations go much more smoothly when you have a professional on your side that understands the unique nature of foreclosures to guide you through the process.

Finding the Best Real Estate Agent Cherry Hill, NJ

When it comes to investing in real estate, the stakes are high. Your money is not a pawn in some game that can be toyed with at will. You need a professional that knows the real estate market in Cherry Hill, and that person has to have a working knowledge of foreclosures as well. You need the best real estate agent Cherry Hill, NJ has to offer, and that is me,Roxanne Ardary of South Jersey Real Estate Agent.

I have been in the real estate business for more than 20 years, and since I began as an investor many years ago, I have a fond appreciation for the practice to this day. The whole process touches me on an emotional level because, lets face it, buying and selling properties is an emotional rollercoaster ride. I approach my clients as a friend who is there for them through the entire buying and selling process to answer questions and offer guidance as best I can. Whether you are a beginning investor or an old pro, I work hard to ensure the buying process goes as smoothly as possible. No one likes bad experiences, so I’ll work with you to avoid them.

Remember, real estate investing is not for the faint of heart, so be sure you do your research and learn all you can so you know what you are getting into. When you are ready to begin looking in the South Jersey area for distressed and REO properties, give me a call at (856) 857-2219 to discuss the options available to you in the Cherry Hill area. I cannot wait to help you realize your dreams of buying and selling properties for a profit.

Thanks for visiting and be sure to check our website often as we update new listings weekly.