With help from me as your realtor and South Jersey Real Estate, we can help you move into a beautiful home, townhome, condo, or row home. There are also rural farmlands and planned developments in South Jersey. We can help find you the perfect home for a price that is right for you and your family.
Because South Jersey has a lot of diverse communities, there are styles that could fit you and your family. With an experienced realtor, like myself, we can make the move to South Jersey easy for you. All you have to do is contact and work with us to find your ideal home and neighborhood.
If you’re looking for something that would be a good investment, looking into foreclosures and REO properties are ideal. Although they might not be in the best shape, they are easier to buy and cheaper than you think and currently, there are over 2,000 homes in our database that are in the process of being a foreclosure, are a foreclosure, or bank owned.
Information on Foreclosure Homes
There are three different stages available for buying a foreclosed home. The first stage of default before the foreclosure auction takes place is open for investors and homebuyers to purchase. At the public foreclosure auction, investors have the opportunity to buy property. At the final stage, a foreclosed property can be purchased from the bank or lending institution if no one at the auction bids and the bank repossess the property.
Foreclosed homes are great investment opportunities. There are no homeowners you have to go through or residents you have to evict. The bank owns the home, so you are buying it from the bank. There will be no outstanding taxes as an incentive from the bank. The bank waives outstanding tax liens. There also won’t be any other liens for the new owner to worry about. The bank will waive bills such as water and electric so you don’t inherit the previous owner’s debt. There will be a free and clear title. The bank resolves ownership issues and directly owns the property.
Foreclosed and repossessed homes are safe investments because they are owned by the bank. Because you didn’t purchase the home at auction you, the customer, may request an inspection before you close on any deals. Banks are eager to sell foreclosed and repossessed homes so they are usually below the market value. Although it is safe to compare prices of homes in the area, the bank wants to sell the house quickly. Because they want to sell property quickly, it is a fast paced market. A professional realtor will help you in the process to buy foreclosed and repossessed homes because that is in their expertise.
Information on REO Properties
REO properties go quickly because of their discounted prices. Before obtaining a mortgage however, you need to get prequalified. This is normally not a problem so buying a property shouldn’t be taken away from you.
As soon as a home has reached distressed status, meaning the owner or borrower has missed mortgage payments, the beneficiary will need to decide the amount of equity the property has. Based on that amount determined by the Broker’s Price Opinion (BPO), the bank will decide if it will have a short sale. If the homeowner does not request a short sale, the beneficiary will continue the foreclosure process. If the property is unable to be sold at a short sale or a foreclosure auction, then it will become a REO property.
After being classified as REO, the beneficiary will go through the process of trying to sell the property on its own or be assisted by a REO Asset Manager. The beneficiary will remove any liens and other debts before selling the property. The beneficiary will try to sell through future auctions, direct marketing through a real estate broker, or by itself. REO specialists in certain ZIP codes might also be called in by the asset manager to assist in certain areas. Real estate agents, like Cherry Hill Real Estate, will often buy these properties because of the discounts that are offered to compensate for the condition the property is in.
These properties are usually in poor conditions, however, maintenance is usually serviced by the mortgage servicer and often is provided by a specialized property preservation company. They make sure the property is safe, meet standards, and is secure so there are no re-entries or squatters.
The first step in obtaining a property is looking at the listings. You can get a list from your realtor or get one from your bank or lender.
The next step would be assessing the property. When you visit the properties you’re interested in is good to take an architect, designer, or building inspector to assess the damages and cost that is needed for repairs. Most REO properties are sold “as is” and it is up to the bank on how to settle the damage of the home. Sometimes they will pay for the damages or lower the cost of the property, other times the investor will have to negotiate on the price of the property. If the property is extremely damaged and is considered unlivable, then the process could get more difficult.
Because the property is owned by the bank, the process of getting approval may take longer than real estate properties in South Jersey. However, the banks is dealing with a clean title and you won’t have to worry about the time it will take to fine past liens or problems. Buying a REO property will be more beneficial in the end.