If you're thinking of relocating to the South Jersey area or you're a long term resident. It's easy to appreciate the suburban lifestyle South Jersey has to offer. There are row homes, rural farmland, condos, townhouses, and more. When you're searching for the perfect place to settle down you can browse our active South Jersey real estate listings. You can browse through these listings by the county and town to search for homes for sale which meet your needs. You can even find information on the local community and town too! If you're considering purchasing bank owned homes there's some information and benefits you should know about.
Benefits to Acquiring Bank Owned Homes in South Jersey
Bank owned homes (also known as REO) can offer a lot of benefits to purchasing them. These foreclosed properties can be purchased by home buyers and investors in the first phase of default. This means before the auction takes place for the property. Investors can also purchase the property during the public foreclosure auction. The foreclosure property can also be purchased from the lending institution or bank if no one bids on the property during the public sale. At this point the bank steps in and repossess the entire property.
When the foreclosed property is purchased by the bank at the public foreclosure auction sale. The property reverts back to the bank and then becomes a bank owned REO property. At this point anyone can buy the bank owned REO. The challenge real estate investors face is being able to reach the person who can make the decision to sell this bank owned company. Each lending institution also has a variety of different requirements and rules on how they sell these bank owned real estate. The best thing to do in this situation is to contact the lender directly to find out what they require so the REO property can be purchased.
The majority of banks are eager to negotiate. The lender is the one who is taking the biggest financial stake in the foreclosed property. The lender has made an 80-100% loan to the borrower in order to purchase the property. This means the lender may end up having a growing inventory of bank owned properties that is motivated to a seller. The goal of lenders is to remove the properties from their inventories. Bank officers who work in the lost mitigation department want to work with home buyers and investors so they can minimize the bank's loss. Some investors may even call bank owned properties repossessions.
At this point lending institutions will hire real estate brokers who can market and sell their REO inventories. Small local banks may prefer to use only one real estate broker who handles their REO properties. National and regional banks that are larger can employ up to hundreds of brokers they need to handle their inventory of thousand of foreclosed bank owned REOs.
Being able to purchase a lender's real estate owned property is less complicated. There is less competition and investors and not exposed to much risk since they are buying in the phases of the foreclosure process. Investors should definitely consider working with several lenders to get the best deal on foreclosed homes.
Foreclosed Properties in South Jersey
Now that you know the benefits of purchasing foreclosed homes. Why not take a look at some of the foreclosed properties available in South Jersey?
223 5th Ave, Roebling, NJ 08554 (MLS # 6615625)
This end unit was built in 1905 and is made of timeless brick and is three stories of beauty! With its 1,212sqft home size and it's 2,091 sqft lot size there's plenty of room for everyone. There is an enclosed porch you can walk into. Enjoy the large living room/dining area that features hard wood floors and tall ceilings. There is a mud room off of the kitchen which leads to the back door. The yard is fully fenced in and could be perfect for a dog or small garden. There is a full basement so you have plenty of storage space too! The 2nd floor features three bedrooms along with an open area at the top of the stairs and a full bathroom. The third floor of this end unit is absolutely huge. It has a separate area for extra storage along with a large closet. Just a little TLC will have this home look stunning in no time! It's a short sale and the buyer will be responsible for all certifications and repairs.
11 Chestnut Ave, Pemberton, NJ 08015 (MLS # 6615030)
This adorable residential, single family home was built in 1900. There is 1,389 sqft for the home size and 22,650 for the lot size. So there's plenty of room for expansion at this home. You get a nice big half acre plot to do with as you please. The home has one floor living with three bedrooms with generous spacing. Along with a full eat in kitchen, bright bay window, 1.5 full baths, and a family room with a real wood burning stove.
This home offers a big three seasons room off the back way that can be heated easily and used year round. The back yard is also fully fenced. This home is an ideal location since it's only a short walk to the grocery store, beaches, and more! It's part of a short sale so you'll have to make your decision on this home quickly.
These are only a handful the homes available in South Jersey. Be sure to check out more on our local listings!