Tips For Buying A Foreclosed Jersey Shore Home

Because of the ever-growing number of foreclosed homes, more and more buyers are considering purchasing one of them, either for a principal residence or an investment. However, in spite of rumors to the contrary, finding foreclosed homes at “bargain” prices and making a killing by selling them immediately is not a common occurrence, and purchasing any foreclosed Jersey Shore home requires a great deal of research, preparation, patience, and perseverance.

RESEARCH:

1. The very first thing you need to do is to become familiar with your state’s foreclosure laws. These statutes will dictate what you can and can’t do in terms of purchasing, financing, and selling foreclosures.

2. Locate foreclosed properties. Search public records, newspapers, HUD listings, magazines/newsletters specifically dealing with this type of real estate, and the Internet. Also check with your realtor.

3. Check public records for liens and/or encumbrances.

4. Know the assessed value of the property and comparable sales prices in the neighborhood.

5. Learn the differences in buying pre-foreclosures, buying them at a public auction, and buying real estate owned (REO) foreclosures.

PREPARATION:

1. Find a realtor experienced in foreclosures.

2. Obtain pre-approval from a lender so that you can act quickly when you find the Bradley Beach NJ home you want.

3. Tour the property and inspect it as closely as possible. Have the home inspected by a professional if the lender will allow it.

4. If you’re an investor, determine what the property will rent for.

5. Explore financing options.

6. Determine the extent and cost of needed repairs.


PATIENCE AND PERSEVERANCE:

1. Be prepared for a great deal of paperwork when you buy a Bradley Beach NJ foreclosed home.

2. If at first you don’t succeed…try, try again. Know in advance that this type of purchase can be time-consuming, frustrating, and even risky and that it requires time, effort, and very often, multiple tries before being successful.

For more information on finding a foreclosed Jersey Shore home for purchase contact Patrick Parker realty at 732.455.5252 or via our website.

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