Foreclosure
I would like to start buying property from Sherif sales in the state of NJ. What should I do.... I know i should do title search for each prperty before i bid, but i do not have the time to spend hours in the county office..
I need help to start
[ Edited by ncmd on Date 10/01/2004 ]
Most sheriff sales in NJ will want 20% of the purchase price at the end of the sale (The 20% must be in cash, certified check, cashier's check, treasurer's check or money order.
) And you will need to sign acknowledgement of purchase.
All Sheriff's Sales are sold subject to a first mortgage, if any, and any Municipal, State or Federal liens, if any.
You should do or have a Title Search run on the property before you bid on any property. The Search will reveal if there are out standing liens, which you the bidder would assume.
Properties are sold sight unseen, in an "as is" condition.
The homeowner normally has 10 days to redeem after the sale during which time he or she may object to the sale through the courts or redeem the property.
The balance due on the sale must be paid no later than 30 days after sale, in accordance with the conditions of sale.
It's your responsibility to record the deed in the Register of Deeds office.
It is also your responsibility to notify the owner that you have purchased the property and that you now hold the deed to the property.
If the original owner does not voluntarily leave the property, you will have to apply to the court for a Writ of Possession.
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thanks for the reply...
How do you do a Title Search on the property?
Is there is a company that can do this for a reasonable fee, since I do not need insurance yet?
The problem is I do not have the time to do the search at the county...
Can it be done through the internet !!!!
before [ Edited by ncmd on Date 10/02/2004 ]
If you do not want to do a title search your self than you will have to hire a title company or real estate attorney to do the work for you.
Yes there are a few sites that perform a basic title search you may want to go to http://www.thecreativeinvestor.com/Web_Links-index.html
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