Bank Owned Foreclosures In NJ
Can anyone please point me in the righ direction for getting a free listing of bank owned foreclosures in New Jersey. Thanks
Can anyone please point me in the righ direction for getting a free listing of bank owned foreclosures in New Jersey. Thanks
Here you go.
http://www.thecreativeinvestor.com/residential/ViewTopic61379-35.html
John (LV)
Thank you so much for your responses...
How about actually calling or going by a local bank and asking for someone in the lending department who the person is who deals with their REOs?? Sounds simple, huh?? So simple that no one ever does it.
You can even call the big multi-state banks that have a local presence. They have to do something with their REOs. Go into your local branch of Chase, or Citicorp or whoever and ask them who handles the properties that they take back.
Realtors are usually the ones who handle the properties. Talk to some agents in the local offices of c-21, or ReMax. They usually know who handles bank properties. If you do some networking with other investors, you can probably find out tons of info also.
Absolutely I do know!!!! Sounds like the there is more owed aganist the property than what it is worth so the bank got a BPO (which doesnt mean much and is probably over valued) and set the price at "FMV"...
Heres the deal.......The bank will get a better deal for teh property if it goes to auction. Once that happens the 2nd is completely wiped out and the 1st does not owe the 2nd any money. At this time in the game you can negotiate a better deal on an REO property than a preforclosure. Soon the tables might turn, but it is still early on. Let me know if you need more help on this. I love this stufffffff.
Matt
[ Edited by LoudInvestments on Date 07/13/2007 ][ Edited by LoudInvestments on Date 07/13/2007 ]
Actually, the property is an REO and has already been foreclosed before it was first listed last year. It is now owned by the bank and their asset manager is the one being totally unreasonable.
The auction they are talking about is anl auction to the general public to get rid ofg their property. Do they really believe they will get more for it at an auction?
JS.
Depends on the terms of the auction. How much down and the time frame to close after the auction and the condition on the home. If the buyer can get a conventional loan to close on it, I will go much higher.
At an auction people tend to get frenetic and competitive. My last 2 auctions I saw homes go for as much as 50% more than they were listed for on the MLS.
Also, banks are getting stubborn. I recently offered on a house that had been foreclosed and on the market over 15 months. ARV around $140K. Extensive mold, will need to be gutted and treated. WIll need extensive rehab in the $50K range. They were asking $75K. Offered $60K and they were dragging their feet. Drove by and saw a recent storm had damaged the roof when a tree fell on it. Called them and sent in a new offer of $40K with pictures of the new damages. We closed 2 weeks later.
Go to the auction and stop your bidding at 10% less than what you offered them before.
if you can stop bidding, that is the thing to do. The banks are betting on the bidding frenzy.[ Edited by cjmazur on Date 07/16/2007 ]