NJ Bank Owned Properties...

NJ Courts to Lenders: You May Proceed with Foreclosures...

New Jersey investors, prepare to step off of the sidelines and get back in the game. The REO game, that is. Word came out yesterday that Judge Jacobson has ruled that four major banks can resume uncontested foreclosure actions in NJ. JP Morgan Chase, Bank of America, Wells Fargo and Citigroup can now resume their foreclosure processes under court supervision. Foreclosure activity in the state has slowed to a trickle in recent months in the wake of the 'robo-signing debacle which accused banks of hiring staff to sign off on foreclosure documents without review. Last year, over 58,000 foreclosures were filed in NJ...this year roughly 6,100 foreclosures were filed. The industry has basically been on hold since late December, and whatever inventory is left has become stale. Not only have the filings been affected, but all stages of the process were put on hold by all of the banks to include evictions, cash for keys, auctions...all of which are being put back in motion, as if the 'on' button was just pushed on the NJ foreclosure machine. The New Jersy REO market is going to heat up in the coming months. While the topic receives so much negative press because people are losing their homes, things couldn't be more positive for Real Estate investors in NJ looking to purchase bank owned properties. At American Realty Services Group, NJ's #1 REO Broker, we list and sell bank owned properties exclusively. Call me today to discuss New Jersey Foreclosures. I can set you up to receive our bank owned listings that fit your criteria as they become available. "Real" NJ investors, you need me on your side!

NJ Investors: Are You Ready???

Mortgage Lenders in NJ are still wrapped up in court and are not releasing their foreclosed properties to the market until the court is satisfied that the foreclosures are valid. There have been rumblings that they will begin releasing foreclosures to their Real Estate Brokers by July 1st, or by Labor Day, or by the end of the year...Whenever it happens, investors, whether it be tomorrow or Thanksgiving, are you ready for it? At American Realty Services Group, REO is all we do. We have been thinning our inventory in recent months and getting ready for the flurry of foreclosures that will inevitably come. If you are an investor looking to buy bank owned properties in NJ, contact me today. If you provide me with some basic criteria (price, areas, types, etc...), I will set you up to receive our listings that meet the parameters you set immediately by email. It can be frustrating when you've found your next investment property, only to find out that you're too late. Call or email me today to discuss REO. I'll get you in the right place for when the time is right.

Edward A. Beck
Foreclosure Specialist/Realtor® Associate
American Realty Services Group, Inc
25 Rt. 22 E Suite 220
Springfield, NJ 07081
973-258-0888 Office
201-725-5224 Cell
973-258-0761 Fax
EdB@AmericanRealtyServicesGroup.com
www.AmericanRealtyREO.com

"Our inventory is ever changing..."

Buying REO with Financing?

Are you looking to buy an REO using financing? Find out if the seller offers financing. Often the bank that owns the property will offer financing with some incentives if you go with them for the loan. For example, GMAC Mortgage takes back a property by foreclosure. After the eviction is said and done and the property is ready to hit the market, a GMAC Mortgage Rep will send the listing broker a stack of flyers to place in the property stating GMAC will waive the application, appraisal and credit report fees. This could amount to $1,000 savings, give or take. The loan also has preferred processing and pricing. That's pretty cool if you're a first time buyer and putting down nearly everything you have saved, which is not uncommon. Fannie Mae, Chase, Wells Fargo, Bank of America all have some incentives if you use them for financing. Ask your agent who the seller is and if they offer financing on the property...Could save you some money.

New Jersey REO's for sale

Just a reminder, American Realty Services Group, Inc. lists and sells bank owned property exclusively in NJ. We have 1-4 family properties of all types and conditions. Our inventory is ever-changing. If we don't have the property for you now, we may in the very near future. We have many properties in the pre-list or eviction status, all of which will hit the market eventually. Hit me up today - I'll set you up to receive an automated email which will notify you immediately when we list a new bank owned property that fits your criteria. Email me with some specifics about what you are looking to obtain and/or accomplish, and I'll begin emailing you our bank owned listings as they become available.

Hope to hear from you soon!

Ed Beck

Edward A. Beck Foreclosure Specialist/Realtor® Associate
American Realty Services Group, Inc25 Rt. 22 E Suite 220Springfield, NJ 07081
973-258-0888 Office
201-725-5224 Cell
973-258-0761 Fax
EdB@AmericanRealtyServicesGroup.com
www.AmericanRealtyREO.com

Purchasing Bank Owned Property in NJ - Come Quick, and Come High

Investors are constantly asking me 'Why can't I get my offers accepted by the banks?'. So many investors are making multiple offers on REO properties, and aren't closing on any REO's. The answer is simple: banks are pricing the properties to sell. They are getting close to, if not more, than asking price in almost ALL cases. In order to get your offer accepted by the bank, you need to come quick and come high. In many cases, offer's $20,000 below list won't even get you a counter offer. Sure, in some markets, it is a good start if you and the seller are willing to meet in the middle. But in the inner city areas, multi family properties are stripped of the plumbing, need to be 203k or cash only, and are priced below $50,000. Cash investors are pouncing on these income producers, resulting in multiple offer situations and prompting the bank to request highest and best from all parties, sometimes up to 20 offers the first week, depending on the area, but regardless of the condition.

It's always a good idea to look at the days on market of the REO property. If it's been sitting for a month or so, check to see if it has been reduced. The banks will almost always reduce list prices monthly until a sale is procured. But hold out too long, and you'll miss it. Best bet: Come quick and come high. Offer too low, and you're spinnin' wheels. Yours and your agent's.

I personally set my investors up on an autoemail. Whenever we list a new bank owned property that fits a certain investor's criteria, they get notified immediately by email. REO is all we do. We list new properties every week, and always have more under contract than we do listed! Do you want to just keep spinnin' wheels, or do you want to be a successful Real Estate investor who buys bank owned properties? If you chose the latter, then you need to come quick, and come high.