I found a foreclosure deal in New Jersey......What do I do now?

Buying & Selling Real Estate
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I found a foreclosure deal in New Jersey......What do I do now?

Syman Hay
Lopatcong, NJ · Member since 2016 · 16 posts · 6 votes

looking for opinions from experienced investors that have been through the buying process of foreclosure deals in New Jersey. I have found a property that I would like to rehab but am not familiar with New Jersey foreclosure process ?

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Michelle B.
Investor · Lebanon, OH · Member since 2016 · 144 posts · 87 votes
9y
Syman Hay The group might need a little more detail to provide an effective answer. Is the house pre-foreclosure or has it already been foreclosed? If the first, how long before the foreclosure will occur? If the latter, what bank is it? Also, is the property listed on the MLS? I don't have insight into the NJ process but can provide general guidance depending on the answers to the above. Cheers! Michelle
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  • Tim Puffer
    Lansing, MI · Member since 2015 · 301 posts · 149 votes
    9y

    @Syman Hay - It's awesome that you are on BP - great resources here. That being said - you DO NOT need to post the same question three separate times. Once is sufficient if someone wants to take time and share their knowledge with you they will. Seeing the post three times will make people think less of your question.

    Now I have no knowledge of Jersey, but you could call an REO agent in your area and they should be able to share the process with you.

    0Reply
  • Syman Hay
    OP
    Lopatcong, NJ · Member since 2016 · 16 posts · 6 votes
    9y

    Thanks @Tim Puffer , that wouldn't have happened if the @Account Closed IPhone App wasn't so bad and kept crashing as I went to post! 

    Thanks for your opinion,

    1Reply
  • Christopher Phillips
    Real Estate Agent · Garden City, NY · Member since 2016 · 3k+ posts · 1k+ votes
    9y
    Syman Hay Who owns the house? Bank, Fannie Mae, Hud, Fannie Mac?
    1Reply
  • Michelle B.
    Investor · Lebanon, OH · Member since 2016 · 144 posts · 87 votes
    9y
    Syman Hay The group might need a little more detail to provide an effective answer. Is the house pre-foreclosure or has it already been foreclosed? If the first, how long before the foreclosure will occur? If the latter, what bank is it? Also, is the property listed on the MLS? I don't have insight into the NJ process but can provide general guidance depending on the answers to the above. Cheers! Michelle
    2Reply
  • Account Closed
    New Jersey, NJ · Member since 2015 · 327 posts · 137 votes
    9y
    Syman Hay your not the only one, the BP app is always crashing on me too.
    1Reply
  • Jessica Zolotorofe
    Attorney · NJ · Member since 2016 · 1k+ posts · 794 votes
    9y
    Me too! There's a whole thread on it, but no improvements yet. Anyway, I have the same questions everyone else did about who owns it and whether it is REO, just "in foreclosure" but the borrower still owns, or if you saw it on a sale list. Happy to help with some more info.
    1Reply
  • Olga Roginkin
    Real Estate Agent · Wyckoff, NJ · Member since 2016 · 50 posts · 23 votes
    9y

    Is the house listed?  if it is you can ask any of your favorite agents to give you more info on it/

    1Reply
  • Syman Hay
    OP
    Lopatcong, NJ · Member since 2016 · 16 posts · 6 votes
    9y

    The property is listed on the MLS and has been foreclosed on and is owned by the Bank. The tax records show the owner as REO LLC.

    1Reply
  • Jessica Zolotorofe
    Attorney · NJ · Member since 2016 · 1k+ posts · 794 votes
    9y

    Then you definitely contact the agent listed on MLS and they will connect you with the right people.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    this is just like any other retail purchase get a realtor have them represent you ... nothing special

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  • Olga Roginkin
    Real Estate Agent · Wyckoff, NJ · Member since 2016 · 50 posts · 23 votes
    9y

    @Syman Hay 

    I recommend finding a good realtor you trust, as opposed to contacting the listing agent.

    Remember that the listing agent represents the seller, they have signed a contract documenting this relationship. Guess who's interests the listing agent is going to protect? 

    As in any other legal transaction you need to hire an agent to represent you! you want your own agent  to negotiate for you, not against you! he will protect your interests and work out the best deal for you, not the seller!

    My point is find your own agent who is familiar with that area, establish a solid working relationship with him, explain to him what you are looking for and work with him. That's how you get the best results.

    I cannot recommend a good agent since I dont know what area you are working in. PM me or email (find my email address in my signature) and I will do my best to help.

    2Reply
  • Mike Ventura
    Columbia, NJ · Member since 2015 · 47 posts · 20 votes
    9y

    @Syman Hay Great question!

    I've actually got an accepted offer on a foreclosure in New Jersey, unfortunately my offer was accepted in August. I've yet to close on the house but let's get back to your questions...

    @Olga Roginkin said it the best. Find a real estate agent that you trust and HAS EXPERIENCE WITH FORECLOSURES!! Also, find an Attorney that has experience with foreclosures as well. These were two steps that I wish I did differently. Oh well, lesson learned.

    I wish I had recommendations for agents and attorneys. 

    If you have any questions feel free to PM me!

    0Reply
  • Kevin Hill
    Real Estate Agent · Hackensack, NJ · Member since 2014 · 321 posts · 412 votes
    9y

    Every bank handles their REOs differently. Sometimes they have periods where only owner occupants can buy them, some are a mess and sold totally as-is, others have been repaired or even been renovated by the bank. Keep in mind you'll probably be buying it in as-is condition and you'll be responsible for obtaining the certificate of occupancy most likely. If they are in really rough shape, you might not be able to get a conventional mortgage on them so the bank might require an all cash offer or a renovation mortgage like an FHA 203k (you would have to occupy though to use this type of mortgage). Good luck and follow up with us to let us know how it goes!

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