First Deal: foreclosure = too crazy?

2 Replies

Hi everyone,

I'd love to hear your opinions about this.

I'm looking for my first deal. Here in NJ property prices and real estate taxes are insanely high, so I'm considering Fannie or Freddie foreclosures.

1) does anyone have experience acquiring a property through Home Path or Home Steps?

2) what is your overall opinion about getting one's first deal through the foreclosure process? Is it more dangerous/riskier than retail purchases? If so, why? what exactly does a newbie need to watch out for when going this route?

I will appreciate any insights your guys can help me with.

Thanks in advance!

Luli

Many many investors acquire property through foreclosures. I have not done it, but from what I understand having a good agent who is familiar with the process is key.

Hi Luli,

Buying via a foreclosure can def. be overwhelming esp. for a new comer, not to say it cannot be done..

I would just read up on these forums and absorb as much knowlwedge as you can. Keep in mind the foreclosure process varies from state to state as do the laws. Here is some info specific to NJ...

http://www.judiciary.state.nj.us/civil/foreclosure/overview.html

I appreciate your position as I am in NJ as well (Watchung) but my invesstments are held in Union. There are deals out there (non foreclosure) you just have to really keep an open eye and or have a realtor who knows exactly what you are looking for keep an eye out for you.

Unfortunately as you mentioned the taxes in our home state or insane and I often think if I invested the money I haev invested in NJ RE out of state I could probably retire by now! :)

A short sale, although still time consuming may be another option for you as well.

Are you looking for muli families or single families?

Regards (and welcome to Bigger Pockets!)

Chris

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