New Jersey Foreclosure & Preforeclosure

[Samuel Abraham]

I am planning to move to New Jersey; county, not yet settled. But I desire to engage in the pre/foreclosure transactions. Is there any one on the forum able to give me a firsthand information on this subject? Is there anyone who would like to have me under their wings for some time, and probably make deals together in the future? Do I need to subscribe to the MLS to get the deals before they reach the open market?

Thank you so much for your answer and offer to help.

[Jonathan Greene]

Hi @Samuel Abraham . In my opinion, preforeclosure is not an actual thing. It basically means that there has been some lag in payment and possibly a lis pendens has been filed, but the reality of it is that many preforeclosures get worked out or take a very long time to get to auction. Homeowners who are identified as preforeclosure options on Zillow get inundated with offers and it drives them crazy so they tend to back away. Also, when newly in this preforeclosure status most homeowners still think they can get out of it and also think their house is worth more than it is, so as an investor you are going up against a mountain.

The MLS ONLY has properties that are on the market so it is of no help for off-market properties. Working with real estate agents or investors who have access to off-market properties, pre-info on REO and strong relationships in this area is a great way to start.