Buying my first property thru auction. Passaic county auction.

4 Replies

Hi guys I'm a new real estate agent in north jersey, I will begin my investing career by buy my first property thru the passaic county auction. My contractor buys houses all the time in Wayne, Paterson, Clifton etc and seems never to have a problem. Usually buys, Rehabs and flips or holds. Im just worried my first venture won't go as smooth. What do you guys think?

Aaron, although I've only been to the Bergen County Sheriff sale once, I'm told the Passaic sale is similar with certain subtleties.  I have one friend who purchased and flipped a townhouse in North Haledon which he bought at the Passaic auction and did very well with, but he spent 6 months prior attending regularly and doing his due diligence before he ever bid.  Why not stop by our local meeting next week on 7/3 at 7:00 pm.  It's hosted at the Panera Bread in Paramus (770 Route 17, Paramus).  The group moderator attends both Bergen and Passaic regularly and can give you some insight.


Originally posted by @Ryan L. :

Aaron, although I've only been to the Bergen County Sheriff sale once, I'm told the Passaic sale is similar with certain subtleties.  I have one friend who purchased and flipped a townhouse in North Haledon which he bought at the Passaic auction and did very well with, but he spent 6 months prior attending regularly and doing his due diligence before he ever bid.  Why not stop by our local meeting next week on 7/3 at 7:00 pm.  It's hosted at the Panera Bread in Paramus (770 Route 17, Paramus).  The group moderator attends both Bergen and Passaic regularly and can give you some insight.

Will do Ryan. I will be there! Thank you.

Hey @Aaron Valdez I have been to the Passaic County auctions several times although I have never bid on anything. First I would research the properly thoroughly and make sure there are no liens/lawsuits pending. Then I would see what company or person holds title to make sure they are not planning on contesting the bank or lien holder.

Are you planning on buying single family, condo or multi. Also you can read the foreclosure packet that Passaic county offers for potential buyers. It should be at the courthouse or on the Sheriff's website.

All the best.

-Mark