There is a property I am interested in buying in a sheriff sale. They require to put down 20% and to get financing for the rest of the amount within 30 days. There is a good chance that even after I win the bid I may not get access to inside of the property until after evicting the current owners. Can anyone provide recommendations on where I can get financing where it can be done within 30 days and they can do just an exterior appraisal? The property is in Newark in Essex County.
I can get you that loan but it really depends on where in Newark the property is. Don't necessarily have to get an appraisal if there's someone living in it, but it's really a case by case scenario.
Call me if you have questions. Phone number in profile.
I also am looking to invest in Newark. Maybe we can partner on this deal. Contact me anytime
I purchase from trustee sale auctions frequently and always use a hard money lender. At first, when I had no track record I paid very high rates, but as I developed a relationship with lenders, did a few deals, and earned their trust, my rates came way down and then lenders began to compete for my business.
Be sure the lender is solid. Deposits for most foreclosure sale auctions are non-refundable.
You can use a hard money lender or private. The sheriff sale doesn't accept cash for down payment only money order. Make sure the home is foreclosed. Try to get inside the property before your purchase at the auction. I know the Newark market very well call me if you need help 7324748851 text/
I work pretty closely with auction.com and am well versed on the nuances of the sheriff sales in every NJ county. If you have any questions let me know.
I was thinking of a hard money lender but the points plus closing costs makes it an expensive loan. I spoke to one, and they only wanted to finance 65% ....which meant I would have to put down 45%!
Renata you going to find these situations ( because of risk) to require a good amount of your personal capital in the deals.. this is not like buying a first time home and looking for a FHA loan with 3% down.
its commercial transactions.. and on top of that NJ laws predicate lenders be uber cautious because of the default rules in that state..
We just came out with one, and Jay is so right about NJ! So if a lender has a program for auctions in NJ, they have you decide if you want attorney representation for the entire term, partial term or decline attorney overseeing the deal which is not recommended! And you have to pay accordingly! Also, there are deadlines for turning it into the lender to qualify as well. Read the guidelines or it won't happen! Read what the representation consists of and I think you won't decline but will probably at least end up paying for partial representation! So pick the property you want to bid on, set a cap, and do it as quickly as possible after the list is published!
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