I have found a great foreclosure deal in New Jersey....NOW WHAT?

Question

Jonathan Greene · Answer

Generally, here is what you need to know in NJ if you are buying at sheriff's sale. Cash only, 20 percent down at time of auction via cashier's check, no inspection, no viewings, as-is transaction, you are responsible for removing holdover tenants/homeowners, you are responsible for all liens on the property (all may not be disclosed at auction).

There are strategies to leverage the amount of information you have beforehand, but it takes some creativity. Generally, the auction dates for foreclosure properties are set and continued many times, especially in Essex Co. The only way to know when it goes is to show up for the auction on that day, with a check, and see if it is on the docket.

You do have the ability on the website to see the upset value. This is rarely the exact opening bid, but it gives you an idea of the opening bid coming in high or low. Hope that helps.

Mark Langdon · Answer

PM me and I can help you analyze it if you want. I have bought foreclosures before here in NJ.

Chris Martin · Answer

I generally stay away from judicial foreclosure states like NJ, but post the details and I'm sure someone will comment. When is the auction/sale?