Making the most of New Jersey foreclosure listings allows you to buy a property well below market value. Foreclosure listings are used both by investors wishing to sell the property for a quick profit and business owners who want to use the property for their business.
A property appears on New Jersey foreclosures because the owner has missed some mortgage payments and is defaulting on the loan. The lender must file for foreclosure in order to collect on the remaining debt. This gives them the legal right to sell the property and it may then appear on a foreclosure listing. There are three points in the foreclosure process at which you may purchase a property:
- The pre-foreclosure stage; the property will be foreclosed if the mortgage debt is not settled within a given amount of time.
- The foreclosure auction; most foreclosed properties in New Jersey are sold at public auction because the lender only needs to recover the remaining debt instead of the property’s full value.
- Real Estate Owned (REO) property; REO property is owned by the lender and may be purchased before or after the auction.
Learn about the laws on foreclosure properties in NJForeclosure laws vary by state and cover issues such as foreclosure notices, sales procedures and deficiency judgments. Most states allow for a judicial foreclosure, which requires filing a lawsuit to get a court order to foreclose. Generally the property will be auctioned to the highest bidder after it is declared a foreclosure by the court.
Get more information on foreclosure property listings in New JerseyForeclosure sites often offer current news on New Jersey foreclosed property listings. They may also offer other information such as a description of the foreclosure process or a FAQ on foreclosures.
Locate foreclosure homes in NJMany websites allow you to search for foreclosure properties by specific location. These sites may also offer additional services to members such as email alerts and photographs of foreclosure properties.
- Determine the market value of bank-owned foreclosures in New Jersey. The best way to do this is to have it independently appraised by a professional. You will need to make arrangements with the current owner or trustee of the home for the appraiser to visit the property. You should then compare this appraisal to the value given by the party in charge of the sale.