How do I buy foreclosure home in NJ?
824322
Well, if you don't want to go the auction route you have a couple different options.\n\n1) Preforeclosures.  Get an online listings source and find pre-foreclosures (I use foreclosure.com).  Now you can identify the property you like (get funding!) and make a proper offer.   You will also help the home owner slide without a foreclosure on their record.  \n\n2) Foreclosed.  Meaning ones that don't get sold at auction become REOs.  Or bank-owned properties.  Then you can go straight to the lender and wheel and deal.  You should probably have a buyers agent though, to look out for your interests.  They may even get you a deal if you finance through them.\n\nOk. good luck.
510658
Raise the purchase price of the house by 15%. Write up the sales contract for the asking price plus the 15%, then in the purchase contact indicate that the seller will be doing a 15% second mortgage, you will have to include terms and monthly payment and supply that info to your bank because he will include the new payment in your monthly debt ratio (DTI). After close you have the seller hand you a satisfaction of lien document. You take that down to the court house in the county where you live and remove the second lien on the property. So how this works is the following:\n\nAppraisal = $120,000\nAsking price = $100,000\n15% of asking price = $15,000\nNew Purchase Price = $115,000\nBank loan (85% of purchase price) = $97,750\nseller second = $17,250\n\nYou can move the purchase price around if needed, you may want to also consider raising the purchase price enough to have the seller pay the closing costs as well! \n\nGood luck...
373358
check out www.newyork.craigslist.org and the Sunday NY Times or Asbury Park Press (NJ) real estate section. There are also cheap places in Neptune City in NJ as they are older houses. No liquor on the beach there, however
247700
Try some of the links on http://www.hud.gov/local/index.cfm?state=nj&topic=renting
563525
The customs in the area where the property is located usually determines who will pay for the appraisal.  In NJ the buyer pays for the appraisal because it is a condition of obtaining a mortgage.  If the buyer is paying cash and does not need a mortgage then often there is no appraisal done at all.  In some other states it is customary for the seller to pay for the appraisal.\n\nIf the custom in your area is for the buyer to pay as part of the lender's conditions, then usually it is paid for on the day of closing.  There are often several fees that need to be paid to the lender on that date and the appraisal is one of them.  Instead of the buyer writing a check to the bank, the bank deducts the fees from the amount of the mortgage and then provides the buyer's closing agent with the remaining balance.\n\nKeep something in mind...in all cases you can negotiate who will be responsible for the fees.  For example, as part of your offer to buy the property you can make it a condition that the seller shall pay some or all of your closing costs.  They may not accept it but you can try.
1105476
Your best option is to go to court. If you reply to their summons it actually takes longer( in days) for the foreclosure to go through. Always reply in writing. But generally, the judge sets a sale date to sell your house and when that day comes it will be sold to the highest bidder. Your best option would be to find someone who buys houses. You see the signs everywhere and they advertise in the classifieds. Or try to refinance. The fact of the matter is that there are only a few ways to DELAY foreclosure. You can't stop it. No matter what anyone says bankruptcy will not save you. Now days you have to pay all that back anyway. All bankruptcy does is give you a few months. I am an RE investor and I have seen many bankruptcys that end up selling at foreclosure anyway. The bank will require the back payments to be caught up even with bankruptcy.
949782
I have seen them in action in the state of New Jersey. I found that there were many realtors, and developers there, and other professionals that were prepared to gobble up the bargains for re-sale. I would not partake in this type of purchase.
70156
Do you mean "How can you get the list of properties?" Or do you need to know the different laws in different states? Or do you need to know the stratagies? A more detailed question would garner a more specific answer. DO NOT subscribe to one of the services that says they can get you listings of foreclosed properties in any state. These are usually HUD and Sheriff sales which are all avaiable fee through other sources. \n\nMy suggestion to you is to check out the site I list in sources. It's for real estate investors and can give you some leads, plus there is a place there where you can ask questions of other investors. Then, I would put together even a rough business plan and identify the areas where you want to invest. BTW, the best place to invest, especially if you are a beginner, is right in your own back yard. Until you know the ropes in this business, investing and conducting business from a distance can be very trying and expensive.\n\nI wish you the best in all you do in 2006. Happy New Year.
504828
This is probably TERRIBLE legal advice, so you'll want to see a real estate or unlawful detainer lawyer in YOUR community before relying on anything I say here.  But nevetheless, here's ONE possible answer... \n\nSue the original landlord for fraud, prepare to move, buy a new home with no money down, plead with the bank, sell all your stuff,.  \n\nPending foreclosures are always listed on public record amd technically, you had "constructive notice" of the foreclosure before you moved in.  But tenants almost never check such things.  \n\nSome police departments or District Attorneys' offices might be interested in real estate fraud like that.  I like the technique of asking the local police department to call-up the landlord on the day before Christmas, and say "I'm going to arrest you right now, and keep you in jail away from your family until after New Years Day unless you give all that money back within the next 24 hours."  I had a cop do that for me, and the rip-off artist suddenly showed up at my door with cash in hand.\n\nDo not pay the original landlord ANYTHING until you have a satisfactory explanation -- but DO put any rent due into a segregated bank account to pay to the bank (or whomever it is owed to).  Write a letter to the original landlord, copy to the bank, stating clearly what has happened.  Keep a copy of your letter to show the Judge if it goes to court.  \n\nIf you reciive an unlawful detainer (e.g. a lawsuit for eviction) offer to pay the new landlord.  Technically, this makes you a tenant at sufferance (e.g. entitled to possession until evicted) and entitled to pay the rent to the new landlord once you see that ownership has actually changed.  The new landlord might or might not accept your rent.  Call the bank and plead rip-off.  They're not responsible for causing your troubles, of course, but some bankers do have warm blood in their veins.  In some situations you might demand a refund of the lease money from the NEW landlord, particularly if they received an assignment of rents -- as some courts might permit imputation of rental receipts to the new landlord -- but usually not.  Don't hold your breath, but don't hesitate to make the demand.\n\nYou'll want to start earning more money than you presently do... none of these tactics are likely to work very long.\n\nIn most states the new landlord is required to give more like 30-days notice rather than 3, so the possibility does exist that you could win unlawful detainer lawsuit (again don't hold your breath).   Be prepared to lose in court, to your new landlord.  Then you'll have an unlawful detainer on your record, and convince all other landlords not to rent to you.  \n\nYour local unlawful detainer Judge might have mercy.  Bring your documents to court and plead rip-off.  Somebody might help you (but again, don't hold your breath.  You might turn blue and expire.  \n\nLive and learn... It is better to be on the receiving end of this sort of transaction, but some people would then require medication to be able to sleep at night.  This is what causes drug addiction, which in turn makes people into thieves.\n\nYou might also consider staking out the landlord's home and giving a piece of your mind.  But he might give you a piece of his fist -- so don't be too demanding unless you carry a gun.  But if you do carry a gun, don't go to the landlord's house unless you also plan to move to Bombay.   I do hear that rents are far cheaper in Bombay, though you may want to set aside some extra money for all the extra antibiotics you'll need there.  If you do move to Bombay, set aside some extra money to donate to the local Leprosy Foundation, and count your lucky stars that you once-upon-a-time had a place to live (for awhile).\n\nDemand a refund, though you won't get it voluntarily.  Be prepared for the landlord to claim bankruptcy -- you'll have to give notice to the bankrupt
164972
Go to your local Real Estate Investor's Association meetings (every city has one). Just listen and learn. Try and shadow a successful investor around and learn from them. Read "Are You Dumb Enough to Be Rich". It's a very detailed book on buying and flipping houses and it starts at the very beginning. You can find it at any book store. \n\nDo a lot of research and learning first. Foreclosures are a little tough at first. I'd recommend looking for people that may be facing foreclosure in a couple of months and are looking to get out, or just drive around and find some distresses properties. \n\nThere are some in EVERY neighborhood. \n\nBut do as much reading and studying as you can first.
945416
You would have to check with your county to find the answer. I know in NJ, we bid for interest. You must pay the taxes for 2 years on the property, the owner (s) have that 2 years to pay up the back taxes plus the "interest" rate that you acquired through the bid on the property. If the owner doesn't come through in the 2 years, then you can start foreclosure proceedings. It's not an easy road here in NJ.
829028
Finding pre-foreclosures can be a process.  Depending on how much you know about investing in foreclosures should help you determine which service to use.  \n\nI've dabbled in rental properties and foreclosures and have had success with Foreclosure.com.  They had a lot of resources to help guide you through the process.\n\nAlso, they had more listings.....
574548
When you buy a foreclosed home, you're cashing in on a home someone was no longer able to pay for. Foreclosures are difficult--both to locate and to execute the transactions--but the potential to turn them over for a tidy profit may be there.  Go to the link down below and it will tellyou all about how to go about buying a forclosure. Good luck!
676778
Do a search on line for your local county and state laws regarding purching tax liens. In my state you cannot purchase the lien you can only purchase the property at the tax foreclosure. States will differ in the rules they have regarding tax lien purchase. Besides that there are specialists that sell awesome programs on line that can teach you how to do that. Try looking up Jeff Adams who has a free program on line called the "Real Estate Mentor" I have really enjoyed that!
201346
In my state, When you are purchasing a home at a foreclosure auction they require $5,000 up front as a deposit (refundable if you don't win the auction)  Then once the final bid is made and you win the $5,000.00 go's towards the purchase price.  Usually you have 24 hours to give the rest of the money to the bank.  Most lenders won't lend on that short of a notice so make sure you have alot of cash or a hard money lender.  Second You may have to pay for title insurance.  Many banks don't like to cover the cost of an owners policy on forclosures.  The owners policy's price will vary depending on the price of the home you want to insure (you can contact a local title company for an estimate)  Third be warry at foreclosures.  See if all of the liens are taken care of. I'll give you an example.  Say you take out a first mortgage and then a second you default on the first and it get's foreclosed on by being in second lien position the 2nd mortgage is wiped out.  However if it's the 2nd mortgage that is in default and get's foreclosed the first mortgage still remains full in effect and now that you are the new owner and the 1st bank didn't approve the new owner the 1st mortgage is also immediatly due and payable when you take ownership.  Also Be warry of any Homeowners association liens and attorney's liens they are not wiped out in a foreclosure neither are property taxes make sure they are paid.  Judgments on the prior owners this varies from state to state but generally any judgments that are caught after the mortgage being foreclosed are wiped out with exception to federal tax liens they are subject to a 180 redemption because they are the IRS and they can do that. Good luck I hope you have fun!!!
54184
More than likely you will obtain a conventional loan where you desire to purchase. This will be a new mortgage.\n\nYou may want to pre-qualify with a lender of your choice and be given the mutiple of options.\n\nMore than likely the loan will be secured by the property itself.\n\nBest to you
980654
Bound's hubby here:\n\nSimply ... you CAN'T!\n\nIn New Jersey, air rifles, pellet guns, BB guns, etc. are considered FIREARMS and require the purchaser to have a NJ Firearms Identification Card ... our state's version of a rifle and shotgun permit. And if you are trying to get a pistol version of an air rifle, pellet gun, or BB gun, you need a New Jersey Permit to Purchase a Pistol!\n\nNo one will legally sell an air type gun to residents of NJ without the proper permits, and will not ship them here!\n\nSorry ... it's the law we must live with!