Cherry Hill, NJ Homes for Sale - Access Foreclosure listings at www.justlistedincherryhill.com
1. Seek a foreclosure expert. Lenders don't often sell their own foreclosures directly to consumers. They list them with real estate brokers. You can work with a real estate agent who sells foreclosed homes for lenders, or have a buyer’s agent find foreclosure properties for you.
2. Be ready for complications. Often the former owner of a foreclosed home can challenge the foreclosure in a court of law, even after you’ve closed on the home. A real estate attorney who has negotiated with lenders selling foreclosed homes and has defended legal challenges to foreclosures should be consulted. Have the attorney explain your state’s foreclosure process and any associated risks in purchasing a foreclosed home. Set aside as much as $5,000 to cover potential legal fees.
3. Work with your agent to set a price. Ask your real estate agent to show you closed sales of comparable homes, which you can use to set your price. Start with an amount well under market value because the lender may be in a hurry to get rid of the home. Get comparable sales for South Jersey Homes.
4. Get your financing in order. Many mortgage market players, such as Fannie Mae, require buyers to submit financing pre-approval letters with a purchase offer. They’ll also reject all contingencies. Since most foreclosed homes are vacant, closings can be quick. Make sure you have the cash you’ll need to close your purchase.
Access mortgage information and get a pre-approval letter.
5. Expect an as-is sale. Most homeowners stopped maintaining their home long before they could no longer make mortgage payments. Be sure to have enough money left after the sale to make at least minor, and sometimes substantive, repairs.
Although lenders may do minor cosmetic repairs to make foreclosed homes more marketable, they won’t give you credits for repair costs (or make additional repairs) because they’ve already factored the property’s condition into their asking price.
Lenders will also require that you purchase the home “as is,” which means in its current condition. Protect yourself by ordering a home inspection to uncover the true condition of the property, getting a pest inspection, and purchasing a home warranty.
Be sure you also do all the environmental testing that’s common to your region to find hazards such as radon, mold, lead-based paint, or underground storage tanks.
Get your free Mobile App by texting AORM to 87778 to access homes for sale in Cherry Hill, NJ as well as all MLS listings for South Jersey. Or visit Cherry Hill, NJ Homes for Sale
Comments(0)