There is a general misunderstanding about how to buy real estate at discount prices.
Think about 4 different stores to buy in:
1. Full Retail- MLS listings where the seller is not forced to sell (100% of market value)
2. Slight Discount- MLS short sale listings, seller will sell for less than they owe the lender but must be approved by the lender (90-95% of market value)
3. Bank owner (REO) properties- Properties already foreclosed by bank and past the redemption period (90% of market value)
4. Buy at the Sheriff Sale itself- Properties that have gone all the way through the pre-foreclosure process and are now for sale by the Sheriff (every county in NJ holds one sale per week) 60-100% of market value)
Each store has different risk and reward profile. Call me for more info or to attend a class.
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