You Can Put Your Boots In The Oven, But That Don’t Make Em Biscuits. Buying Bank Owned Foreclosures.
By Leander McClain, Realtor Cherry Hill, NJ
I work for Atlantic & Pacific Real Estate in Princeton, NJ. All of my listings are bank owned foreclosures.
You would be surprised at the number of people who say that they want to purchase a bank owned foreclosure. Many of these same people might as well turn on the oven and throw a pair of boots in and call them biscuits.
Making biscuits takes time and skill. You start with flour. You don’t have to sift it, but I noticed that my Granny always did, so I do. You add your salt, baking powder & baking soda to the mix. Then you have to cut in your butter (lard or Crisco). Your butter doesn’t have to be super cold, but if not the biscuits don’t come out right. You don’t have to cut the butter until it resembles coarse meal, but if you don’t…..you get the idea.
Add just enough buttermilk and mix until it’s just combined. Turn the dough on a floured board. Pat it down until it’s about a ½ thick. Cut out the biscuits with a cutter (Granny always used a glass or a old baking powder can). Put them on a cookie sheet. If you like soft sides, make sure they touch. If you like crusty sides, space them about an inch apart. Bake 10-12 minutes on 450 and Voila. Biscuits!
Making biscuits involves a series of simple steps. Miss one or try to take a shortcut and you have a pile of flour, buttermilk & butter. The same is true when it comes to buying bank owned foreclosures.
Atlantic & Pacific Real Estate has an inventory of over 11,000 properties in the US. 100 of those properties are in New Jersey. When attempting to purchase a foreclosure, you MUST follow ALL of the steps or…your purchase won’t turn out right. Every bank is different, but they all have instructions. You must follow the instructions to the letter or risk having your offer rejected or not considered.
Secondly, there is a time factor. When baking biscuits, it takes 10-12 minutes. No Less. When purchasing a bank owned foreclosure, it takes time. It may take 2-3 weeks or longer to get a response to your offer. If your offer package is incomplete the bank may reject it and make you resubmit the entire offer package. So you need patience. Some clients call every day:
….any word yet?
Have you heard anything?
I want to start working on the property.
If I don’t hear anything by Monday, I am going to withdraw my offer.
Just like the biscuits, you have to wait.
Finally – Bank owned foreclosures are just that. The bank in many cases has very little information about
the property. The properties are being sold in AS-IS condition. Some of my properties are little more than a shell (foundation, walls & roof). Others look like model homes. Expect the worse when you are viewing bank owned foreclosures. Expect dirty nasty carpet, expect funky smells (pet, human, mildew & other), expect mold (it’s not the end of the world), expect outdated kitchens and bathrooms, expect outdated plumbing and wiring, expect overgrown landscaping, expect leaking roofs, expect dust, dirt, cobwebs, flies and insects, expect abandoned cars, expect broken windows, expect nasty stoves & toilets.
Most bank owned foreclosures have some, none or all of the problems I previously mentioned. If you do not have the stomach or patience for the issues I mentioned in this post, I would suggest to you that bank owned foreclosures are not for you. If you are ok….then a great bank owned foreclosure may be in your future.
If you are in the market for bank owned foreclosures in New Jersey, Atlantic & Pacific Real Estate has 100 properties currently available with more entering the inventory daily.
Contact me directly at 856-438-0399 and I will put you in touch with the agent that services your area.
In the meantime, I’m going to whip out some butter & syrup and enjoy my biscuits.
If you are ready to begin your home search, contact me today via email, phone or twitter.
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Leander McClain, Camden & Burlington Township Realtor & Real Estate Consultant, Atlantic & Pacific Real Estate, 103 Carnegie Center, Princeton, NJ 08540 856-438-0399 (direct)
lee@njsouthrealestate.com, @leemack912, www.facebook.com/Leander.NJRealtor
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