Cherry Hill, NJ Homes for Sale - Foreclosures
I get a lot of calls during the week inquiring about Foreclosures, what they are, how to find them and what they entail as part of the home buying process.
What is a foreclosure? In its simplest terms, its a bank owned property. More specifically, Foreclosure is the legal process by which a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).
Nolo's Plain-English Law Dictionary provides an awesome survival guide whether you are a Buyer or a Seller.
How do you locate foreclosures. Easy, just view Cherry Hill Foreclosures like any other resale properties at www.justlistedincherryhill.com. Just like any other sale, the bank acts as the Seller and will negotiate a final sales price with the Buyer that in many cases is very advantageous to the prospective Buyer.
Still, there are many nuances to the purchase of a foreclosed property as the Banks generally have their own "set of rules", contracts and bank addendums. Inspection clauses are often different from the state of New Jerseys normal transaction. Its highly recommended you work hand in hand with an experienced Realtor and or Attorney wellversed in Foreclosed properties.
Foreclosures and their process should not be feared. Ask the right questions, do your homework and surround yourself with highly competent counsel and let the process work for you. Not interested in a foreclosure? Click here to Search all South Jersey Holmes for Sale.