How to Buy Foreclosed Homes in New Jersey
New Jersey has a long, complex foreclosure process that can take 9 months or more to complete. Foreclosure in New Jersey is judicial, which means it works through the courts, and borrowers have a 10-day grace period to redeem the property if they can pay all back mortgage payments, taxes, fees, and penalties. If you want to buy a foreclosed property in New Jersey, you can get a bargain on a nice home that you may not have been able to afford otherwise.
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Instructions
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Contact the county where you want to buy property. New Jersey law states that notice of the sale must be posted in county offices, so you'll be able to know in advance what homes are for sale and what the anticipated selling price will reach. Find out who the lender is when you see a property you like.
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Arrange a property visit with the lender. You want to know what you're getting into before you purchase the property. New Jersey foreclosure law doesn't bar these visits, as long as you're announced 24 hours in advance and are accompanied by a member of the lending team.
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Visit the county recorder in the county where the home is located and ask for property records. You'll want to be sure there are no liens against the property that will transfer with the deed, unless you're willing to pay them.
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Check your finances to be sure you have enough capital to purchase the property.
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Get a real estate agent. You can email the New Jersey Real Estate Commission at realestate@dobi.state.nj.us and ask for a recommendation for a real estate agent. Once you have an agent, tell them to make an offer on the property. Many loan holders won't take offers from people without representation of some sort. A real estate attorney would also suffice.
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References
- Photo Credit home sweet home image by David Dorner from Fotolia.com
