Bloomfield New Jersey Foreclosures (short sales, apartment, renting)

[proudmama]

I've been renting a big apartment in Bloomfield, New Jersey for the last year and basically paying mortgage. I want to purchase a house in the brookdale section. Where could I obtain a foreclose - preforclose listing?

I've heard some horror stories about buying foreclosures and was recommended to look into short sales. I have a set amount that i could afford with the property taxes so i'm just trying not to get over my head being a single mother of 3. Any suggestions?

[Global Friend]

I suggest you find a Realtor who can suggest a good lender. You will have to get pre-approved for a loan before you do anything, unless you're paying cash. The Realtor can look up the foreclosures and the short sales for you on the MLS. Good Luck!

[brook2ga]

Property taxes in Brookdale start around $8000. If there are foreclosures in the area, the houses were probably purchased a few years ago for high prices. Amounts owed are likely to be more than the house is worth (right now). Back in back in 2001-2005, houses were selling at way above list in a matter of days.

[kalim2008]

Originally Posted by proudmama

I've been renting a big apartment in Bloomfield, New Jersey for the last year and basically paying mortgage. I want to purchase a house in the brookdale section. Where could I obtain a foreclose - preforclose listing?

I've heard some horror stories about buying foreclosures and was recommended to look into short sales. I have a set amount that i could afford with the property taxes so i'm just trying not to get over my head being a single mother of 3. Any suggestions?

1. There are several sites on the web that list foreclosures. I'll note bloomfield seems to have tons of them, probably most being lis pendens (pre-foreclosures).

One you can use is http://www.realtytrac.com/

2. You can also contact or search online the essex county sheriff's office for listings of auctions, although you have to be much more careful at auctions.

Essex County Sheriff's Office - Foreclosure Sales

I would really suggest researching all these first before doing anything as you could get burned with a house that either has additional liens that you might be liable for, or a house that needs major repairs (if you buy as is).