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Looking at a foreclosure they are asking $179,000 for in Passaic county (in a nice town, not paterson or passaic)
place seems to only need cosmetic help. its a 3 bedroom and decently sized. The kind of place i could see myself living in for quite a while.
Has anyone bought a lower end property like this successfully? it seems like a steal to me. There was an issue with a oil tank needed to be removed, but my realtor said that the prospective buyers before me demanded that the bank remove it on their dime, but they refused. Later on they changed their mind, but that couple had already bought elsewhere.
So he says that the bank will remove the oil tank and it's not an issue.
I have heard that foreclosures typically do not have a high success rate, but I am curious as to any input on this situation. I am pre-approved for a bit more then $200,000
I deal with foreclosed properties day in and day out. Please make sure that the property passes inspection...and even then many problems that are not obvious are missed by the home inspector. Many foreclosures have been sitting on the market for a while and many properties go beyond just a little cosmetic.
Like the above realtor mentioned, these properties are sold "as is" and sometimes the future owner will spend thousands in unforeseen repairs.
I've had properties that passed inspection with extensive plumbing damage. Of course it became obvious after the sale (when the plumbing was in use) and I've had scores of irate homeowners calling us with the estimated costs to correct these problems...at which point there is nothing I can say but that the home passed inspection (by their inspector) and that the house was sold in "as is" condition.
You are much better off going with a short sale. Look into it. There is a lot of room to negotiate.
i thought that one of the deals of buying a forclosure was that you have to buy it without an inspection...am i wrong?
Yes
I think what you are recalling about no inspection is when you buy a property at a sheriff sale.You can not get an inspection then because the owner who is losing the house has no interest in letting an inspector in the house.
Buying a foreclosure I assume you mean buying the house after the bank has foreclosed on it and now the deed is in the banks name.
In this case you are definately permitted to get an inspection.
Short sales are the worst to negotiate. You end up dealing with 3 different parties- The owner of the home, the bank, and then a 3rd party who is negotiating between the two. Its ridiculous! Nothing ever gets done, they normally demand special requirements (like no FHA loans allowed). Should wait until it gets foreclosed so you only deal with 1 party - the bank!
Looking at a foreclosure they are asking $179,000 for in Passaic county (in a nice town, not paterson or passaic)
place seems to only need cosmetic help. its a 3 bedroom and decently sized. The kind of place i could see myself living in for quite a while.
Has anyone bought a lower end property like this successfully? it seems like a steal to me. There was an issue with a oil tank needed to be removed, but my realtor said that the prospective buyers before me demanded that the bank remove it on their dime, but they refused. Later on they changed their mind, but that couple had already bought elsewhere.
So he says that the bank will remove the oil tank and it's not an issue.
I have heard that foreclosures typically do not have a high success rate, but I am curious as to any input on this situation. I am pre-approved for a bit more then $200,000
Can you clarify for us? Are you looking at buying at the sheriff's auction, or at buying a property that is already owned by the bank?
If it's at the auction, you need to be careful. You are buying it as is, subject to any other outstanding leins, conditions, stc. No one is going to do that oil tank removal for you, and you will be liable for any leakage or contamination found.
If it's a bank owned property, you have some negotiating room. Simply offer to purchase the property from tha bank with a contractual condition that they complete the removal, and get the "no further action" letter from the NJDEP.
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