Working the foreclosure market in New Jersey can be very advantageous to your business. If you are able to close on foreclosure properties in New Jersey, you can save on both the final value of the properties and the closing costs.
Trends have shown that there has been a steady increase in the number of New Jersey foreclosed property listings with final value savings at an average of 24%. Take advantage of the current low market value of properties and find foreclosed properties in New Jersey.
The 3 different processes of the foreclosure procedure are pre-foreclosure, foreclosure and bank owned. Ideally, you’ll wish to secure the property early on to get the best rate.
1. Purchase New Jersey foreclosures outright from the owners. Before the lender officially starts foreclosure proceedings upon the property, you can still find it cataloged in the New Jersey foreclosure listings.
2. Find a local auction and buy foreclosed properties in New Jersey through this process. Interested parties make bids on the foreclosed property with the highest bidder winning the title.
3. Work with a bank to purchase a foreclosed property. You can still get bank-owned foreclosures in New Jersey for a good price, but not as low as the other two processes.
Action Steps
The best contacts and resources to help you get it done
Access pre-foreclosure listings in New Jersey
Since the foreclosure process is lengthy, foreclosure properties in New Jersey may not go to auction for months. In the meantime, you can find these distressed New Jersey foreclosures and make your bid on them.
I recommend: Look to the New Jersey PreForeclosures
site to locate current
New Jersey foreclosed property listings that have not yet gone to auction. Use their
archive tool as well to get an idea of the past closing prices of foreclosed properties in New Jersey.
Find auctions held in New Jersey
As a potential buyer, you'll want to stay on top of the most current New Jersey foreclosure auctions held statewide.
I recommend: Get directed to
upcoming foreclosure auctions through sites that list local sheriff sales. Get the date of the auction as well as the address of the public sale. You can even use different site's
mapping options to get directions to the auction. You should always check more than one site for
New Jersey foreclosure listings to get the most current information.
Bid on New Jersey foreclosures via the web
By bidding online, you can access different New Jersey foreclosure auctions without leaving the comfort of your home or office.
I recommend: On
Foreclosure.com, you can sign up and
bid online for foreclosed homes in New Jersey. This is a useful tool if you are unable to physically attend a New Jersey auction.
Buy foreclosure properties in New Jersey owned by the bank
Bank-owned foreclosures in New Jersey are usually a safe bet, although you'll likely pay a higher price than through the auction process. Bank owned buildings will likely be more ready for sale than their auction counterparts.
I recommend: HudForeclosed.com provides all of the information that you need to make an offer to the bank for a foreclosed property, including location and listed price. Register for a trial membership and pay only a small fee to see all current New Jersey foreclosures. You can perform these same functions on
RealtyStore.com.
Tips & Tactics
Helpful advice for making the most of this Guide
- You may need to wait several months until you are able to secure a property listed as a pre-foreclosure in New Jersey. Lenders are required to extend a grace period to property owners before foreclosing on a property.
- You'll find that foreclosure property listings in New Jersey usually have an opening bid amount listed. This is the figure that the lender needs in order to break even on the property.
The official source of New Jersey Foreclosure Listings is
the New Jersey Foreclosure Listings page at Business.com
Related Resources from Business.com
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