Go to the sheriff sales and bid. Bergen county list is tremendous. Itt requires experience if you are to be competative. People expecting to pay 10 cents on the dollar will get nothing. Align yourself with abanker to get in on the deals they don't want to own property.

Many deals ou there it require exyensive due dilligence and the ability to move quickly.

good luck

Tue Feb 19 2008, 17:31

In Southern CA, there are many bank owned properties. The good ones are gone in a day though. Whats left is tough to sift through. You have to watch the MLS constantly and be ready to pounce when the great deals come up. Even then, you will see multiple offers and experience a bit of frustration. REO asset managers will typically look at + - 5% offers in the first 30 days and after that will lower prices and loosen...a little. Again, the great ones dont linger. If you are on the ball, it pays off.

Good deals...not on all of them but, if you know what to look for, there are some GREAT deals to be had.

Mon Feb 18 2008, 13:59