Karen,
I work in Bergen County, if you would like to get all the current listings that fit your search, please email me through my website and I can set that up. Don't limit yourself to only foreclosures, there is no reason to do that. Look at everything available, then make your decision.
Good Luck, and I look forward to hearing from you.
Sharon Kozinn

Mon May 12 2008, 10:05

Karen,

I also agree that you should not limit yourself to buying a home that is bank owned or even a short sale. Most of the time they need a lot of work and you will find out that it's not really the best buy afterall. There are a lot of good affordable homes on the market without you having to limit yourself to foreclosures and/or short sales. I would be happy to work with you in finding the right property that fits your needs, whether it be a bank owned, short sale or seller owned. Please contact me to discuss.

Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-715-1158 cell
973-228-1000 ext 132
GinaChirico@PruNewJersey.com

Mon May 12 2008, 08:07

Karen I dont suggest you limit yourself to short sales or foreclosures. Instead, narrow the area (if you are looking for investment properties I suggest you stay close to where you live, no more than about 20 minutes as you will be making more trips than you think) If this is your first home proceed vary carefully as many sellers of foreclosures or short sales will insist on as is sale with buyer often being responsible for certificates of occupancy. Repair costs can add up very quickly. The cost of a new bath alone could be many thousands of dollars depending on what you find (concealed damage) Speak with (interview) many agents. See how quickly they return your calls and ask how many homes they typically sell and in what price range etc. Some times those great deals arent so great. "let the buyer beware"

Mon May 12 2008, 06:59

Hi Karen,

Absolutely. There are different types of "foreclosure" properties. Sometime these homes are listed in the multiple listing system along with the other properties for sale and will note in the comments "bank owned" or "subject to lender approval." A realtor can be a value asset in assisting you with finding and viewing these homes as well as writing up the contract and negotiating the deal. If you are referring to a sherriff's sale then you would go to the auction at the town and you would not be able to employ the services of an agent, which can be a disadvantage, especially if you are a new investor.

My suggestion is that if your goal is to find the best "deals" then consult with an agent. There are different ways of buying investments and you can also put less money down in some cases.

If you would like to chat please call me!
Joanne
(908) 377-7942

Mon May 12 2008, 06:12

Hello Karen,
Please let me know what do you mean by foreclosure home?
Are you looking to buy a home at a discount (then its called A Short Sale)
If you are looking to buy Bank Properties (then its called A Foreclosure)
remember all Foreclosurs are not discounted but almost all short sale properties are.
You can call a are Short Sale Specialist and they can help you.
I deal with several of these properties. See the list below.

Thanks and all the best
Munish
munish@kw.com

Pictures, comparables available on request

AVAILABLE STRAIGHT STREET (PATERSON) – LARGE TWO FAMILY



ASKING PRICE
$ 260,000

EST RENOVATION COST
$ 5,000

ESTIMATED ARV
$ 325,000

LAST SALE
$ 350,000 (2005)

LAYOUT
3BD/1BA x 3BD/1BA FULL BSMT

TAXES
$ 3,000 (2006)

LOT SIZE
25x100




AVAILABLE VAN HOUTEN AVENUE (PASSAIC PARK) – SINGLE FAMILY/CORNER LOT



ASKING PRICE
$ 325,000

EST RENOVATION COST
$ 5,000

ESTIMATED ARV
$ 400,000

LAST SALE
$ 425,000 (2005)

LAYOUT
4BD/2BA FULL BSMT

TAXES
$ 7,800 (2006)

LOT SIZE
50x85




AVAILABLE DEVOE AVENUE (SPOTSWOOD) – LARGE SINGLE FAMILY



ASKING PRICE
$ 275,000

EST RENOVATION COST
$ 5,000

ESTIMATED ARV
$ 350,000

LAST SALE
$ 375,000 (2006)

LAYOUT
4BD/2BA FULL BSMT

TAXES
$ 6,300 (2006)

LOT SIZE
100x100




AVAILABLE ORCHARD STREET (ELMWOOD PARK) – MASSIVE SINGLE FAMILY



ASKING PRICE
$ 450,000

EST RENOVATION COST
$ 0

ESTIMATED ARV
$ 525,000

LAST SALE
$ 540,000 (2006)

LAYOUT
6BD/2BA, 2 ZONE A/C

FULL BSMT

TAXES
$ 6,800

LOT SIZE
38x100




AVAILABLE DEWEY STREET (NEWARK) – 3 FAMILY (4 GARAGES)



ASKING PRICE
$ 260,000

EST RENOVATION COST
$ 20,000

ESTIMATED ARV
$ 300,000

LAST SALE
$ 360,000 (2006)

LAYOUT
U1:2BD/1BA, U2:4BD/2BA, U3:2BD/1BA

4GAR(DET), FULL BSMT

TAXES
$ 3,500

LOT SIZE
50x100




AVAILABLE JERSEY AVENUE (MIDDLETOWN) – LARGE SINGLE FAMILY



ASKING PRICE
$ 300,000

EST RENOVATION COST
$ 0

ESTIMATED ARV
$ 350,000

LAST SALE
N/A

LAYOUT
4BD/2BA

TAXES
$ 5,000 (2006)

LOT SIZE
65x100




AVAILABLE SOON NORTH CLINTON STREET (EAST ORANGE) – LARGE ONE FAMILY WITH 4 GARAGES



ASKING PRICE
$ 170,000

EST RENOVATION COST
$ 20,000

ESTIMATED ARV
$ 270,000

LAST SALE
$ 245,000 (2005)

LAYOUT
5BD/2BA

4GAR(DET), FULL BSMT

TAXES
$ 5,300

LOT SIZE
50x110




AVAILABLE SOON CHELSEA AVENUE (NEWARK) – LARGE TWO FAMILY WITH 2 GARAGES



ASKING PRICE
$ 190,000

EST RENOVATION COST
$ 10,000

ESTIMATED ARV
$ 280,000

LAST SALE
$ 300,000 (2007)

LAYOUT
3BD/1BA, 4BD/2BA

2GAR(DET), FULL BSMT

TAXES
N/A

LOT SIZE
38x100




AVAILABLE SOON FRONT STREET (SCOTCH PLAINS) – SINGLE FAMILY



ASKING PRICE
$ 260,000

EST RENOVATION COST
$ 5,000

ESTIMATED ARV
$ 350,000

LAST SALE
N/A

LAYOUT
3-4BD/1.5BA FULL BSMT

TAXES
$ 5,000

LOT SIZE
65x125




JUST SOLD COLUMBIA AVENUE (NEWARK) – 3 FAMILY (2 GARAGES)



ASKING PRICE
$ 135,000

EST RENOVATION COST
$ 70,000

ESTIMATED ARV
$ 300,000

LAST SALE
$ 330,000 (2006)

LAYOUT
U1:4BD/1BA, U2:4BD/2BA, U3:1BD/1BA

2GAR(DET), FULL BSMT

TAXES
$ 3,200

LOT SIZE
38x100




Thanks,

Mon May 12 2008, 05:26