Buying a Foreclosure in NJ

What should I know about buying a foreclosure in New Jersey?

Any real estate matter can be complex. When a home goes into foreclosure, it becomes owned by the bank. With that said, the bank really just wants to get its money back on the house and will put it up for sale. When an individual decides to buy a home that has been foreclosed, it is important that they do research on buying a bank-owned home. Here are a few things that individuals buying a home in foreclosure should be sure to keep in mind:

  1. It is always best to retain both a real estate agent and a real estate attorney that have prior experience working with foreclosed homes
  2. It is essential to get a letter from a lender that preapproves the buyer for a mortgage unless they intend to pay for the house in cash
  3. Work with the real estate agent to come up with a competitive offer, especially if the homes are selling quickly. If they are, it is safer to bid higher than the asking price.
  4. Foreclosed homes are sold as-is so don’t be surprised if there isn’t much room for negotiation

If you need an experienced real estate attorney, contact our firm today.

Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.