What Should I Know About Buying A Foreclosed Home?

Buying a foreclosed property can be difficult to you if at all you are not a professional real estate investor. This is because you might not know whether the foreclosed homes have damages that will see you spend all your savings. Apart from eating up all your money, foreclosed homes can cost you a lot of time too. Here are some of the things you need to know when buying a foreclosed home.

1.You can buy foreclosures in either of two ways

There are two main ways in which you can buy foreclosures. In the first one, the lender auctions off homes after the owners of the homes stop paying their mortgages. The property is later sold at the public auctions. The second way is to buy a property after a certain bank takes ownership of the house. The property is then listed and sold by the real estate agents. The second method is mostly used by the buyers who are not professional real estate investors.

  1. Buying at auction is not easy

Usually, buying a foreclosure at a real estate auction in Bergen County is not very easy as most people think. Buying at auction first means that one has to outbid the experienced professional real estate investors. You will also need to pay for the foreclosed home with cash and not by any other form of payment. This proves to be difficult because not many people have a lot of money. Buying at auction can cost $200,000 or more.

  1. You will need a home inspection

It is recommended that you first perform a home inspection before buying a foreclosed home that is owned by a bank. This is because most homes need massive repairs. You will be able to find these problems and they will be rectified before you close the deal. Finding these repairs will also help you when bargaining for the foreclosed homes. However, in a foreclosed home bought at auction, you cannot perform a home inspection before you close your sale.

  1. Buying bank owned foreclosures is easier

A bank owned foreclosure is where a bank sells the house and hires a real estate agent to close the sale. In this type of foreclosure, you can buy the property by making an offer just like the other types of home sale. The real estate agent who represents the bank takes your offer and presents it to the bank and brings you the feedback.

Conclusion

Today in Bergenfield city, in the housing market, foreclosed homes are the perfect way to come to a great deal. These homes are usually given with some discount because they require repairs. This is why you need to first carry out a home inspection so that you find the areas that need repair. Repairs will help you bargain on the price of the foreclosed home with the bank. The bank is the seller.

Download our
FREE Market Guide
Now

  • This field is for validation purposes and should be left unchanged.

See Our Google Reviews

Estefania Castaneda
Estefania Castaneda
17:24 04 Sep 21
Extremely pleasant, attentive to all my needs always. It was a pleasure renting an apartment from Ken.
Vichai Soysouvanh
Vichai Soysouvanh
14:17 03 Sep 21
Can't say enough about Ken and his team. This was the most seamless sale I made. I didn't have to deal with all the... nonsense that comes with selling your home. They bought my house as is, I didn't have to declutter and pay a broker commission. All in all great experience, will do business again.read more
Niki Keser
Niki Keser
17:46 06 Aug 21
I had a wonderful experience renting one of their properties for 7 months. The apartment was beautifully remodeled and... Ken and his team were always responsive to any needs. I would recommend to anyone looking to sell or rent.read more
YASMINA VASQUEZ
YASMINA VASQUEZ
15:13 02 Aug 21
Ken and his team were professionals ,they promised and they delivered or anything
Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
Vishrut Patel
Vishrut Patel
23:27 19 May 21
Ken was referred to us by someone who had sold their home thru Ken last year. From the first meeting to the last... transaction, Ken and his team were professional, efficient, easy to work with, and above all.... caring. Each seller's situation is different, and Ken truly understands that. We were treated with respect each time.Since we were in a time crunch situation, selling our home with a cash offer from Ken was the best decision we could have made. We were perfectly okay with getting slightly less money for our home as compared to selling it via an agent. But if you consider the money saved on agent commissions (both buyers and sellers), closing costs, repair costs, attorney fees, and most important of all... time and headache, you can't beat the option to sell your home with a guaranteed cash offer from a reputable buyer like Ken.My wife and I were very pleased with our experience with Ken. If you are in the market to sell your home fast for a cash offer, I highly recommend giving Ken a call!Best of luck!Vishread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy process.read more
Chelsea Grant
Chelsea Grant
15:36 03 Jan 21
I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair transaction.read more
Joseph Tricarico
Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
Next Reviews

Site Map
Privacy Policy

Click for the BBB Business Review of Cash Buyer New Jersey

BBB RATING: A+