How Much Can You Save? Foreclosure properties can sometimes be purchased for 20 – 30% below market value or more. But in markets (such as Hunterdon County) where demand for homes is great and property values are relatively stable, the actual savings can be significantly less. Contrary to popular belief, it’s very, very rare that a foreclosure property can be purchased for the amount of money in default.
Lis Pendens/Pre-Foreclosure Properties These properties are considered “pre-foreclosure,” and are in the earliest stage of the foreclosure process. The property owner has been given notice that the property may be foreclosed upon if the debt has not been settled or paid in full by a predetermined date. In many cases, the home owner will resolve the debt, and keep his property.
Auction Properties Interested bidders need to register on the day of the sale, and must have 5% of the winning bid amount in cash or a cashier’s check available at the time of the auction. Balance of the payment is due within 24 hours or sometimes the same day. Foreclosure auctions represent the opportunity for great bargains, but also carry the greatest risk for home buyers.
Bank-Owned Properties Potential savings on these homes are typically less than at the earlier stages of foreclosure, but there are also fewer risks involved. Lenders are responsible for ensuring that the title is “clean,” and repairing the property to a minimum level. Several of these properties are available for sale in Hunterdon County, please contact us for a current inventory list.
We hope the information above gives you a better understanding of the foreclosure process. As full-service real estate agents, we’ll be happy to help you find a home that best suits your needs—whether it’s a foreclosure property or a traditional home purchase—and to help you arrange the best financing possible.
Are You Facing Foreclosure? Learn more about your options!