The nationwide housing recovery has resulted in double-digit year over year gains in most New Jersey counties. However, there remain attractive investment opportunities in New Jersey short sales or NJ foreclosure properties.
Many foreclosed or short sale homes are available for less than half recent historical prices. While this presents great opportunity, investors should be prepared with the the following in order to take full advantage:
- A realtor to help with negotiations. Sometimes it helps to choose a realtor with experience in short sales and foreclosures to help you decide which houses to buy in Norfolk.
- A pre-approved loan (or at least the papers necessary to get a pre-approved loan). The website says that since the market crash due to loans for bad credit, “lending standards now require more time and documentation.”
- Understand that if your offer is accepted you will need to take the house as is – no requests for kitchen upgrades or new boilers – any repairs will be up to the buyer.
- Even if you the buyer is responsible for the repairs of the house, you still need a full inspection. So if you know there are cracks in the deck and mold in the bathroom – these are things you will have to fix, but sometimes it’s hard to ascertain these issues without first having a professional inspection. So if you need some professional help see iphelp.com.au.
- Realize that buying a foreclosure or short sale may take more time than a transaction involving a new home or current seller. When a bank, lender, lien holders or other third parties are involved, it will usually take additional time to negotiate a price, approve an offer and close on a NJ foreclosure or short sale property in New Jersey.
For more info please visit yahoo.com top lending options for online personal loans.