Tips for Buying a Foreclosure in the Southern Ocean County Real Estate Market
Southern Ocean County Real Estate
While short sales, foreclosures, and bank owned properties are not as prevalent as they once were, there are still many opportunities to purchase a distressed sale below market value. As inventory has decreased, competition has certainly increased and therefore knowing how to make your offer stand out when buying a foreclosure in the Southern OceanCounty real estate market is key to your success.
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Tips for Buying a Foreclosure in the Southern Ocean County Real Estate Market
There are many factors a bank will take into consideration when evaluating offers on any foreclosure property. Some of the most common are:
- Price
- Terms
- Closing date
It goes without saying that the bank will evaluate the price being offered. Generally speaking, lowball offers will hurt you when dealing with a bank. Banks are making an emotionless decision and focusing strictly on their bottom line. The price they have established usually is for a reason and they will price the home in accordance with the market. The terms of your offer are equally important. Having funds readily available for a cash offer or having concrete financing in place can be the difference between your offer beingaccepted or rejected. Lastly, having a speedy closing in escrow can be attractive to a bank. The bank has made the decision to sell the property to clear it from its asset sheet. The sooner they can do that, generally the better it is for the bank.
Foreclosures, short sales, and distressed sales in the Southern Ocean County real estate market need to be carefully evaluated. Many times they will require a substantial amount of work and it is important to factor in not only the purchase price but the total investment cost when deciding what offer to present. The very last thing you want to do is spend more money on renovations beyond the purchase price if the market will not support it. For more information about tips for buying foreclosures in the Southern Ocean County real estate market or for information about home sales in areas like Beach Haven West, Ocean Acres, and Stafford Township, please do not hesitate to contact us.
Ocean Sales Team
Farrah Pileggi Sales Agent: 201-952-4131
Kim Pileggi Transaction Processor | Nathan Colmer Marketing Agent
Stafford Township | Barnegat Township | Long Beach Island | Ocean Township (Waretown) | Eagleswood | Little Egg Harbor | Tuckerton
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