Real Estate investors target foreclosures in New Jersey as a fertile source of new projects. However, "buyer beware" since many times the seller of foreclosed homes have little information to share with buyers.
An expert’s single word of advice for folks who dream of buying a foreclosed house at auction: Don’t.
“I caution anyone who isn’t in the (real estate) business: Buying (at auction) can be one of the worst decisions you’ll ever make,” says Jim Hamilton, a Realtor in Los Gatos, Calif. Another bit of counsel from Hamilton: If you want to buy foreclosures at auction, plan on making that your full-time job.
Auctions are usually fast-paced affairs, here are some expert tips for making a winning bid.
If you interested in buying a property from a foreclosure auction, there are a few things you should be aware of. For example, an important thing to note about foreclosure properties is that when a lenders reclaims one of these properties, a foreclosure auction will be the first and often the only chance you will have to buy the property, so don’t assume that you will be getting a deal simply because it’s a ‘foreclosure’. To make sure that you get the property for the best price, you’ll have to do your homework.