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What Should I Know About Buying a Home in Foreclosure?

April 13, 2021

Making the decision to purchase a home is a big deal. A house is one of the most important investments that an individual will make throughout the course of their life. When a prospective buyer finds the perfect home, it is important that they do plenty of research and have a good team behind them to guide them through the entire process. This is especially the case when the “perfect” home that the buyer wants to put an offer on is a home that has been foreclosed and is now owned by the bank.

There are a few things that are important for the buyer to be aware of when they wish to buy a foreclosed home. Some of these include the following:

  1. There is usually only one real estate agent involved in the transaction. The other side is the bank.

  2. Just like purchasing other homes in New Jersey, the seller will not accept an offer without a letter stating that the prospective buyer has been preapproved by a lender.

  3. Foreclosed homes typically do not allow for much negotiation, if any.

  4. A foreclosed home is often sold as-is and the buyer will be responsible for making any necessary repairs.

If you have questions about real estate matters in New Jersey, contact us today.

Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.