Buying Foreclosures Not Just for Investors
Riverdale, NJ, April 05, 2009 --(PR.com)-- Buying a foreclosure property may not be a homebuyer’s only hope of buying a home, but it may prove to be a great investment for the future if a buyer can find the right one. Today, buying foreclosures is not reserved for the investor, nor are banks necessarily interested in selling their properties strictly to investors. Owner occupants also have the opportunity to look at the foreclosed inventory in the areas they are looking, and see if the house they are looking for, with the things they want in it, happens to be listed for sale as a foreclosed property.
"We have all kinds of buyers looking at our foreclosed inventory, "says Charles Blumenkehl, president of Blue Realty GMAC Real Estate Services. " We work with buyers who want to buy for short term, long term and mid term investment, buyers who want to live in the home, buyers who are looking to buy something for a family member or help their children get started if the price is right and the rates stay low." Blumenkehl, who says his company represents over 2 dozen banks in the sale of their foreclosed properties, as well as the State of NJ Housing & Mortgage Finance Agency, said that many of the homes his company sells represent good values in today’s market, and as a result sell more rapidly than others may.
The process for buying a foreclosure property through a real estate agent is generally the same as a normal purchase. Buyers must verify their income, have good credit and be able to show they can make their mortgage payments. In many cases, in addition, the bank may want to see proof of the funds the buyer is using to purchase the foreclosed home in a bank account of the buyers, especially if the house cannot get a mortgage because of its condition.
Not all foreclosed properties are for all buyers. Some properties need work, others don't and still others may present unknowns that require a more sophisticated buyer. Most importantly, a buyer should work with an agent who is familiar with foreclosures, understands the banks and the players, and has a reputation for honesty. Blumenkehl continued, "Since we have the good fortune of having both experienced foreclosure agents who only work with bank properties and at the same time enjoy a network of offices throughout New Jersey that service all the local markets, we are able to offer our buyers and sellers the best of both worlds, providing them access to our hundreds of foreclosed properties currently on and coming to the market while offering them premier service and local market knowledge through our network of highly effective Realtors."
Short Sales or pre-foreclosures, allow potential buyers to bargain with the mortgage company. “Mortgage companies do short sales, the term used when banks allow property to be sold for less than the mortgage balance owed by the seller, when they don't want to keep them on their books,” said Blue Realty’s William Lawrence. "Often, a mortgage holder is willing to take a lower price for the home. For instance, it might sell a $200,000 home for $180,000 simply to get rid of it", Lawrence said. He also pointed out that while many banks and mortgage holders try to work with the buyer and borrower, there is no guarantee they will accept a short offer, and it may take the bank several months to get a response to an offer.
Home buyers should rely on professionals, such as real estate agents and home inspectors, to make informed purchases, said Keri Mason Roth, a partner at Atlanta-based law firm Morris Hardwick Schneider. These professionals can provide information on the neighborhood, tax history, and details about the property, such as lot size, footage or homeowners association dues.
In addition to the foreclosures that they deal with on a day to day basis, Blumenkehl points out that all Real Estate brokers have access to many other types of foreclosure deals available with financing. Through the U.S. Department of Housing and Urban Development, properties are available at good prices with as little as $100. Other programs available through the NJ Housing and Mortgage Finance Agency for whom Blue Realty GMAC acts as exclusive Real Estate Broker and Asset Manager make buying a foreclosed home easier and more affordable than ever before.
To learn more about buying foreclosures or seeing foreclosed opportunities in the area, Blumenkehl invites you to visit the local office of Blue Realty GMAC Real Estate Services at 5 Newark Pompton Turnpike in Riverdale call the office at (800) 936-SOLD/7653 or log onto the company’s web site at www.bluerealty.com
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"We have all kinds of buyers looking at our foreclosed inventory, "says Charles Blumenkehl, president of Blue Realty GMAC Real Estate Services. " We work with buyers who want to buy for short term, long term and mid term investment, buyers who want to live in the home, buyers who are looking to buy something for a family member or help their children get started if the price is right and the rates stay low." Blumenkehl, who says his company represents over 2 dozen banks in the sale of their foreclosed properties, as well as the State of NJ Housing & Mortgage Finance Agency, said that many of the homes his company sells represent good values in today’s market, and as a result sell more rapidly than others may.
The process for buying a foreclosure property through a real estate agent is generally the same as a normal purchase. Buyers must verify their income, have good credit and be able to show they can make their mortgage payments. In many cases, in addition, the bank may want to see proof of the funds the buyer is using to purchase the foreclosed home in a bank account of the buyers, especially if the house cannot get a mortgage because of its condition.
Not all foreclosed properties are for all buyers. Some properties need work, others don't and still others may present unknowns that require a more sophisticated buyer. Most importantly, a buyer should work with an agent who is familiar with foreclosures, understands the banks and the players, and has a reputation for honesty. Blumenkehl continued, "Since we have the good fortune of having both experienced foreclosure agents who only work with bank properties and at the same time enjoy a network of offices throughout New Jersey that service all the local markets, we are able to offer our buyers and sellers the best of both worlds, providing them access to our hundreds of foreclosed properties currently on and coming to the market while offering them premier service and local market knowledge through our network of highly effective Realtors."
Short Sales or pre-foreclosures, allow potential buyers to bargain with the mortgage company. “Mortgage companies do short sales, the term used when banks allow property to be sold for less than the mortgage balance owed by the seller, when they don't want to keep them on their books,” said Blue Realty’s William Lawrence. "Often, a mortgage holder is willing to take a lower price for the home. For instance, it might sell a $200,000 home for $180,000 simply to get rid of it", Lawrence said. He also pointed out that while many banks and mortgage holders try to work with the buyer and borrower, there is no guarantee they will accept a short offer, and it may take the bank several months to get a response to an offer.
Home buyers should rely on professionals, such as real estate agents and home inspectors, to make informed purchases, said Keri Mason Roth, a partner at Atlanta-based law firm Morris Hardwick Schneider. These professionals can provide information on the neighborhood, tax history, and details about the property, such as lot size, footage or homeowners association dues.
In addition to the foreclosures that they deal with on a day to day basis, Blumenkehl points out that all Real Estate brokers have access to many other types of foreclosure deals available with financing. Through the U.S. Department of Housing and Urban Development, properties are available at good prices with as little as $100. Other programs available through the NJ Housing and Mortgage Finance Agency for whom Blue Realty GMAC acts as exclusive Real Estate Broker and Asset Manager make buying a foreclosed home easier and more affordable than ever before.
To learn more about buying foreclosures or seeing foreclosed opportunities in the area, Blumenkehl invites you to visit the local office of Blue Realty GMAC Real Estate Services at 5 Newark Pompton Turnpike in Riverdale call the office at (800) 936-SOLD/7653 or log onto the company’s web site at www.bluerealty.com
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Contact
Blue Realty
Charles Blumenkehl
800-936-7653
www.bluerealty.com
Charles Blumenkehl
800-936-7653
www.bluerealty.com
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