What should I know about buying a foreclosed home in NJ?

Buying a home is one of the biggest investments that a person can make throughout the course of their life. Real estate matters can be very complex and often require the guidance of an experienced real estate attorney. This is especially true when the individual purchasing the home wishes to buy a home that has been foreclosed. When the bank owns a home, there are a number of complexities that make the situation different than buying a home that is owned by a private resident.

Some of the important things that a prospective foreclosure buyer needs to know includes the following:

  • The real estate agent and attorney should have experience working with foreclosed properties.
  • The current owner (typically the bank) will require that the prospective buyer has a preapproval letter for the mortgage unless they have intentions to buy the home in cash.
  • If comparable homes in the area are selling quickly, the real estate agent may advise to make a higher offer than the asking price so it has a better chance of being accepted.
  • Foreclosed homes usually don’t allow for much negotiation, if any.
  • Foreclosed homes are also sold as-is.

If you have questions about the legalities of a real estate transaction, contact us today.

The dedicated and compassionate attorneys at Vigilante Law Firm, P.C. would be happy to provide you with assistance in your case and help you protect your future when so much is on the line. Contact us today to schedule a consultation so we can assess the specific circumstances surrounding your lawsuit.