North Jersey REO bargains
can’t help but catch your eye when you’re searching through the latest
residential offerings. Whether you are a future homeowner or an investor
looking for an opportunity that makes financial sense, bargain basement prices
are hard to skip past.
North Jersey REO homes
(the “REO” is Real Estate Owned, meaning bank-owned) are still being
offered at relatively low prices — sometimes, remarkably low prices. But like
skilled investors in any realm, successful REO buyers make sure they know why
those prices are where they are. In the REO world, the standout factor is this:
buying REO means cutting out a proud owner who cares, instead dealing with a
bank that wants to sell. It’s a personal pride deficit that inevitably
translates to the bottom line. So finding winning REO opportunities in North Jersey means hardheaded assessment of the minuses
as well as the plusses.
For sure, banks are not
in the business of losing money. They may not wish to remain landlords, but
they have an asset on their books, and want to get the most for it. They are
looking at our area’s real estate market, too; when we see the direction that
prices are heading, they do, too. If their cost of holding onto an asset is
less than it was last year, a standout bargain basement price is almost
certainly condition-based. Unlike owner-owned offerings, banks have no interest
in perfecting a home prior to sale. More importantly, they have fewer mandatory
disclosure obligations. Ca-ching!
My clients know that’s
why they must be able to secure a thorough inspection by a proven area
inspector. Only after they are able to estimate how much budget will be needed
to bring a property up to snuff will the complete size of the investment be
clear.
And then they need
another quality that distinguishes a successful North Jersey REO investor:
patience. We are dealing with a bank. Enough said.
The overall market may have picked up considerably, yet I can point you
to deals that are still to be had in the REO realm. Give me a call to discuss
today’s inventory!
917-796-2332
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