Foreclosures are something that is happening across the country, but New Jersey ranks top when it comes to the rankings of states with the most foreclosures. The fact that New Jersey ranks top is not a surprise as it is a figure that has been growing over the years. Due to the high number of foreclosures, it is not hard to spot vacant properties with residents raising complaints about it becoming an eyesore. Apart from giving homeowners more control when it comes to keeping their homes, the new bills being lined up by the governor will also reduce the amount of time that a property can actually remain vacant. Statistics show that one in every one thousand and six homes is either being auctioned, is in preforeclosure or has been listed as bank property. Although it is a cause for worry, the number of foreclosures has seen a significant reduction this year. While there is plenty of attention surrounding a homeowner who is facing foreclosure or has just been through it, someone looking to buy a home at a lucrative deal is presented with an opportunity in the form of the vacant house. This, being an investment, ha both advantages and disadvantages that you can learn about by reading more here.
You don’t have to worry about the title if you are purchasing a home in foreclosure. The purchase of the title is included in the purchase of the home. In some cases, some buyers will end up buying a title tied to a mortgage or back taxes. Most buyers think that such details are cleared up during the purchase but in some cases, the details of previous ownership of the title are not known. When a home goes through foreclosure, a bank takes it back and holds on to the title.
The ‘as is’ condition associated with buying a foreclosed home can be costly. The ‘as is’ condition presents buyers with a great deal since they get exactly what you see. Any repairs and renovations all come at the expense of the buyer. The problem is, such no problems may only be evident to a homeowner who is knowledgeable about this and has fixed up several houses in the past. You may be deceived into thinking that a surface only needs a small repair or renovation but it could turn out to be a big problem that needs a bigger project to solve. A this may end up being time-consuming and too costly. Make sure you have a home inspector take a look at a home before you complete the purchase if you are buying it in ‘as is’ condition.
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