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Loading ...Free New Jersey foreclosure listings are available at all major real estate websites of US. A foreclosed property in New Jersey is a profitable investment option for the long term. According to the statistics there are 50,465 foreclosed properties in this state. It means one property in every 14,674 properties is foreclosed. The average price of these properties is around $230,582 that is much cheaper compared to market price of fresh properties. New Jersey ranks 22nd in US foreclosure state listing. All the above factors are in favor of home buyers and real estate investors.
The phenomenal increase of distressed properties in New Jersey is due to a combination of reasons. Recessionary wave prevailing at global economy has hampered the stability of job market. It has also blocked the availability of fresh loans. In this situation, homeowners are finding repayment of home equity loans regularly a Herculean task. As a result, lenders have no option except foreclosing the property to recover their money. However, unlike other US states, power of sale foreclosure is not available in New Jersey. It means the whole process is carried out through strict judicial process and supervision.
The basic aim of foreclosing distressed properties is to recover the unpaid debt amount. The debt is sanctioned on loan to value basis. Hence, the unpaid debt amount is generally lower compared to market value of the property. Most of them are in good condition. Distressed tag of these properties is about the wretched financial condition of the owner not the property. With a little investment you can add to the equity and sell the purchased property at a higher price.
Before purchasing properties from free foreclosure listings in New Jersey, you need to have a clear idea regarding the foreclosure laws of the state. Here, deficiency judgment and right of redemption are legal. Under deficiency judgment plea, the borrower can appeal for sale of the property at market price. There are several cases while a property is revalued under this plea. This is a win-win situation for both lender and borrower. Another foreclosure requirement to be taken care of is right of redemption. This empowers the borrower to reclaim the property after auction with payment of unpaid debt and foreclosure cost. The borrower can file it within 10 days of auction.
