January 23, 2009 Sheriff Auction Sales
Twelve properties had been scheduled for last Friday's foreclosure auction in Bergen County. Of the 8 that seemed to be auctioned off, only 2 were sold. Both were sold to an investor that also had the winning bid on 2 foreclosures in the previous auction.
8 Orchard Ct, Lodi, NJ - had a winning bid of $337,500 by John Gloria, which was 25.73% below the foreclosure judgment of $454,428.03. The home was last sold in December 2005 for $515,000. The winning bid was 34% less than the bubble price. From 2004 to 2005, this house was sold 3 times for $424k, $467k and finally $515k. Not sure if people were going crazy flipping this house of if there were issues because of the odd shaped lot that backs up to an apartment building and a commercial business.
804 Grand Ave, Leonia, NJ - had a winning bid of $174,000 also by John Gloria. The winning bid was 65.94% below the foreclosure judgment of $510,854,59. The house changed hands twice during the bubble. Selling for $370k in 2004 and $580k in 2006. The winning bid was 70% below the 2006 price. I think that's the biggest drop we've seen in Bergen County.
Deutsche Bank had 3 properties at auction that didn't sell, one property appears to have gone back to the cond association and one went to HUD.
Tags: results investors foreclosures auction
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Repost since I realized I posted it on an old post: I am interested in knowing about how to go about getting a foreclosed property. I have cash on hand and see these "good deals". Can you help me with the process? Am I able to contact people who have gone through the process to get informaton? If you have gone through the process and would like to help a me I would appreicate it. Thanks
Posted by Jackie on January 26, 2009 at 12:56 PM EST #
Jackie,
I suggest you first read my post on how to buy a foreclosure.
The Foreclosure Investing for Dummies book is a good place to start.
There's a lot you need to know and many difficulties in dealing with foreclosures, especially in this current housing market.
Posted by Tom on January 26, 2009 at 04:02 PM EST #
Hello Jackie,
My situation is very similar to yours. maybe we could help one another. you could get in touch with me at shahkeyul@yahoo.com
Posted by Shah on January 29, 2009 at 04:28 PM EST #
I know that at the auction you need 20% of winning bid in the form of a cashier's check, but could the rest be financed (i.e mortgage)?
Posted by Ted on February 01, 2009 at 04:17 PM EST #
Ted,
It doesn't matter how you obtain the funds for the final payment.
Though you might run into problems getting a conventional mortgage. When you purcahse a foreclosure at auction, You don't get clear title to the property. You get a sheriff's deed when you make final payment but even that doesn't insure clear title.
That makes it a little tricky to get financing but there are options. You should contact a good mortgage broker and ask them what options you may have available to you based on your credit standing.
You might also want to look into hard money lenders, which your broker may recommend. They will give you a loan, which usually needs to be repayed in 6 months. In those 6 months you can either sell the property at a profit and pay back the loan and interest or refinance into a more traditional mortgage after you have obtained clear title to the property.
Posted by Tom on February 05, 2009 at 04:22 PM EST #