January 9, 2009 Sheriff Auction Sales
The first auction of the year had 42 properties scheduled, 22 weren't auctioned off, 18 didn't receive bids and 2 were sold.
555 Kipp St., Teaneck, NJ - had a winning bid of $239,000 by Eric Van Auken. The property was last sold in September 2006 for $420,000. That's a 43% discount compared to the bubble price. The judgment awarded was $381,124.65 and the winning bid was about 15% less than that.
2 Valley Lane, Upper Saddle River, NJ - had a winning bid of $510,100 by James Vercelli. That's about 28% off the foreclosure judgment of $712,596.15 awrded to Avelo Mortgage, LLC. The home was also last sold in September 2006 for $$1,160,000. That's 56% below the bubble price.
The strange thing about the Upper Saddle River property is that it was previously auctioned off before and I mentioned it in the November 7 auction report. Back then it had a winning bid of $504,000 by Matthew LLC.
Tags: results bergen auction foreclosures
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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 12:24 PM EST #
In regards to the statement above: 555 Kipp St., Teaneck, NJ - had a winning bid of $239,000 by Eric Van Auken. The property was last sold in September 2006 for $420,000. That's a 43% discount compared to the bubble price. The judgment awarded was $381,124.65.
Did the winning bidder need to pay $381,124.65 rather then $239,000. Can you explain this process of how the "judgment awarded" a specific amount?
Posted by Michael on April 22, 2009 at 11:10 PM EDT #
The winning bid is what the bidder pays. So Mr. Van Auken in this case paid $239,000 plus sheriff's fees. The owner owed $381,124 which was the mortgage amount, accumulated interest and probably late fees. The bank concluded that it would not likely get what it was owed, so it was willing to accept the lesser amount.
Remember to look at the property yourself before you bid. Just because it sold for $420,000 in 2006 doesn't mean necessarily that it is a great buy. That was the peak of the market and people were doing crazy things.
Posted by SniffNY on November 09, 2009 at 11:47 PM EST #