Well I did some more digging in the recent auctions and found a bunch of other properties that sold at auction. One for over 40% less than the judgment. They make the Paramus home that sold for 20% less than the judgment look like a rip-off.
891 Barbara St., Teaneck, NJ sold for $337,000 at auction on 5/9/08 to Acadia Enterprises, LLC. This was 33.86% off of the judgment of $509,535.62 that was awarded to Homesales, Inc.
109 Van Arsdale Place, Teaneck, NJ sold for $221,000 at auction on 4/25/08 to 109 Van Arsdale LLC C/O David Kessler for 34.35% of the judgment of $336,654.75 that was awarded to LaSalle Bank, N.A.
On 4/18/08 three properties were sold to Trusts set up by Eric Van Auken who is a real estate agent/broker that includes negotiating short sales for those facing foreclosure. The three properties that were purchased at auction were:
- 19 Blauvelt Avenue, Bergenfield, NJ which was purchased for 40.74% below the judgment.
- 282 James Street, Hackensack, NJ which was purchased for 15.04% below judgment. (This was the property I saw listed on Craigslist 2 days after the auction for $380,000.)
- 721 Larch Avenue, Teaneck, NJ which was purchased for 25.93% below judgment.
Keith Lawrence saved 1.42% when he won the auction for 7-14 Cross Meadow Drive, Fair Lawn, NJ at the Bergen County Sheriff's Foreclosure Auction. The winning bid was $283,000. In 2006, the sale price was $325,000.
A couple of other properties that sold above auction but appear to be good deals compared to todays market values where, 238 Reichelt Road, New Milford, NJ and 490 Main Avenue, Wood Ridge, NJ. According to the ad on Craigslist, the home is only 8 years old and is being listed for $579,000.
It would be nice to know what kind of short sale deals are being negotiated before the property even gets to auction.
![[This is a Roller site]](http://www.bergenjerseyforeclosures.com/blog/info/resource/images/roller-logo.gif){kind=logo}
Hi Tom,
Great Post! It looks like most of the properties are picked up by investors and resold at higher rates. You mention craigslist for a few - do the investors sell properties themselves or do they use realtors? Great way to save 6% if you can unload them yourself. Have you ever went to see one of these resold properties? Are they in decent shape? Are they being staged?
As for some Grim info - here is a great article about him some months ago. Hope that answers your questions.
http://www.myheraldnews.com/view.html?type=stories&action=detail&sub_id=24724
Posted by NJHH on June 16, 2008 at 07:09 AM EDT #
NJHH,
Thanks. Some of the investors seem to also be in the real estate business as well. Some I think are buying for themselves. Eric Van Auken is an agent but I think he's buying them short and trying to sell on the owner's behalf? Not really sure though.
Shmuel Farro's name has come up a few times and I'm pretty sure I've seen him in Morris County's foreclosure sales.
I haven't been to any properties that were purchased but I have looked at a few that didn't sell. They seemed way over priced and at the time lenders weren't willing to sell short. Now I noticed that some sellers specifically state they are willing to sell short when the foreclosure announcement is made. The homes I saw were mostly new construction that were empty.
Posted by Tom on June 16, 2008 at 07:40 AM EDT #
Eric VanAuken sells under Paul McComb Real Estate. I have done a transaction with Eric and he was fair to deal with.
Posted by John O on June 18, 2008 at 09:32 AM EDT #
His website seems to be still under construction. Based on the URL it looks like he's focusing on short sales for people facing foreclosure. Based on these 3 auctions, it looks like he knows what he's doing in that regard.
Posted by Tom on June 18, 2008 at 10:09 AM EDT #
Eric bought a house next to me, he had a nasty landscape group working there, when they laid the driveway cement poured onto my property, the next time they they cut the cement with a jackhammer - they ruined my fence doing this and pulling up some poison ivy that way on his new property coming into mine. He had a project manager at the house who promised to replace what was broken - but never did - I don't think Eric is a very nice person all he wants to do is make money and doesn't care who's property he damages along the way.
Posted by Allie on May 26, 2010 at 12:30 PM EDT #
sorry Tom, just came across this site here is my new website. www.homesmartnj.com and nj-lispendens.com. this is a free lispendens search!!!!
Thanks
Eric Van Auken
Hey John O. How is everything?
Posted by Eric on February 04, 2010 at 08:48 PM EST #