It's been a while since I've posted an auction results report, ever since I added the functionality to view previous auctions on the site but it's been a while since I blogged anything so here are 4 properties that sold at Sheriff Sales last week.
Many of the properties auctioned recently have been going for less than the judgment amount awarded to the forclosing bank. Sometimes well below as the case of one of the properties in Wayne below.
After reading about these properties you can visit the rest of the site to view properties that haven't been auctioned yet.
This 1,240 sq ft home sits on a 5,000 sq ft lot. It had a judgment of $327,613.51 and received a winning bid of $253,000 from Nahum Meir. That's 77% of the judgment awarded to Flagstar Bank, FSB. Comparable homes in the area have sold for just under $300,000.
This 6 year old home is 5,542 sq ft and sits on a 2.3 acre (over 100k sq ft) lot surrounded by other recently built large homes on large lots. At it's peak the valuation on this property was $1.7 Million. The winning bid at the Monmouth County Sheriff's Sale was far less. Only $478k, 72% less than the $664k judgment.
The property's value took a big dive after the housing bubble burst and hit a low of around $450k in 2008 but has rebounded a bit to around $840k.
This 3,089 sq ft home sits on a half acre lot. In 2006 it sold for $950k. In the past few months it's been on the market listed between $499k-$600k. Last week the winning bid by Value Realty was only $395,100, 46% of the $867k judgment. That's about what the house sold for in 2001.
This 1,404 sq ft ranch home sits on a 0.439 acre property. It received a winning bid of $151,000. The judgment was only $43,208.38. Similar homes in the area have been selling for $400k and up.