Foreclosures, where should I start (beside the web)

Often clients ask me what is the best way to find a foreclosure beside the web. The simple answer is use a local Realtor. Realtors usually carry all the information you need on foreclosures in the area, they will help you with the process and the steps required to purchase a foreclosure. Many times a good Realtor will provide you with other potential valued properties that are not foreclosures. Do not ignore their advice, many times buyers are not aware of great properties that they can afford which are not foreclosures.

If you are looking for a low down payment option, the resale homes may be a better value for you. The sellers are more willing to negotiate repairs and assist with closing costs. Plus, they are a lot more pleasant to deal with. Foreclosures are sometimes more complicated to deal with and it may be way longer than buying a property from a seller.

Regardless of your decision, the first thing you want to do is qualification and a pre-approval which is even better. You cannot submit an offer on a foreclosure without pre-approval. Often times, the selling bank requires that you have a pre-approval from them, so you should go through the process of pre-approval so at least you have all the documents together to get you a quick pre-approval from the bank.

Shannon Arons top Keller-Williams Realtor in Short Hills, Millburn and other surrounding towns in New Jersey.