Foreclosures are something that is happening across the country, but New Jersey ranks top when it comes to the rankings of states with the most foreclosures. The number of foreclosures is something that has been increasing over the years, and it is, therefore, no surprise to see it rank top. Residents have raised multiple objections about the numerous vacant properties across the state being an eyesore, and it is not difficult to spot one. Apart from giving homeowners more control when it comes to keeping their homes, the new bills being lined up by the governor will also reduce the amount of time that a property can actually remain vacant. At least one in every one thousand and six homes has been put up for sale, is in preforeclosure or has become the property of the bank according to statistics. Although it is a cause for worry, the number of foreclosures has seen a significant reduction this year. While there is plenty of attention surrounding a homeowner who is facing foreclosure or has just been through it, someone looking to buy a home at a lucrative deal is presented with an opportunity in the form of the vacant house. This, being an investment, ha both advantages and disadvantages that you can learn about by reading more here.
You don’t have to worry about the title if you are purchasing a home in foreclosure. As soon as you are buying the house, you also gain lawful ownership of its title. However, you may end up purchasing a title linked to mortgages and back taxes. In some cases, details about the owners are not even known, making it hard to clear this up. Apart from taking back a home, the bank will also claim the title of a home in foreclosure.
Buying a home in foreclosure can be scary due to the ‘as is condition. The ‘as is’ condition presents buyers with a great deal since they get exactly what you see. It is up to the new owner to make all the necessary repairs and renovations. The problem with this is that the new owner may not be aware of the problems unless they are knowledgeable and have fixed up a number of homes before. You may be deceived into thinking that a surface only needs a small repair or renovation but it could turn out to be a big problem that needs a bigger project to solve. A this may end up being time-consuming and too costly. It is wise to have a home inspector to e a look at a home before you purchase it if you are buying it in ‘as is’ condition.