orly chen – bergen county's premier
real estate agent
O: 201.567.9191 / C:
than a third of all properties purchased
by home buyers are foreclosed properties"
Foreclosed Properties in Bergen County
More than a third of all
properties purchased by home buyers are foreclosed properties.
A home that has been foreclosed on means that the owner failed
to make timely payments on their mortgage. Eventually, the bank
repossessed the home due to nonpayment and placed it on the
market, usually at a much reduced rate.
The first step in buying a foreclosed property is finding a
real estate agent who has experience with transactions involved
foreclosed homes. Orly Chen has a firm grasp regarding every
aspect of obtaining a foreclosed property, including whether
the bank's price is fair, determining the values of neighboring
homes and inspecting the property's background to ensure there
are no liens or maintenance problems with the home.
Financial experts suggest going over your monthly credits and
debits before deciding to buy a foreclosed home and making sure
that no more than 35 percent of your gross income is being applied
towards the mortgage payment.
Depending on the type of loan you plan to obtain, you could
participate in what is referred to as points, which are fees
paid to the bank or mortgage company from which you are borrowing
in order to receive a reduced rate of interest. One point equals
one percent of your loan amount, or $2,000 out of every $200,000.
What sort of interest rate you receive after paying points varies
among lenders so inquire about the amount of the reduction before
deciding to go with a certain lender.
The Closing Process
Having a professional real estate agent at your side to take
you step by step through the closing process is the best way
to facilitate the purchase of a foreclosed home. In addition,
the immense amount of paperwork involved in buying a home is
overwhelming and sometimes frightening to first-time home buyers.
Having a knowledgeable real estate agent to help walk you through
a home closing greatly reduces the stress of dealing with complicated
and legally obtuse instruments.
Documents like loan papers, settlement statements, promissory
notes, deeds, mortgages and the truth-in-lending statements
need signed by the individual(s) purchasing the home. The loan
company foreclosing on the home will have one or more representatives
attending the closing, with one of the representatives possibly
being an attorney.
You will also need written evidence that the home was inspected
and that you have already secured the necessary insurance required
by New Jersey homeowners. Once all papers have been signed,
the buyer then submits a check to cover the closing costs and
down payment before receiving the keys to the purchased home.
Foreclosed properties can be bought at prices substantially
lower than market value due to mortgage companies simply wanting
to recoup their losses. If you are interested in comparing Bergen
County foreclosed homes, contact Orly Chen agent for professional
and dependable advice regarding the purchase of foreclosed properties.
RE/MAX of Tenafly
Associates lead agents
competing companies in
specialized training and
They dominate the Accredited Buyer Representative (ABR), Certified Relocation
Professional (CRP), Certified Residential Specialist (CRS) and Leadership Training
Graduate (LTG) ranks. Read
About Orly Chen
Chen is a leading
Tenafly real estate agent
in Northern New Jersey
specializing in the Bergen
County area. Her
integrity make Orly
one of the most sought-
after agents in the
Northern New Jersey
real estate market