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 high rate of foreclosures in New Jersey is not a new thing as this is a figure that has been on the rise in recent years. You can easily spot a vacant foreclosure anywhere in the state of New Jersey with residents complaining that it has turned into more an eyesore. The issue has become so serious that area governor is now creating a number of bills that are aimed at reducing the time that a property will actually sit vacant, and give homeowners more say in keeping their homes in the first place. 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. While this is a reason for worry, the number of foreclosures has gone down this year alone. Although there is a lot of attention accorded to the homeowner going through foreclosure or has just been through it, the vacant home is an excellent opportunity for anyone looking to buy a home for a great deal. This, being an investment, ha both advantages and disadvantages that you can learn about by reading more here.
When buying a home in foreclosure, the title is not something to worry about. As soon as you are buying the house, you also gain lawful ownership of its title. If you are unlucky, you may purchase a title only to discover later that there are some back taxes and mortgages tied to it. Most buyers think that such details are cleared up during the purchase but in some cases, the details of previous ownership of the title are not known. Foreclosure means that a bank takes ownership of a home and retains its title.
The ‘as is’ condition that is attached to the process of buying a foreclosed home can be worrying. With the ‘as is’ condition a buyer is presented with a great deal since what they pay for is what they get. It is up to the new owner to make all the necessary repairs and renovations. The problem is, such no problems may only be evident to a homeowner who is knowledgeable about this and has fixed up several houses in the past. What you may think is a minor surface repair or renovation may turn out to be a bigger problem and a massive project. In the end, you may find yourself losing a lot of money and time in the process. 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.