New Jersey – Blue Realty GMAC Real Estate Services encourages first time buyers to explore the opportunities foreclosed properties offered for sale may afford them.
According to Charles Blumenkehl, President of Blue Realty GMAC, “Foreclosed properties offered for resale many times are in reasonable condition and are priced more aggressively so as to encourage a quicker sale, compared to occupied and listed properties offered for sale”.
“Additionally”, said Blumenkehl, “organizations like HUD (Housing and Urban Development), the VA (Veteran’s Administration), and the New Jersey Housing and Mortgage Finance Agency (HMFA), for whom we have been co-exclusive agent for since 1999, prefer the buyer to be an owner/occupant, and have developed special programs to encourage first-time and traditional buyers to look at their REO, or foreclosed, property inventory.”
To buy an REO, as with any property, Blumenkehl suggests that buyers begin by finding out how much mortgage they can afford. Then, develop a “wish list”, firming up the features you want in a home, and where you want it to be. Find a real estate broker who you think you will be comfortable with. Your agent should be familiar with the home buying opportunities available within the market you are looking, including REO properties listed for sale and mortgage and home-buying programs that are available. For instance, if you are buying a “fixer upper”, there are programs that can help finance the repairs.
When you make an offer on a home, it’s a good idea to make it subject to a home inspection conducted by an independent authorized inspector. Most REO properties are sold “As-is, What-is, Where-is”, but the buyer should look to a qualified eye so the buyer knows what “As-is” means. Blumenkehl encourages buyers throughout New Jersey interested in buying or seeing REO properties listed for sale to call any of his offices, and a qualified and trained Blue Realty GMAC Real Estate Agent and a qualified mortgage consultant will be happy to help you at no cost or obligation. For more information about foreclosed properties or Blue Realty GMAC Real Estate Services, log on to the company’s website at www.bluerealty.com or call the company toll free at (800) 936-SOLD (7653).
