Summary
Looking for a bargain in bank-owned real estate? These properties, which have been taken over by lenders after the homeowners failed to pay the mortgage, typically sell at a substantial discount to the market -- an estimated 22 to 32 percent off, according to studies of foreclosure sales around the nation.
But the properties come with risks. Much of the discount is the result of their often-woeful condition. Neglected or even vandalized, they're sometimes in need of repairs that can wipe out most of the price savings.See the full content of this document
Extract
Bargains Abound, for Bold Buyers
"They're not meant for the timid buyer," warned Jeff Adler, a Re/ Max agent in Mahwah who has several bank-owned listings.
The Record recently sampled North Jersey's bank-owned market. Here's what we found:Paterson Asking price: $26,000Tony Sanchez, manager of Weichert's Clifton office, led the way into the dark Paterson house with a flashlight -- a necessity for touring ban...See the full content of this document
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