Recent Rise in Bank-Owned Home Activity Reported in Nutley

Last month’s RealtyTrac foreclosure roundup showed that for the first time in a while foreclosure activity across the nation was on the increase. Largely due to an 11% month-over-month increase in bank repossessions (REOs), U.S. foreclosure starts increased 4% from the previous month. It wouldn’t be surprising if that kind of news winds up resulting in renewed buyer interest in the area’s bank-owned home market.

Daren Blomquist, RealtyTrac’s vice president, had previously pointed out the state of the market. “While distressed properties — whether bank-owned, pre-foreclosure or short sales not in foreclosure — are still selling at a significant discount compared to non-distressed properties, average distressed property prices are increasing in many markets thanks to strong demand and limited inventory.”

Now, that inventory is growing, too.

Achieving the best end result from today’s REO prospects does take skill in dealing with the bank. Naturally, it’s a good starting point to team with an experienced agent. Knowledge is power, and being able to rely on a professional with a recent history of successful negotiations is the surest way to approach a bank. The guidance you get can make all the difference when it comes to writing a winning proposal.

Do consider properties that have been slow to move. Even if some bank-owned homes in Nutleyare flying off the market after multiple offers, properties with a history of failing to sell can be your ripest targets. Don’t automatically be put off by the prospect of homes that clearly need some repairs. It may be possible to still save handsomely after adjusting for refurbishment and maintenance.

If you find a bank-owned home with potential, it’s important to steel yourself for the possibility of being outbid by a less cautious buyer. If you’re also prepared to take your time – to really play hardball with the bank — you may lose any given property, but are in the right frame of mind to make the most of a Nutley bank-owned home opportunity.

Whether you’re looking for a bank-owned home in Nutley – or just a great property – I’m here to help my buyers get the best deal possible!

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    Nutley Bank Owned Homes: Buying Opportunity

    These days the words “bank owned homes” have become practically synonymous with a single word: “opportunity.”  With prices and mortgage rates this low, first time home buyers, investors and seasoned property owners alike are looking at a raft of buying options unlike any Nutley has seen in a very long time.

    That option of buying a bank owned home has certainly opened a viable route for those looking to own a home at the fraction of what it cost just a few years ago. But not without a price:  the best Nutley bank owned home bargains are almost certain to fall into the ‘fixer-upper’ category.

    When considering the purchase of one of our Nutley bank owned homes, I’ve found that my most successful clients have a few qualities in common:

    –         patience – they wait until they’ve found a house that suits all their needs

    –         prudence – they resist the temptation to take out too big of a loan

    –         realism – they know how much hard work they will be willing to put into the house


    Finding the right fixer-upper should be approached as a process: in other words, never buy the first home you see until after you’ve checked out some of its competition. There are more foreclosures on the market than ever – a phenomenon that works to your advantage. When you do find the right home, make sure to take out a loan that makes sense. Often people who are in a hurry to buy a house are tempted to take out a loan without giving enough consideration to its immediate and long-term implications.  Being coolly realistic as you work out the numbers will pay off for a long time.

    Once a bank owned home is officially yours, the hard (often fun!) work begins. Buying a home in need of repair has always been the surest way to find a deal, but it is also the way to improve or develop home maintenance skills, bond with family members, and keep a tight rein on the family budget. Here, too, you need to be careful not to get carried away– you don’t want to overbuild or overdevelop beyond what is appropriate for the neighborhood setting. In other words, keep your end goals in mind.  My advice to clients varies depending on their individual needs: Is it an income property?  Or the family home for the next 15 years?

    Foreclosures show no signs of slowing down in the near future, so this May’s buying market is opportune.  If you’re considering buying a bank owned home in Nutley, call me today to go over your options and to put a plan into action!

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