Investors are thirsty for available properties that can be fixed up and re-sold because there is so much buyer demand and little vacant land to build in Essex County. Many investors tend to target homes that are pre-foreclosure or in a short sale situation. A short sale can be a good option if the buyer is prepared to make necessary repairs because the owner/lender isn’t going to. These are strictly “as is” sales. While may are located in urban neighborhoods, believe it or not, there are short sale properties in top towns in New Jersey — towns with well-rated school systems, that are commuter friendly.
If you are handy and looking for a good price on a property you may want to consider purchasing a property in a short sale situation. The other thing you will need is patience. The short sale process requires the seller and the seller’s lender sign off on the offer price, closing dates and all other significant aspects of the sale. The lenders are time challenged and it can take several months to hear back from them on each leg of the transaction.
That said, if you can afford to wait and are handy (or know someone who is) it may be an opportunity for you to purchase a home in a in a top town.
Here are short sale properties available in top towns:
Livingston Short Sales
Maplewood Short Sales