Archive for November, 2006

BY: Jeffrey Posner
SheriffSalesOnline.com

So you have just successfully purchased your first foreclosure property at the local foreclosure auction and you wonder, now what? Well in most cases there will still be an occupant in the house who will now become your tenant. If the occupant is a renter things will usually be easier, but if it’s the homeowner it may get difficult. First thing you should do is make sure that the foreclosure sale you made is actually going to go through. In New Jersey there is a 10 day redemption period where the property owner can go to the sheriff and pay off the balance in full to get the property title back. So in many cases here investors may lay back a little until they know it is theirs for sure.

Once the sale is final, a great way to approach the situation is to offer the occupant money to leave so they can get a new rental. An eviction can be quite costly not to mention time consuming in the process so this can be a nice way of one hand washing the other.

In the case of disgruntled homeowners, you may be forced to proceed with an eviction. Just follow the normal proceedings and use a good lawyer. Let the legal process do its work, but make sure you file as soon as possible to get the ball rolling. If the occupant has children, financial issues or if it is just is close to the holiday season you are likely to be delayed. Typically, an eviction takes about 3 months if filed correctly and on time.

BY: Jeffrey Posner
SheriffSalesOnline.com

Did you know that New Jersey entitles every homeowner in foreclosure to two separate two week adjournments? That’s right, so once the sale is advertised (one month before) it may actually take two months before it makes it to the auction block. Many investors get frustrated by this in the beginning of their career because they feel that nothing is ever getting sold.

You just need to understand the foreclosure process and that it is always being delayed any way it can. Think about it, if you were personally in foreclosure and about to loose your property, you would do everything possible to keep it and that is exactly what’s happening here. Properties get adjourned all the time in this business and the key to it all is keeping track of it.

The Plaintiff (in most cases the lender) can adjourn the sale as many times as they feel necessary and the Defendant can always do a Bankruptcy to freeze everything altogether. If a sale seems to be adjourned too frequently it is possible there is a work-out agreement in place with the lender or the property owner is working with someone else who is helping them through the foreclosure.