Southern Ocean County Real Estate

LBI | Stafford Township | Barnegat Twp | Little Egg Harbor | Ocean Twp

 

 

 

 

Short Sales, Foreclosures and Bank Properties in the Southern Ocean County Real Estate Market

Short Sales, Foreclosures and Bank Properties have been in the national media since the beginning of the financial crisis in 2008 and are purported to be some of the best values in the local real estate market. This can be true, but it is important to under how a short sales, foreclosure or bank owned purchase works. We service Short Sales, Foreclosures and Bank Properties in the Southern Ocean County Real Estate Market including:

Short Sales, Foreclosures and Bank Properties in the Southern Ocean County Real Estate Market

Distressed Real Estate Sales in Southern Ocean County

 

Short Sales, Foreclosures and Bank Properties

Short Sales, Foreclosures and Bank Properties are what are known as distressed sales. In other words, there is a high degree of motivation to sell the property due to financial distress. Short sales tend to be the most common of all distressed property sales in the Southern Ocean County real estate market. A short sale takes place when a property is sold for less than the current balance of the mortgage. For example:

  • 123 Any Street was purchased in 2006 for $300,000 and has a mortgage balance of $250,000
  • The market dropped and now the property is only worth $200,000
  • When the property is sold, there is a $50,000 deficit between the sales price and the mortgage balance
  • The bank must agree to sell the property short (short of what is owed which is where the term short sale comes from) and accept a loss on the transaction

 

 

Short Sales, Foreclosures and Bank Properties in the Southern Ocean County Real Estate Market

When a property enters foreclosure the bank or lending institution has already begun the process of reclaiming the house. It is at this stage that many homes can sell as the bank wishes to avoid to entire process of foreclosure (as it is very expensive and banks are generally not interested in holding their assets in real estate).

A bank property is a property that is owned wholly by the bank. Typically, a bank owned property will be in somewhat better condition than a short sale or a foreclosure as the bank will contract with a property manager to make basic repairs and restore the property to a "sell-able" condition.

Regardless of the distressed sale, negotiations will take place primarily with the bank as they must approve the transaction. Short Sales, Foreclosures and Bank Properties in the Southern Ocean County Real Estate Market can indeed prove to be excellent values but they can be in a poor state of repair which must be factored into the total cost of buying a house.

Real Estate Tip

Be sure to inspect the overall condition of any distressed sale. Often times these homes are in need of significant repair and any buyer should budget for this when considering making such a purchase.

 

Short Sales, Foreclosures and Bank Properties in the Southern Ocean County Real Estate Market

Short Sales, Foreclosures and Bank Properties

The Southern Ocean County real estate market offers some opportunities for those looking to buy a Short Sale, Foreclosure and Bank Owned Property. Listed below are some properties in Barnegat, Barnegat Light, Beach Haven, West Creek, Little Egg Harbor, Long Beach Twp, Waretown and Manahawkin who are currently listed as distressed properties.

Foreclosure Indicator Property Address City ZIP Code
Auction 25 Mutineer Ave Barnegat 8005
Bank Owned 9 Lafayette Ct Barnegat 8005
Auction 4 Pulaski Dr Barnegat 8005
Bank Owned 9 5th St Barnegat 8005
Bank Owned 5 Lawrence Ave Barnegat 8005
Pre-Foreclosure 64 1st St Barnegat 8005
Bank Owned 157 Schooner Ave Barnegat 8005
Auction 79 Georgetown Blvd Barnegat 8005
Auction 99 Windward Dr Barnegat 8005
Bank Owned 49 Tara Ln Barnegat 8005
Pre-Foreclosure 6 Flintlock Dr Barnegat 8005
Pre-Foreclosure 44 Burr St Barnegat 8005
Bank Owned 7 Iselin Ct Barnegat 8005
Pre-Foreclosure 157 Bay Shore Dr Barnegat 8005
Bank Owned 340 S Main St Barnegat 8005
Pre-Foreclosure 7 Hometown Ct Little Egg Harbor 8087
Bank Owned 32 Falkinburg Dr Little Egg Harbor 8087
Pre-Foreclosure 10 W Osborn Ave Long Beach Township 8008
Auction 14 E 30th St Long Beach Township 8008
Pre-Foreclosure 12 W Lavenia Ave Long Beach Township 8008
Pre-Foreclosure 4206 Long Beach Blvd #5 Long Beach Township 8008
Bank Owned 24 Sycamore Rd #B Manahawkin 8050
Bank Owned 6D Walnut Rd #6 Manahawkin 8050
Bank Owned 51A Dogwood Rd #20A Manahawkin 8050
Bank Owned 1129 Seashell Ave Manahawkin 8050
Bank Owned 1160 Windlass Dr Manahawkin 8050
Bank Owned 1227 Ripple Ave Manahawkin 8050
Pre-Foreclosure 152 Reel Ave Manahawkin 8050
Pre-Foreclosure 221 Atlantis Ave Manahawkin 8050
Bank Owned 181 Mermaid Dr Manahawkin 8050
Bank Owned 172 Topside Rd Manahawkin 8050
Bank Owned 104 Equinox Rd Manahawkin 8050
Pre-Foreclosure 244 Stormy Rd Manahawkin 8050
Bank Owned 140 Brigantine Rd Manahawkin 8050
Pre-Foreclosure 356 Yeoman Rd Manahawkin 8050
Bank Owned 364 N Main St Manahawkin 8050
Pre-Foreclosure 70 Bryce Ln #901 Manahawkin 8050
Bank Owned 64 Harry Dr Manahawkin 8050
Pre-Foreclosure 1539 Mill Creek Rd Manahawkin 8050
Pre-Foreclosure 60 Barry Ln Manahawkin 8050
Bank Owned 49 Sylvia Ln Manahawkin 8050
Pre-Foreclosure 821 Jane Dr Manahawkin 8050
Auction 149 Catherine Ln Manahawkin 8050
Bank Owned 104 Catherine Ln Manahawkin 8050
Pre-Foreclosure 780 Pennsylvania Ave Manahawkin 8050
Auction 1283 Paul Blvd Manahawkin 8050
Bank Owned 18 Jeri Ann Dr Manahawkin 8050
Pre-Foreclosure 1 Great Bay Blvd Tuckerton 8087
Bank Owned 806 S Green St Tuckerton 8087
Bank Owned 133 Wood St Tuckerton 8087
Bank Owned 802 Egret Ct Tuckerton 8087
Bank Owned 248 Heron Rd Tuckerton 8087
Bank Owned 199 Heron Rd Tuckerton 8087

 

For more information about Short Sales, Foreclosures and Bank Properties be sure to check out our real estate blog and the articles highlighted below.

 

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