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Updated Inventory of HUD Owned Homes For Sale in Southern NJ
Posted by admin on Apr 2, 2010 in HUD, Listing, Marketplace, Real Estate, for sale, home inventories
HUD has updated their list of homes available to purchase. You can view the current inventory of available HUD homes in the Southern NJ counties of Camden, Atlantic, Burlington, Gloucester, and Cumberland**. These properties are bank/lender foreclosures that HUD has acquired; HUD does NOT foreclose on properties. Please note that the priority of Owner Occupant means that the properties are not yet available to investors but are only available to purchasers planning on occupying the property (signed affidavit will be required). When the priority shows All Bidders, the properties are available to owner occupant purchasers and investors.
All bidders need to be pre-approved if mortgage financing is to be used. FHA financing is usually the best for home buyers. Call me if you need a referral to a mortgage lender.
ATTENTION: Home Buyers as is outlined in the policy for forfeiture of earnest money deposit, please be aware that contract cancellations as a result of loan denial due to “property condition” will result in the forfeiture of the earnest money deposit. THIS POLICY IS STRICTLY ENFORCED.
Confirm with your mortgage lender that the approved financing program can be used on an AS-IS sale prior to submitting your bid!
I represent home buyers and home sellers as their exclusive REALTOR in the Southern NJ counties of Camden, Gloucester, Atlantic, Cumberland, Salem, & Burlington. Full REO service for asset managers.
Sign up to receive free notifications into your e-mail of new and updated HUD owned homes that come onto the market. Don’t accept second-best in your HUD purchase transactions, call The HUD Expert.
** I have posted the list on NJ HUD Homes as of 04/02/2010.
HUD Owned Homes For Sale in Camden, Gloucester, & Cumberland Counties, NJ
This is the current inventory of available HUD homes in the Southern NJ counties of Camden, Gloucester, and Cumberland. These properties are bank/lender foreclosures that HUD has acquired; HUD does NOT foreclose on properties. Please note that the priority of Owner Occupant means that the properties are not yet available to investors but are only available to purchasers planning on occupying the property (signed affidavid will be required). When the priority shows All Bidders, the properties are available to owner occupant purchasers and investors.
All bidders need to be pre-approved if mortgage financing is to be used. FHA financing is usually the best for home buyers. Check with me if you need a referral to a mortgage lender.
CAMDEN COUNTY
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CUMBERLAND COUNTY
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GLOUCESTER COUNTY
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ATTENTION: Home Buyers as is outlined in the policy for forfeiture of earnest money deposit, please be aware that contract cancellations as a result of loan denial due to “property condition” will result in the forfeiture of the earnest money deposit. THIS POLICY IS STRICTLY ENFORCED.
Confirm with your mortgage lender that the approved financing program can be used on an AS-IS sale prior to submitting your bid!
I represent home buyers and home sellers as their exclusive REALTOR in the Southern NJ counties of Camden, Gloucester, Atlantic, Cumberland, Salem, & Burlington. Full REO service for asset managers.
Sign up to receive free notifications into your e-mail of new and updated HUD owned homes that come onto the market. Don’t accept second-best in your HUD purchase transactions, call The HUD Expert.
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4 Bedroom Bi-Level Home For Sale in Colling Lake
4 Bedroom Bi-Level Style Home For Sale in Colling Lake (UI5606929)
Location: Colling Lake
Ample sized HUD owned Bi-Level style home with 4 bedrooms, 1 bath has Prego flooring in the livingroom, and hall. Gas utilities, a large side yard with play area, large attached 1 car garage with an inside entrance into the lower level. There is a large family room with brick hearth for wood buring stove (no stove). Quiet and serene rural setting away from the hustle and bustle of auto traffic. Just off of the Black Horse Pike for easy access to major shopping areas and direct travel into Atlantic City. This home is situation a short distance from the lake. Evidence of mold.
Information
Contact Information
Terry Iwaniw
Direct: 609-417-10
Office: 856-795-3111 x263
Pricing
Price: $140,000
Flexibility: Negotiable
Additional Pricing Information: ALL PROPERTIES ARE SOLD IN ‘AS IS’ CONDITION.SELLER MAKES NO REPRESENTATIONS OR WARRANTIES CONCERNING THE CONDITION OF THE PROPERTY AND DOES NOT GUARANTEE THAT THE PROPERTY IS FREE OF HIDDEN OR VISIBLE DEFECTS. BUYER IS RESPONSIBLE TO TAKE ACTION TO SATISFY HIMSELF THAT THE PROPERTY IS IN A CONDITION ACCEPTABLE TO HIM. SELLER WILL MAKE NO REPAIRS. BUYER IS ENCOURAGED TO HAVE A HOME INSPECTION TO IDENTIFY ANY DEFECTS.
Evidence of mold: Yes
Property Location
Features
Bedrooms: 4
Bathrooms: 1
Year Built: 1970
Subdivision: Colling Lake
Lot Size: .43
Garage Size: 1 car
School District: Buena Regional
Square Footage: 1979
Agent Name: Terry Iwaniw
Broker: R & I Realty, LLC
MLS #: 5606929
HUD will allow escrow for repairs: No
Will qualify for FHA loan w/o repairs: No
Deposit required with offer: 1500
Attributes
Appliances
Range/Oven
Full Refrigerator
Dishwasher
Interior Amenities
Fireplace
Hardwood Floors
Kitchen Island
Exterior Amenities
Grass Lawn
Secluded setting
Photo Gallery
New Featured HUD Owned Home For Sale – 3 Bedroom Twin/Duplex
3 Bedroom 2.5 Bath Twin/Duplex Home For Sale in Lindenwold
Location: Crossing
A large 3 Bedroom 2.5 Bath HUD owned twin/duplex home has a fireplace, sliding glass doors leading out to the patio, a fenced yard on a corner lot. This home has a kitchen with a breakfast area, 1 car garage, spacious living room with a fireplace, master bedroom with its own bath, and dining room.
Information
Contact Information
Terry Iwaniw
609-417-1086
Connect on Facebook – http://profile.to/terryiwaniw
Pricing
Price: $147,000
Additional Pricing Information: ALL PROPERTIES ARE SOLD IN ‘AS IS’ CONDITION.SELLER MAKES NO REPRESENTATIONS OR WARRANTIES CONCERNING THE CONDITION OF THE PROPERTY AND DOES NOT GUARANTEE THAT THE PROPERTY IS FREE OF HIDDEN OR VISIBLE DEFECTS. BUYER IS RESPONSIBLE TO TAKE ACTION TO SATISFY HIMSELF THAT THE PROPERTY IS IN A CONDITION ACCEPTABLE TO HIM. SELLER WILL MAKE NO REPAIRS. BUYER IS ENCOURAGED TO HAVE A HOME INSPECTION TO IDENTIFY ANY DEFECTS.
Property Location
Features
Bedrooms: 3
Bathrooms: 2.5
Year Built: 1989
Subdivision: Crossings
Lot Size: 8300
Garage Size: 1 car
School District: Lindenwold
Square Footage: 1500
Agent Name: Terry Iwaniw
Broker: R & I Realty, LLC
MLS #: 5588957
HUD will allow escrow for repairs: No
Will qualify for FHA loan w/o repairs: No
Deposit required with offer: 1500
Attributes
Interior Amenities
Fireplace
Exterior Amenities
Patio
Fenced Yard
Grass Lawn
Photo Gallery
NJHUDSALES.COM has been updated.
Are you looking for a bargain home? Then you may want to seriously consider purchasing a HUD owned home. Right up front, I have to state that some of these homes are not in the best condition. Some are in worse condition then others. But you may be able to find a hidden gem. Check out the current list of HUD owned homes we are marketing.
To better understand this you’d have to understand the process by which the Department of Housing and Urban Development (HUD) acquires these properties.
First of all, HUD does NOT foreclose on any home. HUD does not lend mortgage money but it does insure many mortgage loans. So, HUD owned homes are not foreclosed homes, in the strictest sense. HUD owned homes are properties that they acquire by paying off on a claim submitted by the mortgage lender after the MORTGAGE LENDER has foreclosed on the property.
At some point in time, this mortgage lender decides to file a claim against the FHA insured mortgage. They submit their claim to HUD and when HUD pays off on the claim, they acquire the property. The mortgage lender can’t get the benefit payment AND keep the asset. So, in return for receiving the payment they relinquish the property that they foreclosed on. Not all mortgage lenders will file an FHA claim. Many will try to sell the property if they weren’t able to sell the property at a sheriff’s sale/auction. That is the reason that some HUD acquired homes get into the condition that they are in. Mortgage lenders, while trying to sell these properties, do not do such a great job in keeping them maintained. They are usually vacant and anything of value has been removed. It is a rarity to walk into a HUD acquired property and find a refrigerator and/or dishwasher in the house. More times then not the mortgage lender turns over the property to HUD as it is.
So now, HUD has acquired the property. What happens next? Well, HUD sends its appaissor to the property to inspect and value the property. The valuation is done in it’s present condition. It is done this way because HUD will NOT do any repairs to the property except what is minimally needed to preserve the house from further damage. If there is a broken window, they will board it up. If the carpeting was removed, they will NOT replace it. If there is an oil tank in the ground, they will NOT remediate. There are certain cases where HUD will allow the purchaser to set aside (escrow) a certain amount of money to have minor repair issues to be done so that the home could qualify for an FHA loan. The appraissor also notes any and all damage that they can see and assign a dollar value to the repair. This isn’t done so that HUD knows how they’ll have to pay for repairs because HUD does NOT do repairs. What this total repair values denotes is if the property would be able to qualify for an FHA loan or not. HUD designates homes at 3 levels -
- Insured: There are no FHA required repairs needed to be done in order to qualify for an FHA-backed loan.
- Insured w/Escrow: The FHA required repairs total less the $5000 and HUD will allow the purchaser to borrow the extra money and put into escrow in order to insure that these repairs get done.
- Uninsured: The repair total is greater then $5000 and the home would not qualify for a standard FHA-backed loan. However, the purchaser would be able to apply for a 203K (Construction loan) or a Streamline K (similar to a 203K but with a $35000 limit) loans. These have different requirements and the purchaser needs to discuss these type of loans with their mortgage loan representative.
So, now you have a better idea of what you have to work with. The next series of steps involve submitting an offer (which is different then submitting an offer to a private owner) and after that you’ll need to know the steps you’ll have to follow after HUD accepts your offer.
If you are interested in purchasing any of these HUD owned homes, please don’t hesitate to give me a call.
Terry Iwaniw
REALTOR Associate
R & I Realty, LLC
Off: 856-795-3111 x263
Cell: 609-417-1086
http://www.snewjerseyhomes.com/
http://snjrealestate.ning.com
Connect On Facebook – http://profile.to/terryiwaniw
For Sale: 16 Adams Ave, Berlin, NJ
Posted by admin on Feb 19, 2009 in Uncategorized
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Central A/C
For Sale: 18 Fillmore Way, Sicklerville, NJ
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Updated HUD Homes Web Site
Well, it’s finally done. We’ve made our permenent move to the new server for NJHUDSales.com. We’ve also finished adding the different HUD Owned homes that we arfe marketing. Another first for this weekend is the unveiling our HUD Homes ad campaign. Many people have asked us about how good of a bargain are HUD homes. Just to give you a quick summary of how good these bargains are, just look at the ad we have placed regarding this same issue.
Did you miss out on a bargain? Well, there are many more for you to purchase! Look at what these great deals went for.
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SOLD522 BEVERLY DR MAGNOLIA, NJ 08049 This 3 Bedroom Home was appariased at $193,000. HUD listed it at $154,000 ($39,000 under appraised value). HUD accepted an offer of $100,000! The buyer saved $93,000 |
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SOLD1113 STEWART AVE BLACKWOOD, NJ 08012 This 3 Bedroom Home was appariased at $130,000. HUD listed it at $104,000 ($26,000 under appraised value). HUD accepted an offer of $80,000! The buyer saved $50,000 |
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SOLD444 MOORE BLVD CLAYTON, NJ 08312 This 3 Bedroom Home was appariased at $220,000. HUD listed it at $198,000 ($22,000 under appraised value). HUD accepted an offer of $160,000! The buyer saved $60,000 |
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SOLD933 CUMMINGS AVE BLACKWOOD, NJ 08012 This 3 Bedroom Home was appariased at $120,000. HUD listed it at $198,000 ($24,000 under appraised value). HUD accepted an offer of $78,500! The buyer saved $41,500 |
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In Total, these buyers paid $244,500 LESS THEN the appraised value of the properties.
This advertisement is not a guarantee that HUD will accept any specific offer. |
Every Friday, HUD releases new properties they received and reduces property prices on homes that are just NOT moving. Every week you get new opportunities to purchase one of these bargains . Some HUD homes are in good shape and need only cosmetics to get top dollar. Call us and we will be happy to take you out to look at any one of them so you can see for yourself how much or how little work is required. Search out the current HUD Owned homes here.
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