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.

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

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 351-484088 224 BITTLEWOOD AVE BERLIN, NJ 08009 $125,000 3/1 03/12/10 03/21/10 Owner Occupant (Investors bid on 03/22/10) View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 351-407548 1 MCDONNELL LN CLEMENTON, NJ 08021 $60,000 5/1 03/12/10 03/21/10 Owner Occupant (Investors bid on 03/22/10) View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 351-390821 19 HARWOOD LANE CLEMENTON, NJ 08021 $120,000 3/2.1 03/05/10 03/14/10 Owner Occupant (Investors bid on 03/15/10) View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 351-364710 913 GAUNT ST GLOUCESTER, NJ 08030 $50,000 3/2 03/12/10 03/16/10 Owner Occupant (Investors bid on 03/17/10) View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 351-346695 50 JEROME AVE SICKLERVILLE, NJ 08081 $73,600 Price Reduced 3/ 1 03/12/10 03/16/10 Owner Occupant (Investors bid on 03/17/10) View Map   View Property Details

CUMBERLAND COUNTY

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 351-492641 314 SHARP ST MILLVILLE, NJ 08332 $36,000 Price Reduced 2/1 02/26/10 Daily All Bidders View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 351-478663 2201 BERKELEY DR VINELAND, NJ 08361 $180,000 6/4 03/05/10 03/14/10 Owner Occupant (Investors bid on 03/15/10) View Map   View Property Details

GLOUCESTER COUNTY

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 351-467089 48 MOORE ST DEPTFORD, NJ 08093 $148,500 Price Reduced 3/2 03/12/10 03/16/10 Owner Occupant (Investors bid on 03/17/10) View Map   View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 351-393590 933 LADNER AVE GIBBSTOWN, NJ 08027 $105,000 Price Reduced 5/ 1.1 03/05/10 Daily All Bidders View Map   View Property Details

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.

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

Linda & Terry Iwaniw | Resales & Investment Realty | 609-417-1084 16 Adams Ave, Berlin, NJ Fabulous 3 Bedroom Twin in Ready-To-Move-In Condition. 3BR/1BA Single Family House offered at $162,000 Year Built 1992 Sq Footage 1,392 Bedrooms 3 Bathrooms 1 full, 0 partial Floors Unspecified Parking Unspecified Lot Size 4,264 sqft HOA/Maint $0 per month DESCRIPTION A gorgeous HUD Owned 3 bedroom 1.5 bath twin home in Pine Valley Estates in move-in condition. The garage was converted to a large family room, and pergo flooring added in foyer and dining room. Includes gas heat and central air and no HOA (Home Owners Assoc) fees. Just a short distance from Pine Hill Middle School and Overbrook High School. All this can be yours for $1470/mo*. For an appointment to see this property call 609-417-1084. *(Principle,interest, taxes, and insurance payment based on a 30-year FHA fixed rate of 6.00% with 3.5% down to qualified buyers)… see additional photos below PROPERTY FEATURES Central A/C Central heat Dishwasher Stove/Oven Laundry area – inside Balcony, Deck, or Patio ADDITIONAL PHOTOS Seller contact info: Linda & Terry Iwaniw Resales & Investment Realty 609-417-1084 For sale by agent/broker Equal Opportunity Housing Posted: Feb 18, 2009, 9:12pm PST

]]> http://terryi.com/reblog/archives/558/feed 0 http://terryi.com/reblog/archives/556 http://terryi.com/reblog/archives/556#comments Thu, 19 Feb 2009 06:24:27 +0000 admin http://terryi.com/reblog/?p=556

Linda & Terry Iwaniw | Resales & Investment Realty | 609-417-1084 18 Fillmore Way, Sicklerville, NJ A wonderful home on quiet street in desirable Oak Forest. 3BR/2.5BA Single Family House offered at $170,000 Year Built 1984 Sq Footage 1,680 Bedrooms 3 Bathrooms 2 full, 1 partial Floors 2 Parking Unspecified Lot Size 14,000 sqft HOA/Maint $0 per month DESCRIPTION This HUD-Owned 3 bedroom 2.5 bath home features laminate wood floors, gorgeous trim work in dining room, 2 fireplaces (1 in living room and 1 in the family room), and the garage has been converted into a playroom. The upstairs has a spacious master suite, a separate laundry room, and the Sliding glass door leads to the spacious deck. Yours for $1522/mo* *(Principle,interest, taxes, and insurance payment based on a 30-year FHA fixed rate of 6.00% with 3.5% down to qualified buyers). see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace Dishwasher Stove/Oven Attic Washer Balcony, Deck, or Patio Yard ADDITIONAL PHOTOS Seller contact info: Linda & Terry Iwaniw Resales & Investment Realty 609-417-1084 For sale by agent/broker Equal Opportunity Housing Posted: Feb 18, 2009, 9:48pm PST

]]> http://terryi.com/reblog/archives/556/feed 0 http://terryi.com/reblog/archives/524 http://terryi.com/reblog/archives/524#comments Mon, 09 Feb 2009 03:40:40 +0000 admin http://terryi.com/reblog/?p=524 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.

	SOLD 522 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
	SOLD 1113 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
	SOLD 444 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
	SOLD 933 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
	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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