Foreclosure Advice Northern Jersey

[Santiago Rodriguez]

Was considering on purchasing a property via an sheriff sale auction.

I’ve been doing my due diligence. Did my deed search, tax search, upset pricing etc.

But the missing component is the financing.

I have stock assets that I don’t want to liquidate just in case i lose bidding. Is it smart to get a SBLOC loan on it and try to buy the property?

what are some smart ways to hard finance to refi foreclosure deals? I know it’s case by case. but use these assumptions

Recent Mortgage is 94k in 2022

Upset price is 123k

Taxes owed are 1.5k

Tenant situation unknown?

Property status unknown? I was going to visit this weekend. Although Dec 2024 google images look good

comps are going for 500k.

🙏

[Aryia Bala]

Quote from @Santiago Rodriguez:

Do you recommend any specific lender or searches I should do I google?

 Its always good to have a mix of cash available or coming in. SBLOC is great! Most lenders wont do the purchase. We have refinanced our borrowers out immediacy after purchase and then use that money thats freed up for the construction.