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Updated about 6 years ago on . Most recent reply
Any advice from REO agent?
I live in NJ and i want to get an advice from a agent specialize in REO.. Thanks..i want to buy a property from the bank or auction.
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Nick Rutkowski
#3 General Landlording & Rental Properties Contributor
#3 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Ithaca, NY
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Nick Rutkowski#3 General Landlording & Rental Properties Contributor
#3 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Ithaca, NY
My advice to you is never by from SONYMA. I have a listing with them and they took 8 months to sign a contract. The buyers backed out a week later. Foreclosures are slow with stacks of paperwork. If you have a lot of time and patience then foreclosures are for you.
If you buy a property through an auction, then you will need 10-20% of the purchase price due at the end of the auction. The rest of the money will be laid out in the terms. Have your cash ready on hand. Don't be afraid to walk away.