Pursuing Profitable Sheriff Sales in Monmouth and Ocean County NJ

[David B.]

Recently I've spent time learning the process of acquiring property via these auctions. I will start to pull some properties down as I intent to start bidding next week. And I wish to consistently purchase properties in this manner. 

I'm finding the challenge is accumulating / managing information about properties (title / liens / ARV / neighborhood / description / condition /etc, etc, etc) coupled with the high rate of adjournments shortly before the auctions. In short, I can see that the process can be very inefficient if one is attempting to continually source profitable properties this way.

Purpose of this post is to reach out to others who are dealing with similar challenges and attend either Monmouth or Ocean County Auctions. I specifically envision an informal banding together where we leverage each others knowledge / information. There are plenty of deals out there and if you are like me you have some capital but its not unlimited - lets help each other be efficient! 

Reach out if this resonates with you....best to all!

[Jessica Zolotorofe]

Patrice P. And David B. My offices are in Monmouth and Passaic, I live in Hudson and grew up and still do a lot of business in Bergen, and then Ocean is where a lot of our Monmouth clients are, so I have a pretty good handle on those areas. The title issue is always a big one, but the easements and any restrictive covenants, and then any tax and HOA liens are really the biggest issues. Your focus should be on anything that doesn't get wiped out in the foreclosure or that you'll be purchasing subject to. My best advice is probably to check the sheriff's list and see what is upcoming and whether they have exercised adjournments. NJ statute allows for 2 as of right, I believe, so after that, sale is coming. I would also build a relationship with a title agency that can perform quick searches for you, maybe at a discount if you bring them enough business. It's definitely worth the cost over learning about an issue after you purchase. I would also not wait to start your due diligence until a sale is definite. Check the ones listed for the first time and even if it takes a month after a couple adjournments, you have time to get your ducks in a row. The likelihood of an owner getting out of a foreclosure once a sale is scheduled and adjournments are exhausted is very very slim, so you're usually ok on that front. There are also websites that will show you very preliminary title reports that I wouldn't count on 100%, but they can at least rule out any property with an obvious problem. NETROnline is a really good resource depending on the county. You can also search the clerk's database by block and lot and try to see what's recorded in the property records as a first step. Also, a lot of the municipal tax assessors show layouts of each property and give you info on condition in their tax records. I know almost all of Monmouth does now. I can send you info on that, too, if you're interested. Ocean Cty is in its own world, so they're a little tougher to get info on. Anyway, happy to answer any other questions if you'd like to email me. Good luck!