All Forum Posts by: Mina G.

thanks a lot. If the person owed 380k on the property how much should I expect the bank to bid up to? Property zestimate is 263k but I think it's worth 300k.

Hello everyone,

Can one just go to a foreclosure auction hosted by the Sheriff (Hudson County) and not bid? Can I just go and see how the process goes?

For this property, auction.com shows that bid will start at $100. Lets say the bid end up at 200k and the property is worth 300k. Will the bank bid themselves on it since the value is way higher than the final bid? 

I'm considering going to a foreclosure auction in freehold township, NJ. I have a couple of questions:

It says that you must have 20% check of the total amount that you win the auction for.

and pay the rest within 30 days.

Does this mean I can pay using a mortgage loan for the remaining 80%? or it has to be cash/check?

Also another question. The property is currently listed as a short sale for $150,000 does this mean the auction price will be less than that? the owner owes 260,000 and according to the sheriff website it says that the usually lawyer will deny any final bid under what the home owner owes.

Thanks all

I'm just wondering how much do property management company charge to manage a property?

and what do they do exactly? collect rent, go to court if tenant doesn't pay, clear snow, etc?

 Shawn,

How much do you think it would cost to trim the tree? its big but I dont think more than 500?

I have no idea how to estimate the cost of replacing the siding of the house.

the leak from the 2nd floor into the 1st floor seems like it is from the siding since its in the corner. But the owner said dishwasher leaked.... I didn't find any dishwashers in that area when I got up there.

Thanks for replying.

I'm planning on buying and holding. I will rent my current apartment and live in one of the units and rent the other unit for $1300.

The bathroom reno and the kitchen floor I will do myself. for the rest of the laminate flooring I will see the condition of the hardwood floor under. If its in ok condition I will sand, and stain myself as well. I know I can do the bathroom for $1500, kitchen floor 500,  sand and stain hardwood floor $200. again this is stuff I can do myself. the rest I will need to hire someone to do.

If I would to rent both apartments I would net 400-500 per month with my offer of 265k. But I actually want to live there and rent my current apartment. (in a duplex as well). So I will be netting the same on my current house if I do that.

I saw a house today that is a short sale.
2 family house on a double lot

Seller put it up for 295k but as I said its a short sale.

House needs some work I estimate around 10-20k. check the issues below and let me know if I'm way off.

How low can I put in an offer on a short sale? I honestly don't think I want to pay more than 260k to 270k for this property.

Here are couple of things.

 - Huge tree in front of the house (very large tree). Branches are almost touching the roof.

 - 1 bathroom needs renovation

- kitchen floor need to be fixed. Currently laminate floor and its peeling off.

- A lot of laminate floor throughout the house

- Some leak from 2nd floor to 1st floor.

- Outside cedar shingle siding peeling off.

can you give me the names of those banks as I have spoken to 3 local ones and they require 6 month for each property. (I only own 1 now).

Also any option for less than 20% down for a 2nd property? My first property is FHA financed with really low interest 3.3% so I want to avoid refinancing my first property.

I just got off the phone with a lender and he informed me that I will need 6 month of reserved mortgage payment for each of the properties to obtain a mortgage for a property I want to purchase. Is this true for all programs out there?

This will be my 2nd property.