Re: Indeed . . .NJ - Posted by Glen
Posted by Glen on March 15, 2002 at 13:54:54:
Hi, I too am from Northern NJ - Bergen County. It is very difficult to find motivated sellers. I have been looking for distressed properties and even those that need alot of work sell for near market value! Or certainly not low enough for a fix up and flip.
Im still hunting and even went to the court house to get leads on early notifications on foreclosures. House that are distressed in my area get sold for high amounts to builders for new homes because of the land values in our area. I know cause I did one last year. But didn’t get a great bargin as there were others close behind me also ready with cash.
So at the least, the owner knew her house wasn’t worth much, but her property was. By the way it was only 100x100 lot size. Paid 260K, built house and sold it for 650K…as we were digging the foundation! Hate to say it but I probably could have gotten 700! That’s whats happening in our area.
Another was a house with a large lot. Supposidly not too many people knew it was a buildable lot. So I went to the town to get info on it and…
Fa-getta-bout-it …the zoning inspector tried to get it months earlier and said he had a half dozen calls in the last week alone.
Point to all this is we are in a sellers market, especially in our area. The real estates I talk to all say the same thing. They have buyers and not enough inventory. So its very difficult to find motivated buyers that will do creative finance deals. People out there have cash.
I tried to buy a vacant foreclosure that was listed at 230K which needed alot of work. Offered 175K, as the CMA’s in the area were from 225 to 260K. It was not accepted and it just sold in the low 200’s.
And trying to get housed for 70% of value (fixed and ready to sell) is almost impossible.
I think we have to settle for less to make any deals. Which might not be so bad, if we can find them.
Just thought I’d share some things with a fellow NJ investor.