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CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10238
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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Renter, is interested in buying foreclosed home, from the bank.

Customer Question

Renter, is interested in buying foreclosed home, from the bank. Has been in foreclosure since, January 2014. Have signed lease, January 15, 2015 and paid landlord $2,750 rent and security. Have not moved in townhouse since signing of lease, due to no renovations of home, per agreement between landlord and tenent. Just recently found out about foreclosure. Not from landlord, but from county records. How does one go about buying home from bank?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 1 year ago.
The best advice to someone trying to buy a home in foreclosure (if you are doing this without professional experience) is to hire a realtor to guide you through the process. New Jersey uses judicial foreclosure as the primary mechanism for foreclosure (so if you are unable to purchase the home pre-foreclosure, meaning striking a deal with the owner and the bank), you will have to buy it at auction after a court proceeding). It is rare that a foreclosure sale will follow a "textbook" process, so having a realtor will help you deal with unexpected changes and keep your overall transactional costs down.For a good overview of the process, see: https://www.foreclosure.com/stateprocedure_nj.htmlMake sure that any realtor you hire has experience in the foreclosure process, you can ask for references, and for how much experience they have (number of homes, etc.)

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