Buyers in search of a great deal frequently pursue preforeclosures and foreclosures. While there aren't as many "distressed properties" on the market in Bergen County as there are in other parts of the country, they certainly can be found even in rather affluent areas like Saddle River and Franklin Lakes. I'm not permitted to list them publicly on this website, however I can email you a list of foreclosures and preforeclosures in the areas that interest you. Please fill out form to the right and I'll send you a list.

What Is A Preforeclosure, or Short Sale?

In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. (from Wikipedia)

Which is a better deal, preforeclosure or foreclosure?

A preforeclosure is often the best time for a buyer to get a good price. Once the bank has foreclosed, the bank incurs significant additional expenses which can raise the minimum price the bank will accept for the property. These expenses include legal fees and the costs of carrying and managing the property.

How Much Will A Bank settle for?

The rule of thumb for a preforeclosures in the current market is that a bank will accept an offer up to 18% off the value of the mortgage on the property.