3 Tips for Buying Foreclosed Homes in New Jersey
Thinking of buying foreclosed homes in New Jersey?  You may find an amazing deal but only when you do the homework properly and equip yourself with extra knowledge.
What is a foreclosure?
A home is referred to as a foreclosed home when the buyer defaults on their mortgage payments. If the buyer fails to make payments for around three to four months, the lender files a foreclosure, forcing the owner to leave the home and gaining possession of the property. The home then can be put up on the mls by the bank.
What is meant by pre-foreclosure and short sales?
When the lender files the paperwork, but the owner still possesses the property, it is referred to as a pre-foreclosure. During this period, the homeowner still has a chance to pay off the debt or even sell the home before it becomes a foreclosed property. The pre-foreclosure process begins when the lender issues a notice of default to the homeowner.
Short sales are referred to th! ...

Advice for First Time Homebuyers
If you’re a first time home buyer, here’s some really useful advice for you.
Always keep your long term goals in mind
You don’t buy a house every day. In fact, most of you wouldn’t buy another one for the next 5 to 10 years. So consider your future plans before buying a house.
If you’re going to marry soon, want to have kids or will be living with your elderly parents, you’ll need home of an appropriate size.
What if you’re only buying so that you can sell later on when the property appreciates? Think about your targeted audience then. For instance, if you buy a house in a district without good schools, you can eliminate parents from potential buyers. Similarly, if your house is going to be on a busy street or in the suburbs, you’ll be able to sell to only those buyers who prefer that particular neighborhood. If you plan to rent out the home, ensure that the local authorities allow you to do so.
Make a list of essential features
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First Time Homebuyers: Avoid these Blunders
Buying a home in New Jersey? Avoid these home buying mistakes, which are so very common, especially when you are a first time home buyer.
Not figuring out your affordability
One of the biggest first time home buyer mistakes is not figuring out an affordable price range for your new home. If you don’t budget and have no idea how much to spend, you would be wasting your time.
Your goal shouldn’t only be buying a house, but should be to buy a house that you can afford. Aim for something on the lower end so that your mortgage payments don’t keep you up at night. Determine your affordability through various online tools, or you could ask your realtor or mortgage broker to evaluate your finances, and accordingly, show you affordable homes.
Paying only a small down payment
It’s possible to buy a home even when you’re only making a down payment of 5% or less. But is it recommended? Sometimes it may be a good idea, but homeowners have had their . ...

Find Out If You’re Ready to Buy a Home in NJ By Answering these 3 Questions
So you want to buy a home. There are so many great reasons to do so: financial investment, a sense of security and so many others. But there are tradeoffs as well. You enjoy greater control, but along with it come several responsibilities and expenses.
Before moving ahead on the home buying process, answer the following questions, and you’d know if you should buy a home in New Jersey or not.
Am I ready for a mortgage?
If you are already struggling with your finances, buying a home will only add to your worries.  How do you manage your bills and do you have any savings? You should have some cash in hand for the down payment, and obviously, the more you have, the better it would be. A bigger down payment allows you to avail a lower mortgage rate. You may also have to pay upfront for the home inspection fee, and other similar charges that arise when you buy a home in New Jersey.
Mortgage payments are another . ...