Lower Upset Amounts at Some New Jersey Sheriff Sales

In my recent travels I have been reviewing the results from past sales in a few different New Jersey counties. Two counties in particular showed that some properties are selling for less than the advertised judgment amount in the Public Notice.

(PRWEB) March 26, 2006 -- In my recent travels I have been reviewing the results from past sales in a few different New Jersey counties. Two counties in particular showed that some properties are selling for less than the advertised judgment amount in the Public Notice.

This is a very different story than what we were seeing just a few months ago. Now I am not talking about 20-30k less, but a few thousand is enough to notice a change in market conditions. Not to mention the recent proactive effort by most lending institutions. Did you know that most banks, for one of the first times in history, are calling up the homeowners and trying to make a deal with them before it gets too bad? In fact GMAC has just funded an entire organization to assist with homeowners in trouble. It is called http://www.995hope.org/ . Press Releases say that GMAC contributed about 20 million in seed capital funds to get it going.

What does all this mean? We’ll I’m not actually sure at the moment, but my feelings are that this is going to be a big problem. I am already hearing from REO realtors who are getting calls from their bank contacts telling them to get ready.

So if the REO market is starting to pick up and properties are starting to sell for less than advertised judgment amounts, I think we can make a safe assumption that the market will yield many bargains in the months to come.
Jeffrey M Posner

About the author:

Jeffrey Posner is currently the owner of Sheriff Sales Online LLC http://www.sheriffsalesonline.com and has been in the foreclosure business for over 5 years now. Founded in 2004, Sheriff Sales Online LLC is the only complete end to end foreclosure resource in the state of New Jersey.

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