Buying a foreclosure property has almost always been an option reserved for the speculator or investor who intended on "flipping" the property or holding it for future investment and/or rental income. Now, with value enhancement strategies and a wide array of inventory almost global to choose from, foreclosures are now being equally pursued by first time home buyers and are proving to be a great investment for the future if a buyer can find the right home in the right area. Today, buying foreclosures is not reserved for the investor, nor are banks necessarily interested in selling their properties strictly to investors. Owner occupants are now also looking at the foreclosed inventory in their markets, and see if the house they are looking for, with the things they want in it, happens to be listed for sale as a foreclosed property they will buy it.
“We have amassed an inventory of foreclosed and distressed real estate that we have enhanced the value of through rehabilitation and restabilizing, and as a result we are seeing offers from all kinds of buyers looking at our inventory,” says Charles Blumenkehl, CEO and managing partner of Blue Asset Management. "Buyers who want to buy for short term, long term and mid term investment, buyers who want to live in the home, buyers who are looking to buy something for a family member or help their children get started if the price is right and the rates stay low, have all been entering the foreclosure market.” Blumenkehl, who says his company who has bought properties from several dozen banks, says that many of the homes his company re-sells, and many homes available through other less travelled options have been representing good values in today’s market, and as a result sell more rapidly than others may.
The process for buying a foreclosure property is no different than buying any other home except the emotion on the behalf of the seller has usually been removed, and the company will work to close the transaction as much as makes sense. Blue Asset Management itself uses a network of Realtors from throughout New Jersey, many of whom worked at Blumenkehl's brokerage that was sold to Coldwell Banker in 2009 and are familiar with company guidelines and parameters. While buyers still have to verify their income in most cases, have good credit and be able to show they can make their mortgage payments Blumenkehl's company has a number of mortgage lenders that may have products to suit the buyer and help facilitate the transaction where other lenders may be unable to assist the borrower.
Blumenkehl points out that not all foreclosed properties are for all buyers. Some properties need work, others don’t and still others may present unknowns that require a more sophisticated buyer. Most importantly, a buyer should work with an agent who is familiar with foreclosures, understands the banks and the players, and has a reputation for honesty. Blumenkehl continued, “Since we have the good fortune of having both an experienced network of foreclosure agents and at the same time enjoy a network of offices throughout New Jersey that service all our local markets, we are able to offer our buyers the best of both worlds, providing them access to our foreclosed properties currently on and coming to the market while offering great service and local market knowledge through our network of highly effective Realtors.”
And, Blumenkehl pointed out, since Blue Asset Management does not take title to the property until after foreclosure, they also do not have to go through the short sale or pre-foreclosures process, enabling potential buyers to close much much quicker. “Mortgage companies do short sales, the term used when banks allow property to be sold for less than the mortgage balance owed by the seller, when they don’t want to keep them on their books,” said Bill Lawrence, Realtor and top producer at Coldwell Banker in Wayne, NJ. "The process can take forever, and by the time the bank has approved the sale, the buyer has often moved on to another property. By showing buyers properties like those of Blue Asset Management LLC we can provide our buyers professional negotiations, a property that is ready to move into and a deal that will close".
Home buyers should rely on professionals, such as real estate agents and home inspectors, to make informed purchases, said Keri Mason Roth, a partner at Atlanta-based law firm Morris Hardwick Schneider. These professionals can provide information on the neighborhood, tax history, and details about the property, such as lot size, footage or homeowners association dues.
To learn more about buying foreclosures or seeing foreclosed opportunities in the area, Blumenkehl invites you to contact your local Realtor. Blumenkehl and his companies are not real estate brokers, and will generally work through the brokerage community. For more informatin about Charles Blumenkehl or Blue Asset Management LLC visit the company website at www.blueassetmanagementllc.com or call the company directly at 973-835-1400.