Opportunities Galore in Thriving City
Newark has 2,406 foreclosed homes and houses for sale at its real estate listings auctions in the imminent future. These sport the median listed price of $331,500. Robert Ginsberg, John Marzano, Frank Peterpaul and Abdul Muhammad are players at the Newark foreclosure auctions who can prove vital allies to you in your search for an ideal home to buy. As important real estate agents in Newark, they know of the sundry homes on sale there, as well as the local terrain. So, they can offer you pertinent advice on the colony to buy your home in, and help you with various other crucial decisions pertaining to the mortgage loan scheme most advisable for you, and the maximum bid price you ought to make for your selected homes.
Newark is the county seat of Essex County, and is the biggest city in the US state of New Jersey. Newark is situated near the Atlantic Ocean and Port Newark is the principal container shipping port on Newark Bay. Newark is located barely five miles from Manhattan and three miles from Staten Island. Along with Elizabeth, it is the site of the Newark Liberty International Airport. Other important suburbs of Newark include Belleville, West Orange, Bloomfield, West Caldwell, Caldwell, Verona, Cedar Grove, East Orange, Roseland, Essex Fells, Orange, Fairfield, Nutley, Glen Ridge, North Caldwell, Irvington, Montclair, Livingston, Millburn and Maplewood.
Foreclosure Auctions: Drawing Huge Crowds
Why are the government foreclosures in Newark pulling hordes of prospective homebuyers to intensely bid for the homes offered? The reasons for this are fairly obvious. Let’s briefly go over the sundry factors that make buying foreclosed homes desirable and compelling. Firstly, the foreclosed homes are usually gorgeous homes in posh colonies. They are offered at fantastic discounts of between 10 percent and 50 percent over the prevailing market prices. This gives a once-in-a-lifetime opportunity to those on the other side of the income divide to acquire splendid homes at rock-bottom prices. Moreover, the auction procedures have the advantages of being few, simple, transparent and just. The real estate listings auctions inspire the investors’ trust because of the government agencies like VA and HUD involved in them. Finally, the seized homes have safe titles free from any cumbersome lien attached.
The most delightful part is that there are several mortgage companies in Newark are also seeking to share the government foreclosures spoils. They do this by presenting home-hunters with a diverse range of home finance schemes on easy terms. You could choose for a loan amount between $5,000 and $5,000,000 or beyond. The duration of the loan may be one year to 30 years, to suit your convenience. Likewise, you could opt for a fixed or a variable interest rate. Soon as a transaction is finalized at the property auctions, the buyer is to make a down payment to clinch the deal. This varies from a nominal $500 to 10-20 percent of the total bid price. The mortgage companies remove even this tentative hurdle in the buyer’s quest for purchasing a house. All these factors combine to lead the prospective homebuyers to the foreclosure auctions in Newark with determination and gusto.