best info on OCNJ foreclosures/short sales?

[mtquinn]

Hello, dis-ers. My mother is interested in scooping up a shore house in Ocean City, NJ as a vacation home. It is a great time to buy, but she really needs a price under $200k. Of course, she does not want anything too run down...2-3 br, either semi-close to the beach (north or south end) or close to the bay would be nice. All the prices we have seen for a decent home in good shape are in the mid-200k. That is a bit high for her, so...

She wants to look into a short sale or, better yet, foreclosures to snag a deal. Can anyone guide me to, maybe, a free/low cost web site that gives this info? Any info on how to go about this is greatly appreciated.

Thanks!

 

[JoiseyMom]

That area being close to the shore are pretty easy to sell, and may not have too many short sales or foreclosures. Your best bet is to call a realtor, they have the inside scoop on that information. Good Luck!

 

[mtquinn]

Yes, but the market is so saturated, and there are a lot of short sales/foreclosures out there. I just don't want to rely on a realtor. Wanted to do some investigating on my own.

 

[J3nn78]

Good luck with that. I just did a little quick research and I doubt you can find anything even close to your range-even if a forclosure or short sale.

Ocean City, NJ
Real Estate Statistics*
Single-Family
Avg Price $1,344,065
# Listings 205
New (7 Days) 6
Avg Days on Mkt 130

Condo/Townhouse
Avg Price $605,127
# Listings 688
New (7 Days) 68
Avg Days on Mkt 121


Also, important to check out what the property taxes would be. They are pretty outrageous in NJ, but especially so in shore towns.

 

[TinkPirateMom]

I have a great realtor our family uses for rentals and he is always trying to get us to buy instead of rent. PM me if you want his info.

 

[java]

Timing is everything with a shore house. People are in the rental euphoria right now. If she can hold out until the winter- prices should be better for that area. Foreclosures are few and far between in Ocean City. Also be careful when you are looking- some AC condos were popping up as Ocean City with a quick check on Realtor.com(who by the way has foreclosure listing now on there and none in Ocean City at this time)
Good luck to her. My mom scored a condo in Florida near the beach for $30,000. a 2 bedroom! needed a bit of work- but after less than $10,000 additional it's perfect for them. So deals are out there you just have to hit it at the right time. Summer isn't it for the shore.

 

[mtquinn]

Good luck with that. I just did a little quick research and I doubt you can find anything even close to your range-even if a forclosure or short sale.

Ocean City, NJ
Real Estate Statistics*
Single-Family
Avg Price $1,344,065
# Listings 205
New (7 Days) 6
Avg Days on Mkt 130

Condo/Townhouse
Avg Price $605,127
# Listings 688
New (7 Days) 68
Avg Days on Mkt 121


Also, important to check out what the property taxes would be. They are pretty outrageous in NJ, but especially so in shore towns.

No, those numbers are extreme, and not at all what I have seen. You can get nice shore condos, even small single homes, for 300k and under. We just want it for even less, cheapies that we are!

 

[mtquinn]

Waiting till winter is a very good idea, thanks! I think we will.