Real Estate Information Archive


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Foreclosure Homes


Before you even begin searching for a home, you have an idea of how much you are willing to spend, along with an image of the type of house that your budget can actually buy.  The exception to this situation is foreclosure properties.  This is because foreclosure properties are known to sell for significantly less than their original value.  What does this mean for you? It means that your budget will be able to buy a larger house than you had ever imagined.

The Advantages

Obviously, the discounted initial price that the house is selling for is a HUGE advantage.  Foreclosures are known for selling for a lot less than what the previous owners paid.  Other advantages of buying a foreclosure include:

  • Lower purchase prices means a lower down payment as well which is an advantage to a lot of home buyers. 
  • The buyer is able to use regular mortgage financing.
  • The seller is legally required to provide a complete history of the home’s condition, problems, and repairs.

What to look out for:

There are certain things to be careful of when looking to buy a foreclosure.  For starters, think about the previous owners.  The reason the house is foreclosure is because they couldn’t make the payments (for whatever reason).  This means that more often than not, the condition of the house is less than ideal.  The amount of maintenance and repairs that need to be done can quickly add to your initial cost.  Other disadvantages can include:

  • The previous owners selling major appliances and other furniture and fixtures within the home.
  • The seller might not be able to negotiate below the outstanding balance of the existing mortgage.
  • Can be a long process with many unexpected findings that the buyer isn’t satisfied with.

When it comes to foreclosures, each house is different.  However, if you look over your options carefully and do your research, then you can find the home of your dreams for an affordable price.  If you are interested in a foreclosure property, give Marie a call at (732) 333-8273.

You have the power to improve your homes functionality and appearance in a number of different ways.  You might choose to fix poorly insulated windows or replace outdated lighting fixtures.  But, you might also choose to take on a larger task and add a completely new addition to your house.  If you do decide to make this radical change with your home, you should ask yourself two important questions first:

  • How much will the entire addition cost?
    • Costs of home additions tend to add up without you realizing exactly how much until you’ve reached the point of no return.  Make sure that you can afford the project from start to finish.
  • How much value will the additions add to your home?
    • You want to make sure you are doing something that is not only going to make you happy, but that is also going to increase your home’s value.

Here are some home improvement additions that you can get in order to receive the most “bang for your buck”:

  • Finished Basement
    • A basement can either be a cold and dark area used solely for storage, or it can be utilized as an extra room, or entire second living area.  Every basement has the potential to make your home significantly more valuable.
  • Deck
    • An outdoor deck is far less expensive than expanding your house with a new room, but it serves a very similar purpose.  It adds extra space to your home, while also adding a new and attractive outdoor element.
  • In-ground pool
    • What a better companion to your deck than a pool?  A recent study published by the National Association of Realtors states that in-ground swimming pool can increase the value of homes from 8 % to as much as 15 %.
  • Additional Room
    • Anytime you add to the overall square footage of your house, you are adding to the value as well!

Displaying blog entries 1-2 of 2

Contact Information

Photo of Marie Gentile Real Estate
Marie Gentile
Keller Williams Realty West Monmouth
50 Hwy 9 North
Marlboro NJ 07746
(732) 536-9010 Office
(732) 433-9117 Cell
Fax: (800) 878-5469