Buying properties in foreclosure can be a profitable business, but is not without its pitfalls. 1010 Wins interviewed New Jersey foreclosure attorney Glenn Reiser about what first-time investors and consumers should be aware of before plunging into purchasing properties through foreclosure.

Hackensack, NJ (PRWEB) October 6, 2005 -- Buying properties in foreclosure can be a profitable business, but is not without its pitfalls. 1010 Wins interviewed New Jersey foreclosure attorney Glenn Reiser about what first-time investors and consumers should be aware of before plunging into purchasing properties through foreclosure. He shared the following advice.


In New Jersey, the local county sheriffs have authority to sell property on behalf of mortgage holders under the jurisdiction and supervision of the Superior Court of New Jersey. A 20% deposit is required to be presented at the sale in the form of a certified check or cash.

Unlike a typical home sale, a bidder at a foreclosure sale cannot gain access to the property for purpose of conducting home inspections because in most circumstances the homeowner is still occupying the property. Because of this and other practical problems, such as eviction of the former homeowners and/or current occupants and possible environmental contamination at the property, purchasing property at foreclosure sales is a risky business.

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