Charles Blumenkehl

Riverdale - Buying a foreclosure property may not be a homebuyer's only hope of buying a home, but it may prove to be a great investment for the future if a buyer can find the right one. Today, buying foreclosures is not reserved for the investor, nor are banks necessarily interested in selling their properties strictly to investors. Owner occupants also have the opportunity to look at the foreclosed inventory in the areas they are looking, 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.

"We have all kinds of buyers looking at our foreclosed inventory, "says Charles Blumenkehl, president of Blue Realty GMAC Real Estate Services. " We work with 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." Blumenkehl, who says his company represents over 2 dozen banks in the sale of their foreclosed properties, as well as the State of NJ Housing & Mortgage Finance Agency, said that many of the homes his company sells represent good values in today's market, and as a result sell more rapidly than others may.

The process for buying a foreclosure property through a real estate agent is generally the same as a normal purchase. Buyers must verify their income, have good credit and be able to show they can make their mortgage payments. In many cases, in addition, the bank may want to see proof of the funds the buyer is using to purchase the foreclosed home in a bank account of the buyers, especially if the house cannot get a mortgage because of its condition.

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 experienced foreclosure agents who only work with bank properties and at the same time enjoy a network of offices throughout New Jersey that service all the local markets, we are able to offer our buyers and sellers the best of both worlds, providing them access to our hundreds of foreclosed properties currently on and coming to the market while offering them premier service and local market knowledge through our network of highly effective Realtors."

Short Sales or pre-foreclosures, allow potential buyers to bargain with the mortgage company. "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 Blue Realty's William Lawrence. "Often, a mortgage holder is willing to take a lower price for the home. For instance, it might sell a $200,000 home for $180,000 simply to get rid of it", Lawrence said. He also pointed out that while many banks and mortgage holders try to work with the buyer and borrower, there is no guarantee they will accept a short offer, and it may take the bank several months to get a response to an offer.

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.

In addition to the foreclosures that they deal with on a day to day basis, Blumenkehl points out that all Real Estate brokers have access to many other types of foreclosure deals available with financing. Through the U.S. Department of Housing and Urban Development, properties are available at good prices with as little as $100. Other programs available through the NJ Housing and Mortgage Finance Agency for whom Blue Realty GMAC acts as exclusive Real Estate Broker and Asset Manager make buying a foreclosed home easier and more affordable than ever before.

To learn more about buying foreclosures or seeing foreclosed opportunities in the area, Blumenkehl invites you to visit the local office of Blue Realty GMAC Real Estate Services at 5 Newark Pompton Turnpike in Riverdale call the office at (800) 936-SOLD/7653 or log onto the company's web site at www.bluerealty.com.

Riverdale - The Blue Realty Market Value Predictor, or MVP as its users call it, has created an immediate drop in the number of days on market for homes priced using the MVP model as compared to those which didn't.

According to Timothy Waller, Vice President of Sales at Blue Realty's Wayne, NJ office, "The MVP has helped my clients and me to identify the optimum marketing position for our home without any guesswork involved."

Waller continued, "The Market Value Predictor takes into account current local market data and market trajectory, and can help determine the most probable selling price 30, 60 and 90 days from now."

Since initiating the Market Value Predictor in September of 2008, Blue Realty has improved market time by over 60 days in most cases. According to William Lawrence, General Manager of Blue Realty," MVP properties are selling in less than half the time of other listed properties."

For more information about the Market Value Predictor and how you can make your home an MVP property, contact your local Blue Realty GMAC office at (800) 936-SOLD/7653 or log onto the company website at www.bluerealty.com.

Seems to me that the news has things sounding a lot worst than they seem to be once I get to work. When I am there, I see houses selling, people working, and a whole economy looking for a place to live. Then, when I can, whenever I find myself in the company of first time buyer demographically-qualified people (i.e. 25-40 yrs old, employed), I ask them if I can what they think of buying a home right now. I have to say, I must have asked this question of literally 15 or so persons in this demographic or more, and 100% have responded, "I wish I could afford to buy a house right now.". To a tee, they describe this as being an incredible buying opportunity market, the best time to buy in their lifetime.

On the other hand, if you ask the owner/occupant sellers of homes in this demographic what they think, they will tell you (unless they are transitional buyers looking to move up) this is not a good time to be selling in terms of economic gain.

Who is right? I think they both are. The fact is, in the long term , real estate will only go one way, up. It's my opinion that God stopped making land a long time ago, and hasn't stopped making people. Ulitmately, the people will overtake the dirt, and supply will give way to demand. So, what you buy today, in the long term, will profit you greatly.

In the short term, there is no saying for sure what might be. If I have to sell, I don't know that I am going to wait one year and see what happens. If I can't wait 3-5 years, then I should sell now. And, if I don't have to sell, I probably won't, for now. Unless, of course, if I am wanting to move up, in which case I will undoubtedly profit by the savings I make on the house I purchase over the reduction I take on the house I sell.

Seems to me that the news has things sounding a lot worst than they seem to be once I get to work. What do you think?

Riverdale - Everyone agrees, today, pricing a home properly has more to do with its sale than anything. The challenges of knowing how much to sell or how much to pay for a home complicates many decisions, leading to lost opportunities and value. In response to today's market, Blue Realty GMAC introduced the Blue Realty Market Value Predictor. The platform provides real estate clients with precise pricing for their real estate sale or purchase based on actual market statistics for the specific area the property is located in.

Blue Realty GMAC launched the product this fall, and the results were immediately outstanding. According to William Lawrence, General Manager of the company, "Our Market Value Predictor has assisted homeowners sell their homes much quicker and priced much more accurately than their market competition. Our values help sellers and buyers maximize their value opportunity while pinpointing the exact price they need to be at exactly that point of time in the market".

Blue Realty GMAC focuses on providing a high quality service experience for all of its clients. The company portfolio of services includes a statewide footprint of real estate brokerage offices, mortgage company, title services and insurance services.

For more information about the Market Value Predictor and how you can make your home an MVP property, contact your local Blue Realty GMAC office at (800) 936-SOLD/7653 or log onto the company website at www.bluerealty.com.

Riverdale - Blue Realty GMAC, Asset Manager for the State of New Jersey Housing and Mortgage Finance Agency and Affordable Housing Manager for the State of New Jersey, is offering foreclosure assistance to NJ residents who are finding themselves challenged by the current economic environment impacting 1 out of 10 homeowners in New Jersey.

According to Charles Blumenkehl, president of Blue Realty GMAC, "Tens of thousands of homeowners across New Jersey are facing challenges that are outside of their control and threatening their family's security. We understand that bad things can happen to good people, and we also understand the options available to homeowners in working out their individual dilemmas. We work with the homeowner to assist them in negotiating loss mitigations, deficiencies and other forms of loss mitigation that will allow them to maximize their benefit in working out their loans."

Blumenkehl continued, "The recently enacted Hope For Homeowners Mortgage Program, the announcement by several major loan servicers to modify delinquent mortgage terms, incentives offered under the Bush bailout package to lenders offering new mortgages to parties in foreclosure, reducing balances to reflect current market values, and other emerging programs, provide homeowners with options they never had before, the ability to keep their homes, create new equity and be forgiven for prior debt, create a tremendous opportunity for us to assist homeowners in turning a bad situation into a good one. We will strive to use our deep roots, knowledge and resource in this area, to support our clients in sorting through their options and assist them in the disposition of their real estate needs."

Blue Realty GMAC is the largest independently owned brokerage in the New Jersey GMAC network. For information about Blue Realty GMAC, including office locations and information about its mortgage, title and insurance agencies, log onto the company website at www.bluerealty.com, or call the company toll free at (800) 936-SOLD/7653. For more information about foreclosure assistance, log onto www.njforeclosureassistance.com.