$1,203,000 EMV

8 Beds   3 Baths   2,782 Sq. Ft.   Single-Family
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Mount Hermon Way
Ocean Grove, NJ 07756

Overview

This Single-Family Preforeclosure is located at Mount Hermon Way, Ocean Grove, NJ 07756. It has 8 Beds 3 Baths , 2,782 sqft of living space. This property is currently in pre-foreclosure with an estimated market value of $1,203,000.
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Status: Active
Listing ID: 62935017
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Learn about Mount Hermon Way in Ocean Grove, NJ

This single-family property is available as a preforeclosure at Mount Hermon Way. This property features 8 bedrooms and 3 bathrooms, perfect for investment and/or your personal residence. With 2,782 square feet of living space, you can enjoy sizable rooms for comfortable living and flexibility in the common areas for family gatherings. Our team of real estate experts has conducted a thorough analysis of the current market conditions in Ocean Grove, specifically for Mount Hermon Way and comparable listings. Based on this expert analysis, the estimated market value is $1,203,000. If purchased for rental purposes, the monthly rental rate could range between $2,030 and $3,050, providing a solid return on investment. Factors considered in this calculation include the property location, condition, status, and convenience, all assessed by our experienced professionals. Properties like this one on Mount Hermon Way are updated daily along with others in Ocean Grove, New Jersey, ensuring you have the most current and accurate information. Since this property is a preforeclosure, be sure to check out our Foreclosure Timeline for Mount Hermon Way below to see detailed and helpful information about what stage of the foreclosure process this listing is in.


Buy this home for as little as

Plus with taxes and insurance

Based on 20% down, 30 year mortgage, with 6% APR

Principal
Interest
Property Taxes
Homeowners Insurance
Total Monthly Ownership Cost

All calculations are estimates provided for informational purposes. Actual amounts may vary by location. It is important to know that mortgage rates are dependent on credit scores, loan timeline, and a down payment amount.

Foreclosure Timeline

Mount Hermon Way in Ocean Grove New Jersey Property History

Not in Foreclosure

Pre-Foreclosure

Auction

Bank Owned

Find out more about this property on Mount Hermon Way
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What is the city of Ocean Grove, NJ like?

Ocean Grove, NJ is a charming seaside town known for its Victorian architecture and vibrant community. The area features stunning beachfront properties, and residents enjoy a laid-back coastal lifestyle with plenty of outdoor activities.

The town is home to various local shops, restaurants, and cultural events throughout the year, making it an attractive destination for both residents and visitors. The proximity to the ocean provides ample opportunities for water sports, beach activities, and leisurely strolls along the boardwalk.

Ocean Grove boasts a strong sense of community, with frequent events such as outdoor concerts, seasonal festivals, and farmers' markets. The area's walkable neighborhoods foster a friendly atmosphere, making it easy for residents to connect with each other.

Nearby Schools

There are 3 schools in the area. Nearby schools include Ocean Grove Elementary School and Neptune High School.

Ocean Grove Elementary School
Neptune High School
H. R. Walden Academy

Nearby Attractions

There are plenty of activities near this property like Ocean Grove Library, Community Health Center, and more.

Ocean Grove Library
Community Health Center
Ocean Grove Museum

What kind of public transportation is there?


Public transportation options include: NJ Transit Rail service to New York City and Philadelphia., Local shuttle buses during peak tourist season.. Other services include ride-sharing services like Uber and Lyft.

Nearby Parks


Parks nearby include Ocean Grove Great Auditorium, Boardwalk Park and more.

Ocean Grove Great Auditorium
Boardwalk Park
Ocean Grove Beach

Cellular & Internet Providers


Services available in the area include cellular and internet options.

Cellular Providers

Verizon
AT&T
T-Mobile

Internet Providers

Comcast Xfinity
Verizon Fios
Optimum
Rental Chart
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for Mount Hermon Way in Ocean Grove New Jersey
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Property Information

Public Records

Preforeclosure

The property located at Mount Hermon Way in Ocean Grove, NJ is listed as a Preforeclosure

This listing located at Mount Hermon Way in Ocean Grove, NJ could be available as a Rent-to-Own listing as well, additional diligence will be required from the buyer to determine if this listing can be approved as a RTO.

Please take note that this property in Ocean Grove, New Jersey is not listed as a Rent-to-Own (RTO) opportunity. It is currently in an initial default stage in Ocean Grove, NJ, commonly referred to as Pre-Foreclosure, indicating that the homeowner has missed at least one payment and is considered delinquent. However, instead of going through a potentially lengthy foreclosure process, which could take up to 18 months, the homeowner may be open to considering a Rent-to-Own option that covers their mortgage.

Since Pre-Foreclosure properties are not formally listed for sale, there is no asking price available. Instead, you’ll find either the original loan balance or an Estimated Market Value (EMV) provided. To make a reasonable offer for this home, it’s advisable to use either the loan balance or EMV amount in conjunction with local sale price comparables to determine an appropriate offer. Alternatively, the homeowner might be willing to work with you on a monthly amount that can help them avoid the foreclosure process.

You may also want to check with a real estate attorney or other legal authority to discuss the potential risks of executing a Rent-to-Own agreement with the current Pre-foreclosure owner. If the current owner in Ocean Grove, New Jersey doesn't make their mortgage payments, they could lose the property which would directly affect you and your Rent-to-Own agreement.

For this reason, many buyers find a real estate investor or investment company to buy a Pre-Foreclosure property from the current owner. The investor/investment company could then offer you a Rent-to-Own agreement on that property that you worked out with them in advance, which could stabilize the investment and prevent complications.

This is an important legal concept to understand before moving forward

First Steps to Buying a Preforeclosure

Preforeclosure status means the owner of the property has defaulted on his mortgage obligation and the lender is taking steps to foreclose on the loan and take possession of the property. This situation places the property owner and the lender in a disadvantaged position. But it may not be too late for the property owner to work things out with his lender.  At the same time the lender may be interested in allowing a short sale (sale of the property for less than the amount owed) just to avoid the costly process of foreclosure on the loan, and then the expense of marketing the property. That leaves open the opportunity for a real estate investor to come in and solve the problem for both parties.

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Loan Information

Legal Information

Credit Information Center

County Information

Document Center

Rental Value

The estimated rental value for Mount Hermon Way located in Ocean Grove, NJ is $2,540/month. Comparable homes around Mount Hermon Way that are rentals have monthly ranges starting as low as $2,030 per month and as high as $3,050 per month. An owner looking to use this property as an investment could bring a return in the area of $2,030 - $3,050 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.

Listing History

Start Date End Date Listing Type Bank Name
12/15/24   Preforeclosure Manasquan Savings Bank
03/20/24 01/14/25 Preforeclosure Manasquan Bank
03/14/24 01/08/25 Preforeclosure Manasquan Bank

Similar Homes Nearby Ocean Grove, NJ


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Mount Hermon Way
Ocean Grove, NJ 07756

8 Beds   3 Baths   2,782 sq. ft.   Single-Family

$1,203,000 EMV

Status: Active Listing ID: 62935017

Property Information

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Public Records

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Property Description

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Listing URL

https://www.foreclosure.com/listing/address.html?address=Mount-Hermon-Way-Ocean-Grove-NJ-07756/62935017_lid

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