Potential Profit$1,520,000
This single-family property is available as a foreclosure at Ridge Rd. This property features 9 bedrooms and 6 bathrooms, perfect for investment and/or your personal residence. With 7,808 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 Summit, specifically for Ridge Rd and comparable listings. Based on this expert analysis, the estimated market value is $3,780,000. This single-family has potential equity of $1,520,000. If purchased for rental purposes, the monthly rental rate could range between $6,530 and $8,830, providing a solid return on investment. For those interested in resale, the estimated profit from selling is $1,520,000. Factors considered in this calculation include the property location, condition, status, and convenience, all assessed by our experienced professionals. Properties like this one on Ridge Rd are updated daily along with others in Summit, New Jersey, ensuring you have the most current and accurate information. Since this property is a foreclosure, be sure to check out our Foreclosure Timeline for Ridge Rd below to see detailed and helpful information about what stage of the foreclosure process this listing is in.
Plus with taxes and insurance
Based on 20% down, 30 year mortgage, with 6% APR
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.
Not in Foreclosure
Pre-Foreclosure
Auction
Bank Owned
There are 4 schools in the area. Nearby schools include Summit High School and Summit Middle School.
There are plenty of activities near this property like Summit Free Public Library, Summit Medical Group, and more.
Public transportation options include: NJ Transit train service to New York City, with Summit Station providing easy access., Local bus service connecting Summit to neighboring towns and transit hubs.. Other services include ride-sharing services like Uber and Lyft.
Parks nearby include Memorial Field, 部联系公园 and more.
Services available in the area include cellular and internet options.
The property located at Ridge Rd in Summit, NJ is listed as a Foreclosure
Properties like Ridge Rd in Summit, New Jersey listed as foreclosures have passed the point of auction or public sale. Because the properties were not sold at auction, the lender is now the owner and is engaged in the process of marketing and selling them to potential buyers through a local real estate agent or auction house in Summit, NJ. The longer lenders own properties like this on Ridge Rd, the more eager they become to sell, often at reduced prices.Foreclosures often mean the original homeowner had some sort of setback that caused him to allow his lender to take the property. Rarely does a lender want to retain possession of real estate, so it will be motivated to move it off the books as quickly as possible. A fast turnover is what the lender is looking for, so a big part of the marketing plan might include pricing for a quick sale. In order to take advantage of foreclosed properties there are some basic steps to be followed:
Steps as you search for your foreclosure property:
Foreclosed properties can represent excellent opportunities to acquire real estate at bargain prices. But in order to take full advantage of these opportunities you must have all your information and take an organized approach to finding and acquiring foreclosed properties. Find the location and property that interests you, work with the Realtor and closing agent to learn all you can about the property, and make your offer based upon good information and research.
The estimated rental value for Ridge Rd located in Summit, NJ is $7,681/month. Comparable homes around Ridge Rd that are rentals have monthly ranges starting as low as $6,530 per month and as high as $8,830 per month. An owner looking to use this property as an investment could bring a return in the area of $6,530 - $8,830 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.
| Start Date | End Date | Listing Type | Bank Name |
|---|---|---|---|
| 11/25/24 | Foreclosure | ||
| 02/21/23 | 10/21/23 | Bankruptcy | |
| 02/08/23 | 08/29/23 | Foreclosure | |
| 12/31/22 | 02/08/23 | Preforeclosure | Wilmington Savings Fund Soc... |
| 08/04/22 | 02/08/23 | Preforeclosure | WILMINGTON TRUST NATIONAL A... |
| 08/04/22 | 02/08/23 | Preforeclosure | WILMINGTON TRUST, NATIONAL ... |
| 11/15/21 | 10/28/22 | Bankruptcy | |
| 10/07/21 | 11/17/21 | Preforeclosure | Wilmington Savings Fund Soc... |
| 09/30/21 | 11/17/21 | Preforeclosure | WILMINGTON TRUST NATIONAL A... |
| 09/25/21 | 11/17/21 | Preforeclosure | WILMINGTON TRUST, NATIONAL ... |
| 12/09/19 | 01/08/20 | Preforeclosure | Wilmington Savings Fund Soc... |
| 09/12/19 | 01/08/20 | Preforeclosure | WILMINGTON TRUST NATIONAL A... |
| 09/12/19 | 01/08/20 | Preforeclosure | WILMINGTON TRUST, NATIONAL ... |
| 07/24/18 | 05/20/19 | Preforeclosure | Wilmington Trust, Trustee |
| 07/24/18 | 05/20/19 | Preforeclosure | WILMINGTON TRUST COMPANY |
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