‘Real Housewives of New Jersey’ Teresa Giudice’s Home Fails To Receive Minimum Bid; Returned To Mortgage Lender For $100
"Real Housewives of New Jersey" Teresa Giudice's background as a reality TV star was not a guarantee of future success, especially since she happened to have a reputation as the most notorious member of the Bravo TV series.
Giudice's table flipping TV persona did not help make her former property a hot real estate market commodity. No one has even met the minimum bid on the foreclosed property once owned by her and husband Joe. For this reason, the property is being sold back to its mortgage lender for just $100.
The reality television star, who pleaded guilty to financial fraud in 2014, purchased the three-bedroom, one-bathroom home in Lincoln Park, NJ, for $170,000 in 2005. Despite selling for less, the house had an estimated value of $219,234 since the average home price in the town was $298,900, according to a feature from Realtor.com.
Christopher Homsi, real estate agent with Coldwell Banker Residential Brokerage, said that it was fairly understandable for the bank to buy back the foreclosure on the cheap. He stated that sometimes they will put some work into it, and then try to resell. In most cases though, they still end up losing money on the property. Homsi also added that nobody really cares if a reality star lived in a property. For homebuyers, as long as the property is in good condition, it will eventually sell regardless of all other minor issues.
The couple reportedly called the Lincoln Park residence their home for a few years while remodelling their mansion in the Montville Township of New Jersey. They then ended up renting it out for a few years.
Giudice served over a year in jail and was released in December for her involvement in financing her lavish lifestyle with illegal mortgages and construction loans. The property was the second residence that the Giudices had lost. Their foreclosed vacation house in Manahawkin, NJ, was also sold back to the lender, according to a feature from the Latin Post.