how to buy a house in foreclosure in new york

The auctioneer starts the bidding, the lender who has precipitated the nudges the bidding upward in the hope of getting the bidding as close as possible to the value of the property without actually being the successful bidder, and the other bidders hope the lender will blink early enough in the bidding to hand them a good deal.
One problem in buying a property at a foreclosure sale, however, is that there is no guarantee that everyone who has a mortgage or other on the property has been properly notified of the sale.
”That’s the insanity of it,” he said, adding that a careless or unlucky buyer at a foreclosure sale could end up paying more for the property than it is worth, if other outstanding mortgages remain.
”With a foreclosure, you might not even have access to the property right away,” he said, pointing out yet another pitfall to buying at a foreclosure sale: the possibility that the successful bidder will be faced with the daunting prospect of having to evict a tenant or former owner after the sale.
Joyce said, explaining that since the lenders want to generate as much interest in the sale as possible — and don’t want to end up owning the property — they will reveal how much is due on the mortgage plus late charges and costs of the sale.
”Anyone who plans on finding financing for the property after the sale shouldn’t be planning on bidding at the sale,” he said, explaining that the successful bidder must post a 10 percent deposit — cash or certified check — on the day of sale.
Wasser said, adding that to get the most money possible from the foreclosure sale the lender generally tries to encourage bidding to the amount outstanding on the loan.
Moreover, he said, many people do not understand that if the mortgage being foreclosed is a mortgage recorded subsequent to a first mortgage — such as a second mortgage or home equity loan — the first mortgage could remain a lien on the property after the sale.
In Connecticut, foreclosure sales are conducted by a court-appointed committee that holds the sale at the property itself.
Joyce, a Rye, N.Y., lawyer who often represents lenders in foreclosure actions, said that in New York, foreclosure sales take place in the courthouse lobby or on the courthouse steps, in the county where the property is situated.

Newspaper notices of foreclosure sales are disorganized; foreclosure-listing Web sites charge hefty monthly fees; lenders post only minimal information on the properties they’ve taken back.
Steve Dexter, author of "Prospering in the Rising Wave of Foreclosures," has bought dozens of foreclosed homes and thinks now is a good time to dive in.
Alternatively, "Get a young, hungry agent who’s screening REOs all the time and put them to work for you," he said.
"The first time, I bought, renovated and sold the house all within 29 days and made a killing," he said.
"You might not think that’s too great for buyers," said Dexter, "but the listing prices are lower [than market value]," usually by 10% or more.
Many buyers go through real estate agents who specialize in foreclosures, but if there’s a particular property you have an eye on, Blomquist says you can approach the lender directly after the foreclosure but before it’s listed for sale.
First of all, if you’re new to the foreclosure market, don’t even think about buying a property at a foreclosure auction, says RealtyTrac vice president Daren Blomquist.
If you’re seeking to purchase a foreclosure with an FHA loan, Blomquist says the requirements pertaining to the condition of the property are stricter.
The bank that owns the title isn’t going to make needed repairs for you before the sale, and it’s unlikely to lower the price to compensate you for repair expenses you’ll incur.
Factor the cost of any necessary repairs into your budget, since foreclosures are generally sold “as-is.” “Be aware with these REO or bank-owned properties that a lot of them are in pretty poor condition,” Blomquist says.
The bank is required to pay off senior liens like back taxes, you won’t have to kick out anyone living there and you’ll be able to inspect the homes for damage and figure out how much you’ll need to set aside for any repairs.
An increase in foreclosure activity might sound like bad news, but it’s actually a good sign for these markets because it means the logjam that’s been keeping housing in the doldrums is finally starting to break up.
Prospective buyers can’t inspect the home to determine if there’s any damage — highly likely if the house has been vacant for a while — or find out if there are any senior liens (such as outstanding taxes owed on the property).
A Foreclosure Estimate is the price Zillow predicts a property will sell for if it’s listed as a foreclosure (bank-owned property or real estate owned).
By analyzing information on thousands of single family homes for sale in New York and across the United States, we calculate home values (Zestimates) and the Zillow Home Value Price Index for New York proper, its neighborhoods, and surrounding areas .
The lender initiated foreclosure proceedings on this property because the owner(s) were in default on their loan obligations.
This property is not found on a multiple listing service (MLS).
By analyzing information on thousands of single family homes for sale in New York, New York and across the United States, we calculate home values (Zestimates) and the Zillow Home Value Price Index for New York proper, its neighborhoods, and surrounding areas .
This property is owned by a bank or a lender who took ownership through foreclosure proceedings.
A deficiency judgment is available to a lender if a property in foreclosure is sold at a public foreclosure auction sale for less than the loan amount that the underlying mortgage secures.
Many New York properties are bought at public foreclosure auction sales, but the competition may be strong and the prices are higher than during preforeclosure to cover the lender’s legal costs.
Because of this, it could take four (4) months or more from the time a property owner receives a notice of default until the property is sold at a public foreclosure auction sale.
If you wait until the public foreclosure auction sale – or afterwards – the competition may be stronger and the prices will be higher to cover the lender’s legal costs.
To find these sales, read newspaper notices prior to the auction date, look for public notice posted – when required – on the property, or search other public places in the county where the real estate is located.
By law, foreclosure auction sale must be announced publicly and held at the date, time and place required by state statutes.
This property has started the foreclosure process because a loan secured by the property is in default.
This property is scheduled for a public foreclosure auction.
Compiled from over 650 MLS listing services, as well as other foreclosure data sources, our extensive database of New York foreclosure properties for sale includes pre-foreclosure homes, defaulted properties, short-sales, foreclosure auctions, and more.
Search for homes due to be sold in foreclosure auctions, REO (real estate owned) homes in New York, as well as bank-owned properties for sale.
New on Our Blog Mortgage Rates Are at the Lowest Level of the Year Shashank Shekhar Despite contrary predictions, mortgage rates are at the lowest levels seen in 2014, meaning this could be a great time to refinance or purchase a new home.
"The safest and best way to buy is when it’s a bank-owned property," said Rick Sharga, a spokesman for RealtyTrac, the online marketer of foreclosure properties.
In addition, the banks selling these places may extend preferential financing terms to the buyers and may have made some repairs before putting the property on the market.
"That means the bank won’t pay for cosmetic issues," said Adam Wiener, a spokesman for the Redfin, the online real estate marketer.
"The buyers and their agents need to be on top of everything from the inspection to the financing," said Wiener.
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Each area offers exciting options for bargain real estate in New York where you can uncover options in all foreclosure categories, including bank owned homes for sale, FNME and Freddie Mac property for sale, short sales and more.
From the natural beauty of Niagara Falls near Buffalo NY, to the Finger Lakes NY areas supporting the largest selection of vineyards outside of California, to the mountains of Lake Placid NY, you can’t go wrong searching for amazing value in foreclosed real estate in New York.
Bank Foreclosures Sale offers a huge database of New York foreclosed homes for sale including New York bank foreclosures, government foreclosures, HUD and VA repo homes, preforeclosures, bankruptcies, foreclosure auctions, tax liens, distressed properties and New York bank owned homes.
Find New York foreclosures for sale through our foreclosure listings service including New York foreclosed homes, government foreclosed properties and New York bank foreclosures.
Bank Foreclosures Sale offers the most reliable and up-to-date listings of bank foreclosures, including some great opportunities on foreclosures in Brooklyn and foreclosures in Jamaica, as well as other major cities in New York.
Either way, USHUD.com has what you are looking for from HUD homes New York to New York foreclosures we can help you find what you want.
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If you do not feel comfortable calling them send them an email with what you are looking for in a foreclosure and they will be able to point you in the right direction.
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syracuse.com’s Foreclosures section is packed with all the listings and information you need to make your important foreclosure decision.
syracuse.com offers a wide variety of listings and information to help you buy foreclosed properties.
You can find the best deals on foreclosed homes in New York on syracuse.com because sellers are motivated to sell these properties quickly.
The unemployment rate in New York is 6.1%. This is lower than the national unemployment rate which is 6.1%. The state of New York has a median household income of $55,603 which is higher than the national average rate of $51,914.
The state of New York has an average foreclosure rate of 0.05%. The New York foreclosure rate is lower than the national average of 0.08%. The state of New York has a population of approximately 19,229,752 with an average income of $55,603.
The weather annually sunshine for the state of New York is 49 degrees and the average high for New York is 57 degrees and the average low for New York is 38 degrees.
Search for foreclosures in New York by selecting one of the top foreclosure markets listed or find specific New York counties by clicking on a letter in the bar above the list.
“If it doesn’t work, then that could mean home prices take another hit as they instead list their foreclosed properties for sale, but it’s interesting that they’re testing this in Arizona.” The average sales price of a foreclosed property in Arizona in the fourth quarter of 2011 increased 4% from the previous quarter, according to RealtyTrac.
The national average of prices for foreclosed (real estate owned or bank-owned) properties at $152,465 continues to be lower than the sales price for all properties (including foreclosure and non-foreclosure) at $203,779, according to RealtyTrac.
The number of foreclosure filings in a state can translate to that state having the highest percentage of foreclosure sales, as Nevada had 56%, California had 43%, and Georgia had 39% of all sales being foreclosed homes during the fourth quarter of 2011, according to RealtyTrac.

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