How to buy foreclosure in NY..

 How to buy foreclosure in NY....

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    Are you thinking of buying Real Estate Foreclosure property and not sure about the process?  

    A foreclosure is the action of taking possession of a mortgaged property when the mortgagor fails to keep up the mortgage payments on the same property.  These kinds of properties are attractive because of the listed 'reduced price' in comparison to market value.  Foreclosures in New York are judicial.  The process begins when the bank files a lawsuit against the defaulting borrower in court. The process is time sensitive and can take three to five years to finalize the process. An uncontested foreclosure can take six to seven months. Most sellers try to do a short-sale in order to reduce the hassle.

Where do I get a list of free sites for foreclosures in my area?

  • (select filter - status (for sale) - listing type (foreclosure/ short sale)


  • Zillow Foreclosure Center. 

  • Foreclosures.

  • Owned by the Federal National Mortgage Association, known as Fannie Mae, offers free listings of thousands of homes in foreclosure being sold by Fannie Mae.

TECHNICALLY - The foreclosure process in New York Real Estate currently takes approximately 445 days (15 months) from the date of the first missed payment to the sale of the home. Following an unfavorable ruling and a foreclosure sale, the borrower will, in most cases, need to vacate the foreclosed property within 30 -120 days.

Foreclosed properties can be advantageous both to homeowners and investors because monthly repayment rates are usually lower. Apart from lower selling prices, foreclosed properties have lower down payment rates of around 5-10 percent as opposed to 20-30 percent for a new development.

Buying a foreclosed property can be a cheap and fast way to invest in real estate. You will not normally be able to inspect a home under foreclosure prior to buying it, and it may need serious repairs. Ask your lender about a 203k (repairs loan). You will need cash upfront and some kind of expert(ise) or advice.  Make sure to give me a call!


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