Foreclosure in 10306>Question Details

Kathy, Home Buyer in Belle Harbor, NY

Hi, I see lot of foreclosures in Midland Beach Area of Staten Island. Is it worth to check them? I have a

Asked by Kathy, Belle Harbor, NY Wed Dec 19, 2007

perfect credit history and hight score, but really short on money, so can the purchase foreclosure property work in my case?

Help the community by answering this question:

Answers

5
Ambre’s answer
I love that Mr. CUNY Law School thinks that BUYING A HOME IS A CONSTITUTIONAL RIGHT....what a joke you are . Buying a home is NOT a constitutional right - and the belief of such is a HUGE reason we are all in this predicament we now find ourselves in.
1 vote Thank Flag Link Sun Jun 28, 2009
Give me a call at (718) 698-2179 at Prosperity Real Estate Group, We are on Richmond ave as well, I can help you answer any questions you may have, this is not commitment to come with us. YOu can come and inquire about this even if you are already working with someone. Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
1 vote Thank Flag Link Fri Mar 7, 2008
Perfect credit but short on money? Most of the foreclosures I've seen need a lot of work, so you'll need funds to fix the place up. Also, keep in mind that most of the properties in Midland Beach are in a flood zone, and thus require flood insurance, which can be costly.
1 vote Thank Flag Link Thu Dec 20, 2007
Kathy,

Be Careful! Just because a home is in foreclosure it does not necessarily mean you are getting a good deal. I closed on a handful of shortsales (pre-foreclosures) last month, some of which came in under market value, and some which didn't. Pick an area, do your homework, and shop for price. Contact me if you would like to here some more tips on buying foreclosures.
1 vote Thank Flag Link Wed Dec 19, 2007
The question is are you planning to occupy the home or is this for an investment? Lenders have tightened credit considerably for mortgages. If you plan on being an owner occupant and have flawless credit and provable stable income you can probably get away with about 5% down. If it’s an investment property you will likely need somewhere in the 15-20% down. However if you are that interested its no harm to attempt to qualify. I you need help let me know.
0 votes Thank Flag Link Wed Dec 19, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer