Home Buying in 11217>Question Details

pwl11575, Home Buyer in Brooklyn, NY

I'm interested in buying a foreclosed property in N.Y. I live in Florida. Is this something a real estate agent would be willing to get?

Asked by pwl11575, Brooklyn, NY Thu Jan 3, 2013

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Unless you're buying cash, the 1st thing you need to do is meet with a Loan Officer and see what you qualify for, then a Realtor can help you locate the right property. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
1 vote Thank Flag Link Thu Jan 3, 2013
Alright thank you very much. Maybe we can do business?
Flag Thu Jan 3, 2013
Dear pwl11575:

I am curious, why is it that you want a foreclosed property? Keep in mind that many foreclosed properties are in terrible condition and will require lots of work to make them livable. In addition, you have to take the property as-is without any warrantee whatsoever. Right now there is a lot of competition on foreclosed properties and most of the foreclosure deals that are made are done all cash without a mortgage contingency. Some foreclosure properties may not even be mortgage-able if the condition is really bad (unlivable).

I would suggest that if you are not buying all cash, get your self pre-approved for a mortgage. This is different than being pre-qualified. Pre-approved means that you are put through an underwriting process and the bank determines that they will give you a loan subject to you finding a property to purchase. It will cost a little time, money and effort, but it will give you a competitive advantage over other buyers as you need to be prepared to move quickly.

Most people who want to purchase a foreclosure do so because they feel they will get a good deal. This is not always the case. As a matter of fact, many foreclosure properties sell for market value or more because of all the people competing to buy them. Most purchaser's who get really good deals on foreclosures are buyers who purchase foreclosure "packages" from banks (you purchase 10 properties for $1,000,000 cash).

Looking at the big picture, maybe what you are looking for is simply a good deal. There are many other ways to find a good deal other than a foreclosure property. As an example you have estate sales and divorce sales and such. Either way, a real estate agent can help you. If you specifically want foreclosure properties, make sure the agent you work with specializes in foreclosures and has an "in" with the banks. The agent will not be able to help you properly if they do not have experience with foreclosure properties.

If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Fri Jan 4, 2013
Thank you very much.
Flag Fri Jan 4, 2013
Thank you very much.
Flag Fri Jan 4, 2013
If purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore visit with any licensed loan officer first; also choose an agent to work with, regardless foreclosure or not, he/she can help you.
0 votes Thank Flag Link Fri Jan 4, 2013
Hi PW.

The best thing you can do is find a real estate agent that is in the immediate area (close zip code) of where you want to buy. They can walk you through the process. You also need to be approved for a loan or pay cash.

I see that you received TWO great responses below already.

GOOD LUCK.

Scott Miller
Boca Raton-Miami Beach, FL
0 votes Thank Flag Link Fri Jan 4, 2013
Good morning PWL,

I can explain the NYS foreclosure procedure to you along with pre-foreclosure and short sales. I would need to know your specifications also in order to move forward. Give me a call anytime.

Direct: 212 300-3919

Luke Constantino
Realtor
Douglas Elliman RE
M: (212) 300-3919
F: (917) 369-2690
lukeconstantino@elliman.com
http://lukeconstantino.com
325 Court Street, Brooklyn, NY 11231
0 votes Thank Flag Link Fri Jan 4, 2013
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