Senior Loan Officer
Sterling National Bank
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!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
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.
Boca Raton-Miami Beach, FL
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
Douglas Elliman RE
M: (212) 300-3919
F: (917) 369-2690
325 Court Street, Brooklyn, NY 11231