Home Buying in Ridgewood>Question Details

May, Other/Just Looking in Queens, NY

Real Estate Property Auction Status

Asked by May, Queens, NY Mon Jun 16, 2008

How may I obtain the status of a Queens property that was being auctioned? RealtyTrac had a status of 'awaiting update'. I am really interested in this property. I had called the court directly and after getting the run around, I was told to contact the bank who initially provided the mortgage. I did so and got nowhere as well. Should I be working with an RE agent at this point? Thanks.

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Since this question is over 2 years old and a new comment popped up--please let us know, did you end up purchasing the property in question.
0 votes Thank Flag Link Sun Aug 8, 2010
Propertyshark.com is an excellent resource for preforeclosure, auction and reo status on properties. You can also inquire with the bank's attorney, contact the REO division of the bank as well as googling the internet. Often each bank has a list of reo properties on their own website.
If you are going to attend an auction to purchase, you need 10% down in a bank check at the courthouse. While you don't have to bid the upset price (the amount of the lien the bank has) don't start ridiculously low or the bank will just bid the upset price and take the house back. Good luck!
0 votes Thank Flag Link Fri Jun 20, 2008
Call the bank and ask for their Real Estate Owned Department. Even though it's not an reo yet - they may be able to assist you. Figure on a return phone call in a few weeks. It's definitely tough, but just keep following up.

An agent (like me) can pull information for you and provide you with some insight as to what's owed on it, etc. - IF it's in public records and that record is up to date. Good for general information. I'm going to an auction tomorrow.
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Tue Jun 17, 2008
Propert Auction dates are posted in the newspaper, and should be posted on RealtyTrac if you are a paid subscription member. Another source of information is http://www.propertryshark.com. Realtors typically represent the seller during lis pendence (pre foreclosure) and if the home doesn't sell at the auction and the bank takes the home back. The the home becomes a REO, or Real Estate Owned. The best price is at the auction. If you want the home and it has not been slated for auction, find the owner or agent. As with any auction, it goes to the highest bidder or the bank keeps it providing the minimum number set by the bank isn't met akin to ebay.
0 votes Thank Flag Link Tue Jun 17, 2008
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