Home Buying in Brooklyn>Question Details

Mdivito11, Home Buyer in Brooklyn, NY

what is the first step to buying a foreclosed home?

Asked by Mdivito11, Brooklyn, NY Mon Mar 17, 2014

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3
Many properties that are advertised as Foreclosures are not Foreclosures. The only way to buy a Foreclosure is to go to the auction; when the Court/Bank is actually auctioning it.
You need CASH, most jurisdictions require 10% in certified funds at the hammer. You have 30 days to close, CASH.
You can not buy with a mortgage contingency, you cannot normally inspect the property before buying. You buy it AS-IS with all the garbage that goes with it. Working or not. Tenants, squatters whatever.
If a speculator has bough the property, fixed it and is now flipping it, it is no longer a foreclosure; it is a regular sale except depending on how long the flipper has had title it may be difficult to get a new mortgage.
All the best,
Kathryn Lilly
Realty on the Greene, LLC
718-858-7600
KLilly@RealtyontheGreene.com
0 votes Thank Flag Link Mon Mar 24, 2014
You need to research and learn about foreclosure auctions and REO properties. "Buying a foreclosure" is not for everyone; there can be many pitfalls. A good agent will be able to tell you about many other available opportunities that involve less risk.
Web Reference: http://bverealty.com
0 votes Thank Flag Link Sun Mar 23, 2014
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 if you haven't done so yet, begin by visiting with any licensed loan officer; also choose an agent to work with, he/she will be your best guide...
0 votes Thank Flag Link Mon Mar 17, 2014
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