Hello Terry: Foreclosures are tricky to deal with...you must first understand who controls the property at the time you want to purchase. A property is foreclosed when the bank formally regains legal control of the property. This may differ from state to state. However, In New York, the owner is given a sale date at the court.....The owner has the first right to repurchase the property, if not anyone else can bid on the property. If there are no takers, the bank reclaims the property usually for the upset price or less.
Once the bank retakes the property, it becomes an REO so the control essentially shifts from the home owner to the lender.... more