Home Buying in Brooklyn>Question Details

T Tsao, Home Buyer in 08820

How to find out foreclosure homes besides those commercial websites? Are those homes officially announced?

Asked by T Tsao, 08820 Sat Jan 3, 2009

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if you are referring to Realty Trac,please let me set you straight. Realty Trac postings are not listings. Most of these properties are not even on the market right now. Realty Trac posts properties from the public records of Default and foreclosure notices. If you notice,no details or pictures are posted because Realty Trac does not have this info. They are a for profit site & make their profit by getting people to register & pay for info that can be obtained for free. I suggest you contact a local agent who can provide you with the latest,most accurate from the MLS at NO cost to you. Do not pay!
1 vote Thank Flag Link Sat Jan 3, 2009
Dear T,

I've been helping First Time Buyers for 22 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Tue Jun 19, 2012
The best way to find out about available bank owned homes is through a buyer broker. You can usually hire a buyer broker at no cost to you, they get paid the amount listed in MLS by the listing agent at closing. This way you have someone who can update you as new listings hit the market, as prices getr reduced and provide you with an initial list of all properties that meet your searc criteria. Dont waste your money paying for listing son sites. get real time info backed up with data and listing info as well as guidance through each step of the buying process. Good luck with your search
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Jan 5, 2009
Many foreclosure specialists (such as myself :-)) follow the papers in our areas, have listings in pre-foreclosure status and also have relationships with others in the business that know of these before they come to market. Although you have the option of buying them when they are auctioned at the courthouse, you are usually bidding against professionals and you do not have access to examine the properties as you would after they are listed. You are better off waiting for them to be listed with Realtors, as you might be able to negotiate a significantly more advantageous deal at this point. If you'd like more information about foreclosures in Ulster, Dutchess, Orange, Greene, Rockland, Sullivan, Delaware or Columbia counties let me know.
0 votes Thank Flag Link Mon Jan 5, 2009
Hi T Tsao,

Auctions for properties that are in the process of foreclosure are officially announced. You can find that information in local newspapers like the New York Post, Daily News, Jewish Press and sometimes in the New York Times. For more information go to http://www.sellahomebrooklyn.com
0 votes Thank Flag Link Sun Jan 4, 2009
Tsao - what is your reasoning for buying a foreclosure? This is important - because you may have misconceptions about the "deals" out there.
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Sun Jan 4, 2009
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