Foreclosure in 10701>Question Details

Martin, Home Buyer in Yonkers, NY

How do you find homes in foreclosure to buy?

Asked by Martin, Yonkers, NY Mon Dec 3, 2007

We are shopping for a house. In addition to regular homes for sale, we would also like the opportunity to see houses in foreclosure that are for sale. I have seen a few pay web sites ($50 per month), but is this available anywhere for free? Thank you very much in advance.

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What is your motivation in buying a foreclosure? If it is to save money, you are probably barking up the wrong tree. Foreclosures are NOT big bargains. Do not forget that you are dealing with an owner - except that the owner is a BANK and they want as much $$$ as they can get. You may also inherit a host of structural problems from deferred maintenance. Also, owners who are foreclosed on often trash the house before it is vacated. For the average buyer - looking for a place to live, I consider foreclosures to be very, very risky.
0 votes Thank Flag Link Thu Dec 20, 2007
Be forewarned that a foreclosed house may need some work....updating, repairs and so on, so be prepared to spend some money once you buy one, if at all...above all, tread carefully.
Web Reference: http://www.iansellsnola.com
2 votes Thank Flag Link Mon Dec 3, 2007
There are a few ways to get foreclosure data, they involve a bit of homework, and no one is really - or likely to just tell the whole world their method. You need access to city/county records, you have to look at filings, then go see the property, find the owner, yadda, yadda...the papers ahve several "public notice" sections to read through, and the gov't has properties, HUD homes, that can be found publicly, but most sites require a fee. There is so much background work that needs to be done, the fee is sort of nominal for what you will get. Lis Pendens is really where the work begins, once something is in foreclosure, the competition is generally fierce.

NYC has ACRIS, the finance database, but it is not easy to navigate and identifying documents etc can be cumbersome, many sites offer free tirals with full access, I would try one out. Wish I could help more, perhaps someone else can offer insight.
1 vote Thank Flag Link Mon Dec 3, 2007
Feel free to email me. I have many properties in Westchester County that are in foreclosure. I am not a realtor.
0 votes Thank Flag Link Mon Dec 17, 2007
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