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Foreclosure in 11710 : Real Estate Advice

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Activity 1
Thu Jun 23, 2011
Donna M. White answered:
If you are talking about buying at auction, all foreclosure sales in NY have to be advertised once a week for 4 weeks prior to the sale date, unless they have already been advertised and the sale postponed, in which case the attorney for the bank must re-advertise the sale once in the 30 days prior to the second sale date. These advertisements are placed in common newspapers for the area such as Newsday for Long Island or Queens, or other local publications, so all you need to do is look in the local papers in the classified sections for "Notices of Sale". However, if you are buying at auction, be aware that you are buying the property "blind" and as is...tenant occupied, without heat, damaged, whatever, and you have no way of knowing condition since you do not get an opportunity to enter the premises for inspections prior to taking possession. You need 10 percent of the purchase price in cash at the auction and you must also have the ability to close the sale within 30 days of the auction date. The closing date can be extended by the bank but normally won't be extended more than 30 days after the initial date, if that. Also be aware that the selling price may not be a bargain at this point! This is the bank's opportunity to recoup all sums due them...principal, interest, insurance costs, attorney, filing and service fees, maintenance, etc, so it may turn out the the auction price is more than the house is worth! ... more
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