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Foreclosure in Buffalo : Real Estate Advice

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Activity 28
Fri Aug 11, 2017
Kathy Burgreen answered:
Most realtors refuse to work with foreclosures and short sales because it involves extra time and paperwork and there is no additional pay for it. Foreclosures are priced cheaper because these homes need repairs, they may have possible liens which needs to be researched, etc. Realtors know that it takes less time to get a buyer to buy a regular resale home and they earn far more money for it. Finally, most foreclosed homes ate cash deals only. ... more
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Sat Apr 23, 2016
Kathy Burgreen answered:
From the time you were served notice that your home was going into foreclosure is when you should have made plans to move out. Therefore, you do need to find a place now. It will be difficult for you because your credit will take a major hit and landlords want tenants with good credit scores. With a foreclosure, you can lose about 200 points on your credit. You may have to consider a mobile home.

If you plan to buy a house in the future, there is a waiting period of about 3 years or more from the date the foreclosure was transferred to the buyer.
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Sun Feb 7, 2016
Randy and Tracey Gagnier asked:
Thu Aug 20, 2015
Stormyleena answered:
Having the right pricing strategy is an area that cleaning business owners struggle with the most. One on hand, you will want to make sure prices for your services are competitive. On the other hand, you need to make sure you generate profit so that your business continues to grow. For residential foreclosure cleaning services, the pricing method used is usually by the hour.
Reference: http://ForeclosureIQ.com
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Thu May 14, 2015
Dan Tabit answered:
Cynthia,
Foreclosure is not an immediate process. It can take months or even longer, so there is no need to panic yet. If you have a lease, you'll likely be allowed to remain for the rest of the term, but don't plan on signing a new one with the bank. If you are month to month, you'll receive notice from the bank once they take ownership.
I'd encourage you to start to consider where you want to move next however and take control of the part of this you do have.
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Thu Apr 3, 2014
Craig Wheeler answered:
Sun Feb 23, 2014
Craig Wheeler answered:
If the properties are located in the City of Buffalo, and they are in foreclosure. They will be located on the cities in rem list. That auction is usually in early or late October. Click on the link I provided to see if homes are still in foreclosure. ... more
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Thu Oct 3, 2013
rosalyn answered:
Dear John Gattas,
Please let me have your phone number. My computer e-mails were deleted.
Thanks.
Rosalyn Harari
rosalyn@013.net
0 votes 5 answers Share Flag
Sat May 11, 2013
Christine Greiner answered:
I would suggest that you speak with a mortgage broker to see what your eligibility is. Although your income is limited, there may be programs available.
There may be issues though with a forclosure or HUD, many programs out there require that certain repairs be made and it creates a question as to who is going to be responsible for those repairs. ... more
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Tue Feb 26, 2013
Jerry Thompson II answered:
Amanda, in most foreclosures you are going to want to have a substantial downpayment of get pre-approved for an FHA 203k rehab loan, which you can have as little as 3.5% down but requires significant work, but can be done.

locally foreclosures HUD and most others list with an Mulitple listing broker when they are ready to be sold, so they will show up on what we call local IDX websites, bottom line most local brokers will have them on their website, my site c21jerry.com participates as an IDX and has those listings also you can go on Hudhomestore.com for HUD listings specifically, to buy one you need a approved HUD vendore of which my firm is one,

Any other questions do not hesistate to ask, Jon Appleby listed below is an excellent mortgage broker who I recommend often, and would be an excellent source for a pre-approval, feel free to call me if you have additional questions.
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Mon Jun 18, 2012
Joanne Hajduk answered:
If your house hasn't quite reached the foreclosure process, I recommend you contact an agent immediately to get it on the market, as this will put the process on hold, as long as you have a knowledgeable agent and attorney that can submit the shortsale paperwork on your behalf. You might be able to get a partition on that lot in order to sell it to your neighbor, or you may want to hold off on just selling the lot if you can more easily sell the house with the lot. A shortsale is a better option then foreclosure when it comes to your credit report. ... more
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Wed Jun 13, 2012
Michaelf Mercer answered:
You need to consult with a good real estate attorney.
If you call me at 716-472-9296, I can recommend one,
In the buffalo NY area.

Michael Mercer
Associate Broker
1 vote 6 answers Share Flag
Sun Mar 11, 2012
Linda Lorenzo answered:
I have seen this question seveal times here. I think if you just search this site you may find some information that will be of help.
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Thu Feb 10, 2011
Dawn Luterek Toledo answered:
call us..I just got a 4unit near Buff State college and a demanding area. I think one of the units is mt. And we have more on our website at www.rdtoledo.com. Have your agent call us soon. ... more
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Wed Jun 2, 2010
Joanna Morris answered:
The only one who can answer this question is the lender. It could be that they need to "get more of their ducks in row" first. Do not assume you are out of the woods. Like Scott said contact them and see what you can work out with them remembering that they are trying to collect a debt and all information will be used to do so.

Consider carefully before letting the home go to foreclosure. If you cannot work out something with them on your loan ask them if you can do a short sale or deed in lieu. Also make sure to ask their policy on debt forgiveness and your future impact finacially. A short sale will hurt your credit less than a foreclosure.
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Tue Feb 2, 2010
Bob Movin-On answered:
It all depends on what is holding your score down, but as long as it is not a bankruptcy or foreclosure (of any type short sale-foreclosure judgment) then the timing could be as short as a few months to as long as 2 years.
A start is to get your credit report (one can get a free report once a year at www.annualcreditreport.com) and review it well, there may be errors you want to dispute, but most importantly you want to review the derogatory items and find a ways to negotiate them in a manor that puts them in a good light.
Your next step is to learn the proper way to deal with personal finance. There are many books that can assist you with this but if you are a person that needs support Budget Assist the Weight Watchers of money management can help you with a fully supported virtual personal finance program. The temporary web site is www.money101.name.
Good Luck
Bob
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Wed Jan 27, 2010
Fjramo16 asked:
Sun Jan 3, 2010
Ryan Walley answered:
The City of Buffalo can notify you of foreclosure proceedings if you are behind on your water bill. Usually they don't take action for at least a year past due but I wouldn't risk it.

How much is your water bill? First, make sure you have all low flow shower heard and faucets installed in the house. Also, a new toilet could save gallons with each flush. Shorter showers, too. Are you using more that 30k gallons per year?

A tax credit is coming up this year for energy efficient appliances and a new washer or dishwasher (if you have one) may save water.
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