Where do you get information on foreclosed homes? I currently rent in Brooklyn, but have the means to buy if

Asked by Jennifer, Brooklyn, OH Wed Jul 16, 2008

it is the right price. I could afford to put 60k down, and am looking for a mortgage of about 1600 a month. Please let me know any information you have.

Thank you.

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, ,
Tue Jun 19, 2012
Dear Jennifer,

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
Gloria L. Ta…, , Brooklyn, NY
Tue Aug 5, 2008
Hi Jennifer,

Any agent worth their weight in gold can locate foreclosures, short sales and other below market homes with plenty of equity. The process differs depending on the route you choose, all require that you are pre qualified and are prepared to close soon after the offer is made.

Give me a call if you would like to know more.

Web Reference:  http://www.corleyre.com
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Edward, , 11419
Mon Aug 4, 2008
You should know that the closing costs on a foreclosure will be extra big because the foreclosure buyer often has to pay the transfer tax which is customarily paid by the seller in a normal existing home sale, so I'm told. Also the NYS mortgage tax will be a killer as well as all the rest. To buy at auction in NYC you need 10% down if you win the auction. You may need access to get an appraisal to get financing, but you may not be able to get access to the property.
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Edward, , 11419
Mon Aug 4, 2008
I bought my Queens home at a courthouse foreclosure at auction. Getting financing was a little tricky. As was gaining access to make sure I wanted it. Once you commit at the auction, you can't really get your money back if you decide to back out, so make sure the place is really OK before bidding. I got the foreclosure listings from http://www.nyforeclosures.com/ You have to subscribe to got the listings, but it is not a lot of money.
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S John, Home Buyer, Brooklyn, NY
Mon Aug 4, 2008
Jennifer, I suggest that if you have the time go in to your local banks and ask about properties they may have. Also, check out http://www.nycforeclosure.com. It is an entirely free online resource that tells you about homes in foreclosure, pre-foreclosure and/or on the auction block in the NYC area. The info is not always up to date, but it is FREE and you can pick up some valuable tips on foreclosure research. I am currently searching myself so I'm sharing the wealth. Good luck with your search
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Walter Terry, Agent, Griffin, GA
Wed Jul 30, 2008
HEY you need to move to Georgia so I can help you! http://www.foreclsouresWOW.com
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Vicky Chrisn…, , 20176
Wed Jul 16, 2008
you need a lender and an agent. please contact me directly if you'd like me to refer you to some agents i work with in your area. vchrisner@kw.com
0 votes
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