(Oakwood terrace foreclosure, NT) How would I go about seeing/buying a foreclosure property, and is it even possible? Thanks

Asked by Ashprove611, Tonawanda, NY Sat Jan 19, 2013

This question was asked from this property: http://www.trulia.com/foreclosure/3051725294--Oakwood-Ter-No…

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Rich Homer, Agent, NAPLES, FL
Sat Jan 19, 2013
Best next action is to ask a local Real Estate Broker by clicking "Find a Pro" in the main menu at the top of this website. http://www.naplesrealestateguys.com/
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Anna M Brocco, Agent, Williston Park, NY
Sat Jan 19, 2013
If referring to RealtyTrac ads, keep in mind that RealtyTrac's information may not always be accurate and oftentimes can be misleading--you could be looking at a lis pendens property--notice of default--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent, as most do end up being listed by a broker--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties.
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Colleen Kuli…, Agent, Amherst, NY
Sat Jan 19, 2013
Many home buyers today want a deal! The news media is full of stories about foreclosures and home buyers lock into their head that they want to buy one too! They come with stories of friends and family members that were able to purchase home. This home is somewhere in the foreclosure process and unless the owner has put the home on the market there is no way to view it until the bank takes possession of it. Which in NY can take years.

Foreclosure has become the sexy word that the media has used. Bank Owned, Government Owned, Short Sale or Distressed Sale — well those words aren’t as sexy as the word Foreclosure. The media needs a sexy word to sell headlines. It is a single word while the others are two words.

Then you have consumer websites that have followed the media and instead of creating seperate categories for these type of sales they have grouped them into the term Foreclosure. These listings are really somewhere in the foreclosure process.
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Ronald Fronc…, Mortgage Broker Or Lender, Lancaster, NY
Sat Jan 19, 2013
Buying a foreclosed property is always possible if not slightly more challenging due to a few factors.

First, from a mortgage lender's perspective the subject property must be in inhabitable condition. Sometimes foreclosed properties are anything but inhabitable with distressed structures, mechanicals, or even missing fixtures.

Second, they will typically have a very tight window during which to close your mortgage so time is of the essence whenever dealing with foreclosed properties.

Ron Fronckowiak
Licensed Mortgage Professional
R & R Funding, Inc.
Web Reference:  http://www.RandRFunding.com
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