FHA & Foreclosures

Asked by Rogue, New York, NY Sun Aug 19, 2012

Can a Foreclosure be FHA approved or are all foreclosures bad deals? My husband is looking for a 3 bedroom 2 bathroom brick home in Cambria Heights. I on the other hand think we can look elsewhere because the homes there are way outside of our price range of

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Anthony Juli…, Agent, Richmond Hill, NY
Thu Nov 8, 2012
Hey Rogue,
In order for a home to be approved for FHA loan it must pass an appraisal. The appraisal need to verify that the heat is working, roof is free of leaks, electric is on, and hot water is on. There is few more things that I did not list here but these are the most important. It's really hard, and almost impossible to find a bank owned property that will meet all this conditions since the homes has been vacant for a long time until the bank finished the foreclosure action and were able to market the property.
As you mentioned, looking in other neighborhoods might be the solution since you can probably get a fully renovated one family in Jamaica in a price of a bank owned property in Cambria Heights.

I currently have the largest inventory of bank owned, short sales, and renovated properties in Queens in the following neighborhoods: South Ozone Park, Richmond Hill, Jamaica, Saint Albans, Hollis, Queens Village, Laurelton, Rosedale, and Springfield Gardens.

I think I might be able to help you find what you looking for in the right price that will fit your budget. Don't hesitate to give me a call on my cell @718-200-3140

Have a wonderful day!
Isaac Benshabat/Lic. Real Estate Broker
0 votes
Janet Nation,…, Agent, Baldwin, NY
Wed Aug 22, 2012
Cambria Heights is a hot location so if you are looking at foreclosures, which are few and far between, you chances of obtaining that home with a FHA loan is slim to nil as you will be competeting wth investors that have a ton of cash and will flip or buy and hold those properties.
0 votes
Thomas Brady, Agent, Plainview, NY
Sun Aug 19, 2012
All foreclosures aren't bad deals, but that being said most buyers find better deals elsewhere. Short sales are more viable than they used to be, if they meet certain criteria they have a decent chance of going through. Also bargains can be found in homes which are re-sales where the owner has moved and is paying taxes etc. and is highly motivated to sell the home. Your best bet is to get a buyer's agent, sit down with them and discuss your criteria and let them do the work. If you get the right buyer's agent it won't cost you a dime (they should recieve there whole commision from the seller) and they can find properties for you, negotiate for you and a whole host of other things which should make the process much easier and more rewarding. Please feel free to contact me if you have any questions.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes
Thank you very much for your quick response. Can the price of a short sale be negotiated or is that the advertised as is?
Flag Sun Aug 19, 2012
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