Any Realtor worth their salt should be able to assist you with this as we all have access to the BOP (Bank Owned Properties) and home in Foreclosure. However; The average home buyer should stay FAR away from this type of property. Those infomercials you see on late night TV are far from the truth. Banks are required to list the properties for Fair Market Value. So even if the bank forecloses on a home worth $300k for $10k in unpaid mortgage debt. They must list the property for $400k, not the $10k they are owed.
In just about every case, foreclosures have been damaged. Some, OK many, are damaged beyond the ability of the average home buyer to obtain financing without major repairs having to be performed first. Unless you are an experienced contractor, you need to either hire one to view these properties with or partner up with one. Many with severe damage will have to be bought for cash.
If this is not up your ally, A Short Sale Property might be a much better opportunity for you. If you wish to continue with the foreclosure properties, I cover Northern Westchester, Putnam and Dutchess Counties. I also have over 20 years General Construction experience. In fact my construction business runs hand in hand with my Real Estate Brokerage. To find out more about my company visit: http://www.stlawrenceproperties.net
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