When buying a foreclosed home in Staten Island the buyer pays the Transfer Taxes, which is approximately 2%. In addition you will buy the home in an As Is condition without warranties. If you buy at auction you need to pay 10% cashiers check within minutes. Many foreclosed homes are already listed in MLS, so seek out a local Realtor.
Lic. RE Salesperson
V.I.P. Real Estate, Inc. 718-967-2600
Hi Bernard, there are may ways to purchase a foreclosure home. The choices are; from the seller in default, at an auction, from a bank owned home listed with a Realtor. There are auctions happening in every state. There are several companies who specialize in property auctions. If you search online, you will find them.