Happy New Year. If you are looking to buy in New City, there are currently 30 homes that are are in bankruptcy or being taken over by the bank. There are another 86 or so homes, where the owner has missed one or more payments and the homes are in preforeclosure. These homes may come on the market or the owners may be able to get current on their mortgages.
Statistics show that short sales generaly sell for 20% below market prices, while foreclosures tend to sell for 40% below market prices. If you have the time and patience to purchase a foreclosure or short sale, you can get a great deal. These are complicated purchases, are generally "As Is" sales, and the homes are often in a state of neglect, so you have to factor in the cost of fixing the home once purchased.
If you are a homeowner facing a possible short sale or foreclosure, I urge you to attempt the Short Sale option versus the Foreclosure. The economic and credit impact of a Short Sale are less onerous than the impact of a Foreclosure. I have a great chart that compares the impact of a Short Sale vs a Foreclosure. If you are interested, I can send you a copy of the chart.
I hope this was helpful.
If you have any other questions, feel free to contact me.
Licensed Real Estate Broker
Prudential Joyce Realty
914 588 1873