single family home in New City, NY foreclosure

Asked by Lou, Richmond American Homes, Davis, CA Wed Dec 28, 2011

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6
Ellen Kippel, Agent, Suffern, NY
Mon Jun 3, 2013
Hi Lou,

I know my response is late, but I have just recently become an active Trulia real estate agent. I am wondering if you bought a single family home in New City, NY and if is was a foreclosure. I hope you found a home that appealed to you. Sometimes you can get just a good a deal without the home being in foreclosure, by the way.

If you have any needs to buy or sell real estate in Rockland County, NY, Orange County, NY or New Jersey, please call me at 914-588-2365.

Take care,
Ellen
Ellen Kippel
Licensed Real Estate Salesperson NY and NJ
Weichert Realtors
Mutli-Million Dollar Producer
Cell: 914-588-2365
Email: eskippel@aol.com
Website : http://www.dreamhomesrocklandandorangeny.com
Website: http://www.ellensellsrealestate.com
0 votes
Raj Bajaj, Agent, New City, NY
Thu Oct 11, 2012
If you are looking at a foreclosure, do your homework before making an offer as once the offer is accepted, there is limited time to sign the contract, usually 5 days. Get a licensed contractor to give you an estimate to repair what is needed to satisfy a bank appraiser. For these required improvement items you will need a 203K pre-approved loan, unless you are a cash buyer. Foreclosures go smoothly, if you have done this homework and are prepared to move quickly. These contracts are heavily in favor of the bank and you should use a real estate attorney who has experience with foreclosures and understands that. Foreclosures will close in accordance with the contract or the bank will move on to the next buyer.

Call me at 845 729 8521 if you have any more questions.
0 votes
Maureen McEn…, Agent, Pearl River, NY
Thu Dec 29, 2011
Hello Lou,

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.

Maureen McEnroe
Licensed Real Estate Broker
Prudential Joyce Realty
mmcenroe@prudentialjoyce.com
914 588 1873
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Dec 28, 2011
Not sure the question is understood; if you are a buyer looking to purchase foreclosed properties do work with an agent of your own, as most do end up being listed with a broker. If you are an owner facing foreclosure, in order to best protect yourself do consult with an attorney who specializes in real estate.
0 votes
allan erps,A…, Agent, Pearl River, NY
Wed Dec 28, 2011
Hello Lou, Question is vague. Foreclosures or Short Sales are in New City but not as prominent as other areas in Rockland. Please get in touch if you need more specific answers regarding any particular properties. Regards Allan

Allan Erps, ABR,SFR,C.O.R.E.
Licensed Real Estate Salesperson
BHG Rand Realty
95 S Middletown Rd
Nanuet, NY 10954
VM(24 Hours) 845-624-8100 X141

Cell Phone/Text 845-304-3040

Fax# 845-624-7137

My Email: allan.erps@randrealty.com

For the latest in Buyers and Sellers Resources,
visit my website at; http://www.allanerps.randrealty.com
or find me on Trulia at;
http://www.trulia.com/profile/allanerps/
0 votes
Raj Bajaj, Agent, New City, NY
Wed Dec 28, 2011
Lou, I am not sure what your question is.....but if you give me some more input I can help....pls call me at 845 729 8521. I am very familiar with New City - I live there. I deal with many foreclosures. Buying a foreclosed home does require a different process and mindset. The home has probably been vacant for over a year and will have some inspection issues. It may require a 203K loan to resolve these issues. Repair work will have to be done by an approved licensed contractor unless you are paying cash. The sales contract will not make your attorney happy - as it is one sided. Once the offer is accepted, you have 5 days to send the signed contract back.
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