what precondidtions/requirements are there to purchase a bank owned foreclosed property in queens, NYC?

Asked by Kamrul Ali, Kew Gardens, Queens, NY Fri Sep 16, 2011

I am moving from England to set up Green Card residence in the USA preferably in the Glen Oaks area in Queens, NYC. I was told by a friend that in the event that I have capital, I might be able to obtain a residential property much cheaper by buying outright i.e. like a pre foreclosed, or foreclosed property owned by the bank.
What possibilities are there if any.

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Martina Ryan, Agent, Bayside, NY
Sat Sep 17, 2011
Mostly patience! There are a number of properties on the market currently, however usually the ones priced below market value go quickly & are most often bought for cash. Short sales are also a good option. Cash is king so if you have liquidity you are in the zone! Foreclosures often take a long time to close because of all the legal issues. Typically you have to prove where your funds come from & if you are getting financing, have all your paperwork in order so you can act quickly.
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Anna M Brocco, Agent, Williston Park, NY
Fri Sep 16, 2011
For available area properties check out http://www.mlsli.com Keep in mind that when purchasing, no matter the type of sale, nor the method of payment, offers should be based on recently sold similar properties in the immediate area.
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