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Foreclosure in New York : Real Estate Advice

  • All639
  • Local Info71
  • Home Buying346
  • Home Selling51
  • Market Conditions15

Activity 1,268
Tue Sep 19, 2017
Lisa Stepanian Dadourian asked:
Thu Sep 14, 2017
Debbie120360 asked:
Wed Sep 13, 2017
Kathy Burgreen answered:
I can help you but you did not provide more information. What is the address?
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Sun Sep 10, 2017
Kathy Burgreen answered:
There may be very few homes in foreclosure in NYC because selling prices have increased so these owners are not in foreclosure anymore. Owners who were in foreclosure can now sell their homes for regular prices and make a profit. Briefly, you're too late. You should have looked for foreclosures 5 years ago - that is when deals were being made. ... more
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Sat Sep 9, 2017
Kathy Burgreen answered:
You need to use www.streeteasy.com. This website is exclusive for NYC and they do list all the foreclosures, short sales and REO's for NYC only. Realtors from outside of NYC like Karen Peyton never heard of Street Easy because these agents don't know anything about our city. ... more
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Sat Sep 9, 2017
Kathy Burgreen answered:
The process of buying a home whether it's a foreclosure, short sale or regular resale home is the same. The difference is the length of time involved, the seller and the paperwork.

Regular resale homes - you are dealing with an individual homeowner who has the flexibility to negotiate and typically they have a need to move out rather than wait for a buyer to come up with a higher price.

Short Sale homes - these are homes where the seller bought the home for a higher price than it is worth today. These sellers still have a mortgage loan that they need to make monthly loan payments. However, because the value of the home is less than what they owe to their bank, the seller negotiated with their bank to sell their home at a loss and the bank agreed to accept the loss. As a buyer, your offer is first accepted by the seller, then it needs to be accepted by their bank. Since the bank is taking a loss on the deal, don't expect the bank to accept low ball offers. The bank knows what homes are selling for in the neighborhood and will only accept a fair and reasonable offer. The consequences of doing a short sale is the seller's credit score will drop - a lot.

Foreclosed homes - these are homes where the owner is having severe financial difficulty and cannot afford to pay their mortgage loan, property taxes, monthly bills, etc. However, they still want to live in their home and refuse to move out. The issue is once you buy a home, your lender expects you to make the loan payments on time for the entire length of the term. If you fail to make the payments, your lender has the legal authority to take your home away from you (foreclose on your home). The same with property taxes - if you fail to pay your property taxes, the county where you live has the legal authority to take your home away from you.
As you can imagine, these owners don't want to sell or move out and they can be very angry because they are being forced to move out against their will. Many foreclosed homes have been damaged by the owners as their sweet revenge. If the home has been damaged, it will be the buyer's responsibility to fix it and pay for it out of their own money.
The buyer is either dealing with the bank or the county to purchase the home - not the owner. Buyers need to be extra cautious because the bank or the county will have no idea about the condition or the history of the home.

Selling prices will be much cheaper for short sale and foreclosed homes because of the bank or county's involvement. This does NOT mean you are getting a bargain or a deal. In some cases - yes, in other cases - no. Buying a home thru the owner / seller without any bank involvement can be a better deal than a short sale or foreclosure - in many cases - not all.
... more
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Fri Sep 1, 2017
Gloria Fernandez asked:
Tue Aug 29, 2017
Faith T answered:
Hi,

Since, the status is already removed from Zillow, it will automatically update to Trulia after 24-48 hours.

Thank you for using Trulia!

Faith
Consumer Care Advocate
http://www.trulia.com/help/ask/ ... more
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Tue Aug 29, 2017
Lilian.diaz asked:
We need to buy a constructed Church for 200 or 300 people in the area of Hempstead, L.I.
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Sun Aug 27, 2017
Mrrodriguez1 asked:
Wed Aug 23, 2017
Eualinapop asked:
Tue Aug 22, 2017
Sally Grenier answered:
You can contact any local REALTOR about any property. FYI -- the listings you see on here aren't necessarily available. This is why I highly recommend you NOT use sites like this to search for a home. You really need to hire a pro who can give you access to your local MLS, which is the ONLY source for the most up to date listings. ... more
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Mon Aug 21, 2017
Robvibe asked:
Absolutely nobody can answer this simple question. I know credit cards, which is a different type of loan, has a statute of limitations for this.
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