Home Buying in 11222>Question Details

Dereck, Home Buyer in Brooklyn, NY

I often run across buildings that appear to be abandoned near my home in Brooklyn. I know the demand for

Asked by Dereck, Brooklyn, NY Fri Dec 26, 2008

properties in the area, so I don't really understand how they could be vacant. I often wonder how i could go a about purchasing such a property. Any suggestions?

Help the community by answering this question:


There r many reasons for abanded buildings, but if u are intrested in foreclosures do contact me as i might have some thing for you.
Wishing you a Happy New Year' 2009

0 votes Thank Flag Link Sat Dec 27, 2008
Unfortanately it takes time for them to run through the process. Some are abandonded by the owner and teh bank process hasnt caught up with it yet. others can be stuck between ownership as one bank takes it back, the private mortgage insurance company buys the asset from the bank and has to await clear title. there are many reasons for the delays, sometimes it doesnt make any sense....
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Dec 26, 2008

You'll need to understand commercial loans, ownership and asset protection and you'll need a goal for purchase, often referred to as "exit strategy".

You will need 30% down to qualify for conventional financing.
0 votes Thank Flag Link Fri Dec 26, 2008
There is a myriad of reasons why they might be vacant. They might be in foreclosure, owned by the City, in tax foreclosure, the US Marshalls office may have seized the property, etc., etc. Are you looking to purchase an investment property? Please contact me at your earliest convenience. Happy Holidays to you and your family.

Ralph Windschuh
Century 21 Princeton Properties
0 votes Thank Flag Link Fri Dec 26, 2008
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