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Foreclosure in 10014 : Real Estate Advice

  • All51
  • Local Info4
  • Home Buying15
  • Home Selling4
  • Market Conditions3

Activity 76
Mon Sep 10, 2012
Brian Rayl answered:
There is no true timeline. I know of people who have not made a payment in 3 years who are still living in their home. Depending on the backlog of foreclosures and what is going on in the current market, the bank can sit on the property as long as they want and file the paperwork when ever they want.

Just out of curiosity, why is your friend allowing the home to be foreclosed on? Depending on local laws, when a home is foreclosed on, the bank can still get a judgement against the homeowner for the balance of the loan, plus legal expenses. They don't just get out of the loan scott free. Has she considered trying to sell the home through a short sale? Your friend and her real estate agent can get the bank agree to waive the balance of the loan in most cases and save a significant amount of the credit score hit that foreclosure would cause, not to mention getting into a new home 2-3 years sooner.

I would recommend contacting a local agent who is familiar with the short sale process if she has not already. If she does not know of anyone in her area, feel free to give me a call and I will be happy to refer you to an aquantance of mine in the upstate NY area.

It's more than real estate. It's RAYL-Estate!

Brian Rayl
Keller Williams Elite - Dallas, TX
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Mon Dec 19, 2011
Yuriy Goldstein answered:
Just don't forget that foreclosure properties NEED to be inspected because of their overall conditions. If you need help with the inspections please contact me. I am a Licensed NYC Home Inspector with more then 20 y experience in construction, property management and inspections. 646-220-3367,, ... more
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Thu Jan 26, 2017
Anna M Brocco answered:
In order to best protect and inform yourself, consider consulting with an attorney who specializes in real estate, he/she can best advise...
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Sat Jul 16, 2011
Kelly Killian answered:
Hi - there are two sets of comps that you need, "in-contract" and sold. There are no systems that make it very easy for the consumer as it is critical that you have a similar home in sf, renovations, location, type of ammenities etc. The "in-contract' properties are the properties that are in-contract and have not yets sold, which will give you a price that most will get offers for, and then solds to understand what the price that you are paying. Appraisers will use the most recent solds (past 90 days, and past 6mo) so it is critical that you use the time your bank allows you to close they will probably be using the in-contracts that have become sold prices....I am doing a short sale now in Manhattan hat is quite a horrendous excercise with the bank having folks who are doing BPO's who don't understand the neighborhood, coming back with pricing that is 2x what it realistic. I would either use a real estate agent on this deal (you don't pay for it anyway), or pay a real estate agent a few hundred dollars to give you a proper BOP appraisal. Get ready, you are in for a ride. ... more
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Wed Oct 26, 2011
Sasha asked:
Wed Mar 23, 2011
ALBERTO S. asked:
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Wed Mar 23, 2011
Fern Hamberger answered:
Hello Tqeisi,

Where do you wish to buy these three units?
The price and the rental will all depend on the location...
Please contact me to discuss at
I am a sr associate broker and I am associated with Citi-habitats.
I am a hybrid agent, ie.e I do both renatls and sales.
I help my clients buy and I do help them rent their property right after. can discuss your requirements.
So please contact me at
Fern Hamberger
Sr Asso Broker
Citi-habitats Relocation
... more
0 votes 8 answers Share Flag
Tue Mar 22, 2011
Gannon Forrester answered:
Wed Dec 29, 2010
Ryan Smith answered:
A junior lien can file a foreclosure first but probably will not because they would have to satisfy the debit of the first. However the lien will remain until you sell the property. Atleast that holds true in California. Consult a real estate attorney for detailed information.

Good Luck!
Chris Blasic
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Sat Jan 8, 2011
Anna M Brocco answered:
You can contact any local realty office(s) as any agent can help you--it does not necessarily need to be the listing agent--also consider interviewing in person a few agents from different realty offices and choose the one you like best to help you in your search. Not sure what property you are referring to, nor where it was seen--however, if looking at a RealtyTrac ad, keep in mind that RealtyTrac's information may not always be accurate and oftentimes can be misleading--you could be looking at a lis pendens property--notice of default--or some other kind of fee--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. ... more
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Sun Apr 1, 2012
Richard Rawdin answered:
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Tue Oct 12, 2010
Anna M Brocco answered:
Are you referring to tranfer tax--the transfer tax will depend on the purchase price of the property--$4.00 per $1000. What is your agent and or attorney suggesting......
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Thu Sep 9, 2010
Mitchell Hall answered:
In a coop, the coop has the 1st lien on the property. A coop will get their maintenance paid before any other lien holder. The lender agrees to be second in line during the purchase/loan application process.

You should consult with an attorney. HOA should be able to collect because the $20,000 in arears affects the other home owners in the association.
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Thu Nov 25, 2010
David Bess answered:
We specialize in disressed and below maket properties in New York, NJ, CT, DE, MD and have listings and buyers in those and other states. Please feel free to add me to your lists and call or email me anytime to discuss.


David Bess l Sales Associate (Commercial and Residential)
Licensed Real Estate Salesperson
Halstead Property, LLC
408 Columbus Avenue l New York, NY 10024
Direct: 212.381.2631 l Fax: 646.775.2631
Mobile: 917.887.1487
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Sat Aug 7, 2010
Nick Rafello, V.P. answered:
See if your attorney see the contract between the bank and the brokerage representing this property. It can be common that you pay a brokers commission but I'm not so sure about the listing agent? I represented buyers early in the year on a REO/Foreclosure and they had to pay my commission.

Nick Rafello, V.P.
Associate Broker
The Corcoran Group
(646) 221-8321
(212) 444-7852
... more
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Sun Sep 2, 2012
Dallas Texas answered:
I would recommend if your home is in foreclosure MOVE moment is hits your credit report it will tank it, property owners may require triple deposits, SOME apartment complexes may not lease to you.

Why wait

It depends on lender, and state laws regards to foreclosure proceedings

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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0 votes 11 answers Share Flag
Thu Jun 3, 2010
Christopher Lefebvre answered:
If the bank forecloses prior to the home sale transaction, then title transfers to the bank and the home seller can no longer sell the property. If the home seller was listed with a real estate agent, the listing agreement would become void after the foreclosure because the owner no longer has the right to sell the home. Post foreclosure, the bank would likely list it with a real estate agent of their choosing or auction off the home. One thing to keep in mind though is that the foreclosure process can take months for the bank to complete. ... more
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Thu Feb 5, 2015
Nick Rafello, V.P. answered:
I just closed on a FORECLOSURE in the Washington Hts (aka Hudson Hts) area in Manhattan. By the time a property has gone into foreclosure you (the buyer) are not responsible for "what was" with this property. It is considered FREE AND CLEAR. First, make an intelligent offer. Banks are not bargaining on foreclosures in Manhattan as they might around the rest of the country. So, I suggest you give them the full ask, however, ask them to pay your closing costs. Your attorney will do a title search.

Nick Rafello, V.P.
Associate Broker
(212) 444-7852
... more
0 votes 11 answers Share Flag
Fri Mar 12, 2010
Anna M Brocco answered:
Any agent can help you, as they all have access to the same information--as a biginner investor, it is in your best interest to work with an agent who can guide you through process of the sale. Do keep in mind that not all REO's are such great bargains, as most will need extensive repairs--therefore, don't overlook traditional sales or you may miss out on good if not better opportunities. ... more
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Thu Mar 11, 2010
William Patterson answered:
Go onto the FannieMae site, to see stuff there.

Bill P.
0 votes 3 answers Share Flag
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