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Foreclosure in 10014 : Real Estate Advice

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

Activity 76
Fri Oct 21, 2011
Manu Kapoor answered:
Yes, like California. All loan modification corporations should be licensed. A loan mod corp should charge clients after some sort of approval given from the lender.
0 votes 11 answers Share Flag
Sat Jun 6, 2009
Keith Sorem answered:
Petra
I think that your offer should be based on the market price for similar homes in the area. When I am working with a buyer we conduct a CMA on any home that we make an offer. The CMA should reflect approximately the same value as the list price. If there is a discrepancy, then that is when you need to go to work.

For example, if this is a three bedroom two bath house, 1600 s/f, look at the other 3/2s on the market in comparable condition. Then figure out what market value is. it is likely that the price offered takes into account the condition of the property. Your Realtor's job is to make the case for your offer.

Correctly done the offer, with supporting documents, should help the lender agree with your offer. Does not always work that way...
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Tue Feb 24, 2009
Team Real EstateSINY answered:
Rach,
very simple. you can find them through the internet, one of the sites is www.propertyshark.com
for a fee or you can always go to the counties clerck office and get them there. this requires leg work but it's frre. ... more
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Wed Mar 18, 2009
Richard Daub answered:
The banks usually farm out their foreclosures to local real estate agents who specialize in foreclosures. You can find the foreclosures pretty easily right on the internet - just put in the name of the bank or lender followed by REO (Google "Countrywide REO", for example), and that will take you to their listings. Or, you can contact one of the agents directly. Tom Marco is a name I see a lot, he can be reached at 718-998-7100, ext. 202. I also know of some nice investment townhouses up here in Harlem that are not foreclosures but are still good deals being sold directly by owners I know. Give me a call. My number is 917-657-6532 or email me at rdaub@warburgrealty.com. ... more
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Mon Dec 22, 2008
Richard Daub answered:
Hi Joan,

There are several ways you can find foreclosures in Manhattan in Brooklyn, including pay services such as Foreclosure.com, going to the bank websites and looking up REO properties (which are mostly represented by local real estate agents, or by contacting a real estate broker who can help you locate properties in the area and price range you are looking for. There aren't very many in Manhattan, but there are in Brooklyn. Please feel free to contact me directly and I would be happy to help you find what you are looking for. ... more
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Tue Apr 29, 2008
Angela Johnson asked:
Sun Feb 10, 2008
Gail Gladstone answered:
In the U.S., freehold refers to fee simple, which is generally the case. The prices quoted are asking prices. Their are typically multiple bid offers on the proeprty and they go to the highest bidder.

The banks are looking to receive as much as possible for these properties; they want to cover their costs.
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Fri Dec 5, 2008
Long Island Real Estate answered:
Part 2 of 2 parts: these are the results: out of twelve returned calls from our inquiry one lending consultant stated that the best option available was to sell the house. The other eleven lenders stressed creative refinancing strategies to hold the property. We called one source to financial consultants that do not lend money, fanniemae.com and we received one call from them. FannieMae’s financial consultant’s advice was to sell the house. I’m sorry we made the inquiries to the consultants that lend money, the phone won’t stop ringing. ... more
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Thu Jul 21, 2011
Emily Erekuff answered:
Hi Cynthia,

Trulia currently lists 32 foreclosures in this area at the link below.

Good luck!

Emily Gibson
Customer Service Representative
0 votes 4 answers Share Flag
Tue Aug 5, 2008
Perry Henderson answered:
Is there a bylaw that says you have to provide this information? Otherwise, they typically want it so they can pursue people who don't pay HOA with an foreclosure.
0 votes 7 answers Share Flag
Sun Oct 21, 2007
Ruthless answered:
Each state is different, however, I believe they all work along these lines. The Jr holder will claim the interest in the home away from the homeowner but not the Sr loan holder. The Jr holder would then need to buy out the Sr holder either before or at the foreclosure in order not to lose their interest in the property. A Jr cannot wipe out a Sr loan but a Sr foreclosure can wipe out a Jr holder. Now if the homeowner didn't pay the IRS, they take precedence over the mortgage companies. All of this is why you should be extremely cautious about buying a foreclosure.
Ruth
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Tue Apr 22, 2008
Voices Member answered:
I can't answer about home prices in Harlem specifically, but I haven't seen the subprime mortgage crisis immediately impacting prices. In my market, Orlando Florida, home prices have corrected for multiple reasons...overheated market for a few years, investors dumping property, builders adding too much inventory, and many more.

The subprime mortgage crises isn't really what I would consider a crisis...but it will add some foreclosures, short sales and other distressed sales into the inventory, which is bound to have an impact on home prices. But, the degree to which it impacts will vary from market to market.
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Sun Oct 7, 2007
Cj answered:
You might want to check the following government sites and see if they have any in Broome County NY. Good luck
REAL ESTATE FOR SALE BY THE UNITED STATES DEPARTMENT OF AGRICULTURE (USDA):
http://www.resales.usda.gov/
Real Estate for Sale by US Government Site #1
http://www.firstgov.gov/shopping/realestate/realestate.shtml
Site #2 http://www.homesales.gov/homesales/mainAction.do
IRS: Real & Personal Property Sales: http://www.ustreas.gov/auctions/irs/
Acquiring a VA guaranteed home foreclosed by states: http://www.ocwen.com/reo/residential/res_reofindbystate.cfm?proptype=VA
Homes and properties being sold by the different departments in US Government:
http://www.hud.gov/homes/homesforsale.cfm
USDA Properties for sale all states
http://www.resales.usda.gov/sfhdirect/sfh_prop_main.cfm
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Mon Dec 1, 2008
Ruthless answered:
I just got a call from RealtyTrac.com last night. My subscription with them last year was money well spent but I would strongly advice NOT purchasing a foreclosure. I ended up buying a home through the MLS. Please search other posts on here using the key word "foreclosure" for additional information (sorry it looks like someone abused the system).

Here is one of my posts from another question:

the drawbacks of considering foreclosures are many and the benefits are few. There was a time when foreclosures were a way of buying undervalued property. Thousands of books were written (and tapes and infomercials) explaining the risks and benefits. However, these were so successful that the market became flooded with competition and the laws of supply and demand created a situation where the "potential" profit did not outweigh the high risk factor.

"Yeah, but supply is increasing with record number of foreclosures?" This is true but these foreclosures have relatively no profit potential. The reason for many of these foreclosures is because the property isn't worth what is owed. Hence a new waive of books called "The Short Sale". The added amount of education you would need to properly understand what you are getting into is not worth the effort for a one time purchase.

If a foreclosure property is on the market through a Realtor with the usual guarantees (not as-is), treat it the same as any other home you would look at (just don't go searching out foreclosures thinking you will get a better deal).

I'm NOT a real estate agent but I have experience dealing with FSBO and foreclosures.
Good luck,
Ruth
... more
0 votes 8 answers Share Flag
Sat Nov 17, 2007
Ruthless answered:
I can't tell you what the credit score threshold is, but I can tell you you can increase an average or high credit score dramatically in as little as 60 days. If you have bad credit (which is different than NO credit which also results in a low score) it will take a longer time to increase it.

Just about everything under the sun is taken into account when qualifying for a mortgage, especially these days. You don't need to pay an application fee to get all of those questions answered from a bank. Take your taxes and pay stub to your bank and ask them to help you.

The best way to increase your credit score is to eliminate any errors on your report. You can do this for free online at: https://www.annualcreditreport.com/cra/index.jsp
One of the things that can DECREASE your credit score is having a bank, credit card company, car dealer, or other lenders "hit" your credit report.

Start with these and come back with more questions.
Ruth
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Mon Aug 6, 2007
Pierre Calzadilla answered:
Well, the case remains the same in NYC real estate. It is all about ROI, but may I propose another angle to consider - people buy them to live in them, and as a long term investment. Historically, NYC real estate is better than putting money in the bank, or any investment out there.

"flipping" or "short sales" are hard to create in high end real estate because of financing restrictions. But let's examine a developer converting a warehouse. 15 years ago, the developer may have literally paid $1 (one dollar) for the land, or purchased it last year for several hundred a square foot. They assess this differently than a typical home purchase. Many times, they add several thousand sq feet to the project they originally bought. They can add floors, blow out walls, buy air rights. Let's just say that construction costs for a conversion are 3-$500 sq foot. Right now, studio lofts in Manhattan are going for $1,000 a square foot. That is what matters.

The other name of the game is just long term inflation. Sometimes just holding the property can net you the standard inflation + a few points, add the tax benefits, etc. It is a wise move. Plus the property is insured for loss/mortgage etc.

When you look at the big picture, including down payment numbers, tax shelters, etc, it may make more sense than you think. Plus, if your partner wants a view of central park, and they won't stop whining til they get it - it may be worth $1K a month to have them smile. lol.
... more
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