In actuality, there are very few true foreclosures in NYC, and very many false ads on Trulia that ask you to pay money to find out the full details on these foreclosures - that don't exist.
Personally, I don't think a true foreclosure is a good idea for anyone, first time buyer or not. Regardless, you're putting people out of their home.. REO (real estate owned) is a better way to go - those are banks that have already seized the property and thrown people out, but the properties are usually in bad shape.
Where are you looking for and how much is your budget? I specialize in first time buyers. Contact me and let''s talk.... more
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--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent, as most do end up being listed by a broker--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties.... more
I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.
Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.
For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."
And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
You posted this questions as if the property is located in Brooklyn New York (zip code 11233). Did you make a mistake on the zip code, there is no street in Brooklyn called "Old Oak Drive". If I can be of further assistance please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com... more
Due to privacy reasons, unless it's bank owned, not sure an owner's name will be posted on an online public forum; you can however check local public records, tax records, ask any local agent offline...... more
send me your direct email and I will forward what we have for your consideration.
what is your end use for the office space? What is your price range?