Foreclosure listings in New York can be a challenge to sift through, but it could be worth the investment of your time. On average, experts say that foreclosure property listings in New York and the rest of the nation sell for 22% less than other homes.
Buying foreclosed homes in New York might be slightly harder than some other states because homeowners have more time here than most states to get back on track with their payments before foreclosure proceedings start. There are several times during the foreclosure process when a buyer can purchase the house. Buyers can purchase foreclosed homes when:
1. The owner sells during the pre-foreclosure period granted by the state. Often buyers will want to make a quick sell to avoid foreclosure.
2. The home is purchased at an auction at the end of the pre-foreclosure period. Often this is the best time to get a deal, but the downside is that the home is sold as-is and there may be several problems with it that you don't know about.
3. If the lender buys the property back at the auction or there are no bidders, it will often re-sell the property through a real estate agent. While still a deal, bank-owned homes in New York are traditionally more expensive than buying one through the other two routes.
Action Steps
The best contacts and resources to help you get it done
Know the in's and out's of foreclosed homes in New York
Laws about foreclosed homes in New York may vary widely from other states. Find out the steps to foreclosure in New York so you will know the best time during the process to purchase the home.
I recommend: RealtyTrac lists the basic steps to foreclosure in New York. Also,
Foreclosure.com has several webinars to teach potential buyers about the ins and outs of buying foreclosed properties.
Get the scoop on New York foreclosure property listings before anyone else
If you find foreclosure property listings in New York before anyone else, you'll generally get a better deal. Generally, bank foreclosures in New York sell for more than those bought during the pre-foreclosure process or the auction.
I recommend: FindMeDistressedHomes.com and
Preforeclosure.com are services that specializes in findings homes in pre-foreclosure. These are often more of a bargain to buy than bank foreclosures in New York. Get automatic email notifications from
Real Esate Disposition Corporation (REDC) for upcoming auctions on New York foreclosure listings.
Search New York foreclosure listings
Even if you weren't able to buy the home before it went back on the market, there is still a deal to be made by buying New York foreclosed homes. Foreclosure listings in New York can be found at several places.
I recommend: Get daily listings on foreclosures including bank owned homes and government foreclosures at
ForeclosureDeals.com. Search for New York foreclosure property listings at
RealtyTrac.
Tips & Tactics
Helpful advice for making the most of this Guide
- Homes foreclosed in New York can be a deal to buy, but can also cost a lot to fix up when purchased. Whenever possible, examine the property beforehand and/or have an inspector check it out so you'll know exactly how much money you will have to invest in the home.
- Be prepared to sit on the property or rent it out for awhile once you buy it. Right now the market is saturated with foreclosed homes sold at a discounted price. Don't expect to sell it in the near future for a big profit.
The official source of New York Foreclosure Listings is
the New York Foreclosure Listings page at Business.com
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