Anyone Ever Buy a Foreclosure at the Courthouse in Nassau County NY? (tax lien)
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So I have been looking to buy a trade up house for two or three years. Occassionally, I see them go for sale at Forecloure at Courthouse in Nassau County.
What is the Process?
I did research, ran a title check on a house I was interested and see a boat load of liens on top of bank lien. Some are tax liens.
Are these houses sold with or without liens attached? If with liens attached and no title insurance sounds extremely risky?
Also in Nassau County, you only put down 10% at auction, then you have up to 60 days to come up with cash. Untill day of auction person just keeps living in house as auctions get canceled all the time, but once sold he has 60 days. Who gets him out, what if he goes bizark and wrecks place? Also how would on get a mortgage in that 60 days as you cant enter house? I have to come up with cash from elsewhere?
On TV they always buy empty houses at foreclosure auction. In Nasssau that is not the case. Does anyone kmow the process or ever bought a house at foreclosure sale in Nassau County NY.?
I am not talking bank REOs, I am talking courthouse bidding
Most of the time, the houses do not sell at auction because the remaining mortgage balances are so high versus the market value of the houses. Thus, the bank retains the houses......and eventually they go on sale as REO.
My current home I bought at a city auction of condemned properties. $40K cash on the spot. 8 years and $420K later.................I'm at about market value.
So I have been looking to buy a trade up house for two or three years. Occassionally, I see them go for sale at Forecloure at Courthouse in Nassau County.
What is the Process?
I did research, ran a title check on a house I was interested and see a boat load of liens on top of bank lien. Some are tax liens.
Are these houses sold with or without liens attached? If with liens attached and no title insurance sounds extremely risky?
Also in Nassau County, you only put down 10% at auction, then you have up to 60 days to come up with cash. Untill day of auction person just keeps living in house as auctions get canceled all the time, but once sold he has 60 days. Who gets him out, what if he goes bizark and wrecks place? Also how would on get a mortgage in that 60 days as you cant enter house? I have to come up with cash from elsewhere?
On TV they always buy empty houses at foreclosure auction. In Nasssau that is not the case. Does anyone kmow the process or ever bought a house at foreclosure sale in Nassau County NY.?
I am not talking bank REOs, I am talking courthouse bidding
Are you sure it's 60 days? The auctions I've attended (in Suffolk) give you 30 days (occasionally extended to 45 days). And the 10% down at auction has to be with a bank check (no personal checks and they'd rather not take cash, but will if necessary). I tried to buy (investment) properties several times but always got outbid.
Yes, you have to line up the possibility of getting cash or a mortgage up front in a timely fashion or you'll lose the 10%.
Most of the time, the houses do not sell at auction because the remaining mortgage balances are so high versus the market value of the houses. Thus, the bank retains the houses......and eventually they go on sale as REO.
My current home I bought at a city auction of condemned properties. $40K cash on the spot. 8 years and $420K later.................I'm at about market value.
True. The days of picking up a bargain at auction are mostly a thing of the past; will they return eventually? Who knows...
Knew someone years ago that bought a house at auction. Once he took possession he discovered the house was full of termites and termite damage. He was lucky and was able to sell it to a developer and about break even.
Knew someone years ago that bought a house at auction. Once he took possession he discovered the house was full of termites and termite damage. He was lucky and was able to sell it to a developer and about break even.
Not being able to inspect it is another concern.
100% correct..inability to inspect is a major red flag..just as an aside- a close relative of my husbands passed away and his home went straight to foreclosure as it had a reverse mortgage on it. Bank tried in vain for months to have next of kin take possession of the house before they initiated foreclosure but the home is completely uninhabitable given the condition (homeowner was a hoarder, there was no way to open bedroom doors because of garbage/clothing behind the door) plus the fact that there was literally dog pooh on all the first floor rooms because the homeowner wouldnt let the dogs out into the yard to do their business). You cant tell any of that from the outside. Husband walked into the house with the hopes of buying the home dirt cheap but we couldnt get past the front doorway due to the horrendous odor and piles of rotten food and dog doodoo all over ). Not to mention the fact that the bathroom toilets hadn't been cleaned since 1996 and the kitchen appliances were still from 1962. I feel horrible for whatever investor ends up buying that property at auction, because the repairs alone will cost at least $100-150K.
The auction got canceled so I am not going Tuesday. The guy made his last mortgage payment in 2006!!! He keeps wiggling out of the foreclosure.
Even better it is new construction and tile guy, lawn guy, you name it who built it he stiffed. He self contracted so he hired guys to build it and stiff them
The auction got canceled so I am not going Tuesday. The guy made his last mortgage payment in 2006!!! He keeps wiggling out of the foreclosure.
Even better it is new construction and tile guy, lawn guy, you name it who built it he stiffed. He self contracted so he hired guys to build it and stiff them
And how many of them have mechanic's liens on the house? Kind of an important question.
And how many of them have mechanic's liens on the house? Kind of an important question.
ALL OF THEM PLUS 500k IN BACK TAXES ON TOP OF A 474k MORTGAGE!!
Crazy. Plus a few lawsuits to boot. This guy pays no one. Not even his lawn guy.
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). Not to mention the fact that the bathroom toilets hadn't been cleaned since 1996 and the kitchen appliances were still from 1962. I feel horrible for whatever investor ends up buying that property at auction, because the repairs alone will cost at least $100-150K. 
