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As foreclosed properties stack up in up-market areas of Long Island, New York, one company is capitalizing by taking potential buyers around the empty homes.
Foreclosure tours have sprung up around the United States as more overextended borrowers fail to make monthly payments.
U.S. home foreclosure filings jumped 23 percent in the first quarter from the prior quarter, according to real estate data firm RealtyTrac.
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Among houses on the tree-lined tour was a $372,500 four-bedroom property in New Hyde Park which the previous buyer paid $475,000 for a few years ago, according to Farrell. Another with three bedrooms in the same neighborhood which went for $550,000 in 2006 is now on the market for $324,900.
Tour-goers pay $50 each and get a $500 refund if they buy any of the houses they view, according to the company's website.
There are many good deals in Foreclosures. Keep in mind a few things, though:
Many need extensive repairs.
They are sold "as is" with no reps or warranties.
You often won't be able to test the major systems of the home.
You are often required to pay the NYS Transfer Tax (normally paid by the seller).
For the decent ones, there can be intense competition.
Great points, Tom. We just bought a foreclosure and all of the above were true. Because there were multiple offers we paid more than we had planned on - I think we got a decent deal, but certainly not a bargain. And we did have to pay a transfer tax, which I didn't know about until a week or so before closing - on ours it amounted to a few thousand, I believe. And we're just finding out now about some plumbing issues since those systems could not be tested - they had winterized the house. But out of over 100 houses that we looked at, this was by far the best.
I was wondering that, because when my BIL was first looking to buy (in NJ), he was looking into foreclosures and was told by several people that you can really only buy a foreclosure with cash. Wasn't sure if that was true or not. Good to know.
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My fiance and I are going to sign up for a few tours. Does anyone know how far in advance we have to sign up? We registered to get contacted by them, but aren't sure if they have spots open for this weekend.
Hi, did you look at 100 foreclosure homes, or 100 homes and one happened to be a foreclosure?
If you don't want to go on these tours, how can you find the foreclosure homes in a town you like? Thanks.
Quote:
Originally Posted by OnOurWayHome
Great points, Tom. We just bought a foreclosure and all of the above were true. Because there were multiple offers we paid more than we had planned on - I think we got a decent deal, but certainly not a bargain. And we did have to pay a transfer tax, which I didn't know about until a week or so before closing - on ours it amounted to a few thousand, I believe. And we're just finding out now about some plumbing issues since those systems could not be tested - they had winterized the house. But out of over 100 houses that we looked at, this was by far the best.
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100 homes--
