Foreclose property (Smithtown, Levittown, Commack: short sales, foreclosures, mortgage)

[Veve0308]

Hi all,

What do you think of the possibility of foreclosure in these locations, Commack, Kings Parks, Smithtown, Levittown, Bethpage and Farmingdale?

I was going to wait until possiblly summer to start looking however if i could find a good forclosed property now about 200k or less I would jump on it in a heart beat.

Thanks

[RoleModel]

Originally Posted by Veve0308

Hi all,

What do you think of the possibility of foreclosure in these locations, Commack, Kings Parks, Smithtown, Levittown, Bethpage and Farmingdale?

I was going to wait until possiblly summer to start looking however if i could find a good forclosed property now about 200k or less I would jump on it in a heart beat.

Thanks

Ahahahaha, good luck finding anything for 200K or less in Commack, KP, or Smithtown. I have no idea about those Nassau towns, though.

[rocafeller05]

Agreed. The "cheapest" town on that list is probably Levittonw and even there your be paying at best $285 k.

[I_Love_LI_but]

I doubt you will find a foreclosure at $200K or less in most, if not all, of those towns.

Banks aren't totally stupid and even if the mortgage owed is less than $200K, they will make the upset price higher.

You had also better have the cash because when you bid on an auction on the courtroom steps they will not wait around for a mortgage to get approved. They will expect the deposit right then and the balance soon after.

[Veve0308]

Thanks all, Some things to take into consideration.

[Arron]

From the towns you mentioned, King's Park and Farmingdale would be your best chance, likely in the low 200's, for a REO property.

[TomMoser]

Forget Kings Park, Commack, Smithtown. In those places you will not find foreclosures in that price range.

[Elke Mariotti]

Originally Posted by I_Love_LI_but

You had also better have the cash because when you bid on an auction on the courtroom steps they will not wait around for a mortgage to get approved. They will expect the deposit right then and the balance soon after.

If you want to buy property "on the steps" (usually the steps in front of the local Town Hall, at least in Suffolk), in order to be a successful bidder, you must have either cash or a cashiers check in the amount of at least 10% of the purchase price right then and there; closing is expected within 30 days.

If you buy at a true auction, you need a cashiers check (amounts vary, often depending on the auctioneer, but usually around 10% of starting price) and are expected to close within 30-45 days. In addition, there is generally an 8% fee of the purchase price payable to the auctioneer. If you use a Buyer Agent, the agent gets his/her compensation out of that 8%. IMHO, the buyer might as well take advantage of having help, since the cost is the same...

[Chrisk327]

There are houses in the high 200s in Levittown that meet the definition of an actual house, farmingdale maybe as well. Houses lower than that generally are more of a disaster than you can imagine....if they exist at all.

[TMing]

Originally Posted by Veve0308

Hi all,

What do you think of the possibility of foreclosure in these locations, Commack, Kings Parks, Smithtown, Levittown, Bethpage and Farmingdale?

I was going to wait until possiblly summer to start looking however if i could find a good forclosed property now about 200k or less I would jump on it in a heart beat.

Thanks

There were a lot of short sales from high 200's to low 300's earlier this year when I was looking in Levittown. The cheapest I found in Farmingdale was 250 but the entire house needed to be gutted.