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Old 11-28-2016, 09:29 PM
 
Location: Brooklyn
1,073 posts, read 493,734 times
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What are the best sites and resources for finding a comprehensive listing of foreclosed properties in NYC? Apart from the issue that foreclosed properties are sold "as is", what are the other associated risks? Thanks in advance for the help.
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Old 11-28-2016, 10:25 PM
 
18,258 posts, read 11,653,926 times
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You will be playing with the Big Boys, and thus need to know what you are doing and how to handle your business.


https://www.nycourts.gov/courts/2jd/...uresales.shtml


Foreclosure Auctions: Bidder Beware - The New York Times
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Old 11-29-2016, 03:13 AM
 
64,577 posts, read 66,129,695 times
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the real good stuff gets handed right off to the pro's . there is for the most part a lot of ill maintained crap left that goes for to much money .

i can tell you some horror story's about the tax lien foreclosure i was involved in .
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Old 11-29-2016, 07:12 PM
 
Location: Brooklyn
1,073 posts, read 493,734 times
Reputation: 813
Quote:
Originally Posted by BugsyPal View Post
You will be playing with the Big Boys, and thus need to know what you are doing and how to handle your business.


https://www.nycourts.gov/courts/2jd/...uresales.shtml


Foreclosure Auctions: Bidder Beware - The New York Times
Thanks for the info. I was under the impression that the banks send out private listings of foreclosed properties to realtors, who then market them to their clients. However, everything goes through the court and from reading that article, a little guy like me with no experience would be at a huge disadvantage.

Quote:
Originally Posted by mathjak107 View Post
the real good stuff gets handed right off to the pro's . there is for the most part a lot of ill maintained crap left that goes for to much money .

i can tell you some horror story's about the tax lien foreclosure i was involved in .
Seems way too complicated. Just imagine you think you are getting a deal but have to cure all these defects with the deed or building. Not worth it.
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Old 11-30-2016, 03:53 AM
 
18,258 posts, read 11,653,926 times
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Quote:
Originally Posted by bullandre View Post
Thanks for the info. I was under the impression that the banks send out private listings of foreclosed properties to realtors, who then market them to their clients. However, everything goes through the court and from reading that article, a little guy like me with no experience would be at a huge disadvantage.


Seems way too complicated. Just imagine you think you are getting a deal but have to cure all these defects with the deed or building. Not worth it.

Foreclosure and sales are a legal process and in theory open to the public. However given how many "eyes" see things before listings are published there is much room for inside baseball. Now more than ever since everyone and their mother wants to get into the real estate/flipping game.


Foreclosure auctions past and present are always populated by lawyers, real estate brokers, contractors and others in the RE business (developers, wannabes, etc...). These persons know where to look (and who to chat up at court houses) to find out what is coming up.


You go to those court house step auction and as with anything else (storage locker auctions come to mind), you'll often see the same hard core group (or their representatives) over and over.


No, you often don't know what you are getting with a foreclosure auction. If the place is still occupied don't think the current resident is going to be in any mood to offer tours. Even if it is unoccupied unless you can gain legal entry you still don't know what is inside.


If I buy a home at a foreclosure sale in New York, can its owners later take it back? | Nolo.com


This is where lawyers and RE persons have an upper hand; if they *know* and or are watching a property as it drags through New York's *very* lengthy foreclosure process when it does "hit the market", at least they know what is what.


As noted previously banks have lists of REOs (real estate owned) property that they haven't sent to public auction (yet), and or weren't sold. This is one of the main places "big boys" get properties.
Keys to buying bank-owned properties on LI | Newsday
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Old 11-30-2016, 04:02 AM
 
64,577 posts, read 66,129,695 times
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Quote:
Originally Posted by bullandre View Post
Thanks for the info. I was under the impression that the banks send out private listings of foreclosed properties to realtors, who then market them to their clients. However, everything goes through the court and from reading that article, a little guy like me with no experience would be at a huge disadvantage.


Seems way too complicated. Just imagine you think you are getting a deal but have to cure all these defects with the deed or building. Not worth it.
the problem we hit was we were awarded the property but the owners refused to move out .

so we had to get an attorney and start legal eviction proceedings .


so far we paid in all the fees , 2 years back taxes and current taxes .

now we have legal fees . they used every stalling tactic in the book .

so now they left but left the house filled with their stuff . by law we had to store the stuff for 6 months and then it is ours .

great we hired a moving crew to move it to storage .now 6 months of storage fees and at the end we had to get a crew to move and dispose of it .

they also did lots of vandalism to the house which they made look like a break in .

the house was trashed .


luckily my partner is a builder . it cost us a crap load of money to fix and repair . we finally sold it one and 1/2 years afer getting the foreclosure . we made little profit and hardly worth all the trouble
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Old 11-30-2016, 09:26 AM
 
Location: Manhattan
20,134 posts, read 26,416,255 times
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Those bargains are for those who PAY TO PLAY.
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Old 11-30-2016, 02:08 PM
 
3,336 posts, read 3,126,190 times
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Quote:
Originally Posted by Kefir King View Post
Those bargains are for those who PAY TO PLAY.

Or for retirees like Mathjak who don't have much else to do for fun but to flip houses...
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