Foreclosure Picks: January 10 and 11

good move. definitely a positive addition to the site. hope this becomes a regular feature.

Posted by: Anonymous at January 9, 2007 12:14 PM

As far as Ive seen, there is virtually no discount off the market of a foreclosed house and you get the added "benefit" of not being able to do any due dilligence up front.

Foreclosure houses seem like a complete nightmare to me unless you are flushed with tons of cash and like to take big risks.

Posted by: Anonymous at January 9, 2007 12:57 PM

Want to give a little more insight on how you obtained this info?
Doesn't a bank foreclose? These are definitely foreclosures and not 'tax lien' sales?

Posted by: Anonymous at January 9, 2007 1:08 PM

Foreclosures are only advantageous (significant discount) under "shady" conditions (i.e. inside info.) that go your way or if the owner has a soft spot for you.

Otherwise, for you average buyer, it's no different than a NY Times listing.

No?

Posted by: Anonymous at January 9, 2007 1:30 PM

I would bet there's a lot of disrepair and deferred maintenance in a foreclosed property.

Posted by: Anonymous at January 9, 2007 2:01 PM

There are some good buys and some lemons. Look at propertyshark.com, look at(walk by)a few houses slated for foreclosure, and go witness an auction(aution address on propertyshark.com). It is not for the risk averse but I would encourage anyone interested to educate oneself of the process. It might work for you.

Posted by: Anonymous at January 9, 2007 2:48 PM

No they're definitely discounted, the foreclosures. Of course the price goes up if the property attracts a lot of interest and people compete for it. Same with any real estate property.

Posted by: Anonymous at January 9, 2007 4:56 PM

you pay a percentage in cash when you win the auction. There are different types of autions. The bank foreclosure auctions are the trickiest and have the professional sharks at work on the properties usually making deals with the former owners at the last minute. The more open ones are the city owned properties that sell as estate sales. The prices are higher, but if you have enough cash to put down you can get one. The now famed Broken Angel property was bought from the city at auction very cheap. But those were the days when no one wanted to live in Brooklyn or the city and it was easier to get property cheap. Now its like a gold rush in the city...

Posted by: Anonymous at January 9, 2007 5:19 PM

7:15, Maybe you should marry one!!!

Posted by: Anonymous at January 10, 2007 2:39 AM