Foreclosures In New and Unusual Places

Whoa! Does anyone know if the final prices at foreclosure auctions tend to be much higher than the debt amount?

Posted by: guest at January 16, 2008 9:30 AM

I can't wait to see what The What says about this.

Posted by: guest at January 16, 2008 9:34 AM

lots more to follow im sure

you know a foreclosure brings property values down for all the surrounding areas

Posted by: guest at January 16, 2008 9:34 AM

We have the first foreclosure in our (well-established)co-op this month (since the 90s). Can't understand why the owners didn't sell -- they cannot owe that much as prices doubled in the last few years and they do have equity. All those people who said it wouldn't happen -- huh!

Posted by: guest at January 16, 2008 9:46 AM

I would not call that an "English Basement" on the PS house. That's a garden floor. English basements, to my understanding, barely have a window to peep out of near the ceiling. Am I wrong? I look forward to the spirited debate!!!

Posted by: guest at January 16, 2008 9:53 AM

Yes, Oh Mighty What, bless us with your trademark candor. Is this it? Has the merde finally hit the fan? Are the asshats finally coming home to roost on the fucktard tree? Educate!

Posted by: guest at January 16, 2008 9:55 AM

The What is still trying to figure out how to get $148k by tomorrow to save his house

Posted by: guest at January 16, 2008 10:00 AM

They'll never take The What alive!

Posted by: guest at January 16, 2008 10:04 AM

I think the 11th street house has some RS tenants.

Posted by: guest at January 16, 2008 10:04 AM

Maybe the RS tenant is The What!

Posted by: guest at January 16, 2008 10:05 AM

Don't get your hopes up. Just because a property is listed for auction does not mean it will be auctioned. Owners can pay up to the last minute and often do, don't ask me why. If you luck out and see something you want to bid on, bring plenty of dough. The city accepts only cash and cashier's checks. The Hassidic guys who usually form most of the audience at these things bring stacks of $10,000 cashiers checks so they can pay the deposits, which are due immediately. If you buy an occupied house, you're going to have to evict the family or families in residence. It is not for the feint of heart.

Posted by: guest at January 16, 2008 10:09 AM

'you know a foreclosure brings property values down for all the surrounding areas'

If there's a foreclosure in Carrol Gardens, this city is screwed!

Posted by: guest at January 16, 2008 10:11 AM

I halfway worry there may be people who run off tomorrow with their life savings -- so let me warn people when you buy a foreclosed home, you pay the bank lien and then are responsible for any other liens that may be on the place (water, second liens, etc) and are responsible for removing tenants/owners (not for the weak of heart as you might be tossing an old lady on the street). They can be good values, but just make sure you run all the appropriate searches before you hand over the kids' college tuition.

Posted by: guest at January 16, 2008 10:12 AM

You're telling me, 10:11. If Carroll Gardens (aka, NYC's most exclusive address) goes down--I'm loading up the truck, loading up my twelve gauge, and heading for the Hudson Valley!!

Posted by: guest at January 16, 2008 10:15 AM

where do we get more infomation about these auctions. Is there a website somewhere that lists these and talks about the process. I'm not hassidic, so I dont' have an in with anybody.

Posted by: guest at January 16, 2008 10:17 AM

Maybe you should consider converting, 10:17.

Posted by: guest at January 16, 2008 10:19 AM

Found this, but the last auction it lists is from 2006.

At lease it has info for how the auctions works.

http://www.nyc.gov/html/dcas/html/auctions/dres_menu.shtml

Posted by: guest at January 16, 2008 10:23 AM

The 11th street house had a first auction on 12/20/07. Guess it didn't sell then? What does that mean?

Posted by: guest at January 16, 2008 10:25 AM

If you become a Hassidic, your housing worries are over.

Posted by: guest at January 16, 2008 10:30 AM

Coming soon on Brownstoner..... 'Foreclosure of the Day'

Posted by: guest at January 16, 2008 10:33 AM

why is that 10:30?

Posted by: guest at January 16, 2008 10:34 AM

There are a couple of violations on 72nd Street.

http://a810-bisweb.nyc.gov/bisweb/PropertyProfileOverviewServlet?boro=3&houseno=513&street=72nd+Street&requestid=0&s=A03C41B885B461E4F46BD08866A7430E

Here is the DOB info for 11th street

http://a810-bisweb.nyc.gov/bisweb/PropertyProfileOverviewServlet?boro=3&houseno=271&street=11th+Street&requestid=0&s=A03C41B885B461E4F46BD08866A7430E

Posted by: guest at January 16, 2008 10:35 AM

10:25, I'm not well versed in foreclosure procedures, but I suspect that if 11th street was for auction on 12/20 either the bank didn't get the price that they wanted or the owner's attorney was able to somehow put off the foreclosure.

Posted by: guest at January 16, 2008 10:38 AM

Too funny, 9:55!!!!!!!!

Posted by: guest at January 16, 2008 10:56 AM

Does anyone know the amount of the deposit the day of the auction? percentage?? Does the building have to brought with cash? How do you check other liens on the house?

Posted by: guest at January 16, 2008 11:10 AM

If anyone has more info, or knows where to get it, please let us know....before this thread turns into offering coffee cake and biscuits.

Some of us are interested in this. I'm really interested in one of these...but I don't have enough time to transfer funds. How do we find out about future listings?

Posted by: guest at January 16, 2008 11:18 AM

I called the County Clerk's office, which is housed at 360 Adams...and the woman was nice, but she said they have nothing to do with it, it's privately run. AARRGGH!
Someone, help

Posted by: guest at January 16, 2008 11:25 AM

I might go tomorrow, just to check it out and get more info. Anybody else?

Posted by: guest at January 16, 2008 11:36 AM

An English basement is any floor at least partially below grade (hence the basement part) with windows at least partially above grade. Strictly speaking, a garden floor is a ground floor completely above grade. Obviously many "English basements" are now described as "garden floor" because it's a nicer euphemism, although in many cases there's not a lot of functional difference.

The Park Slope floor is properly called an english basement - it's clear that it's partly below grade.

Posted by: guest at January 16, 2008 11:36 AM

Anyone know of the best place to get coffee cakes and biscuits near either of these two homes?

Posted by: guest at January 16, 2008 12:00 PM

Cappuccino anyone? I can offer extra foam.

Posted by: guest at January 16, 2008 12:02 PM

At a foreclosure, we offer upside-down cake--since it appeals to bottom feeders.

Posted by: guest at January 16, 2008 12:11 PM

I'm interested also. I don't consider myself a bottom feeder. My husband and I have been looking for a house, but at the prices that they're at (or should I say were at), we hesitated. If we can get one at the fraction of the cost, why not?

Posted by: guest at January 16, 2008 12:34 PM

I hear you 12:34, but the reality is that there are always hidden costs with foreclosures--so in the end, especially in THE SLOPE, you're probably going to find yourself outbid or wishing you'd never seen this thread.

Posted by: guest at January 16, 2008 12:40 PM

Regarding the 11th Street house: I talked to the lender's attorney last week and she told me that the homeowner had paid off the loan on Jan. 3, so the sale has been cancelled. The auction was put off on 12/20 b/c the homeowner was trying to get the funds. Don't know why it took so long. The foreclosure docs. were filed in Oct. '06.

Posted by: guest at January 16, 2008 12:41 PM

As an individual looking for a house, It might be wise to just go and check it out. With more and more houses going to foreclosure, you never know what you can find. If not this park slope house, there will be others.

Is there anybody reading, that can give some insight on the 360 Adamsn auction world.

Posted by: guest at January 16, 2008 12:45 PM

Nice try, 12:41. I'll be at the auction with my valise full of Benjamins so BRING IT!

Posted by: guest at January 16, 2008 12:45 PM

English basements are quite functional. If someone needs to have their bottom floor as a rental it's better to have a garden level that's above grade. But English basements are perfect as a TV family room. Less street noise coming in the windows, and the thicker foundation walls help block the noise your TV and kids are making too, for your neighbors. It feels more private, which is nice for evenings at home.

Anyway back on topic. Foreclosures can happen in any neighborhood when it's a house inherited by descendents who take out loans on the house and treat it like an ATM machine. It's something that can happen at any time and does, not just during a recession, so I wouldn't consider one house in Park Slope going into a foreclosure a sign of any big trend in PS.

Posted by: guest at January 16, 2008 12:58 PM

12.00PM - Cafe Regular at 11th Street and 5th Ave has excellent coffee and cakes :-)

Posted by: guest at January 16, 2008 1:01 PM

So what is the basement below my "garden floor" (which is slightly below grade in front, not in back) called? A Scottish Cellar?

Posted by: guest at January 16, 2008 1:15 PM

12:45 it has been brought. See you tomorrow morning!

Posted by: guest at January 16, 2008 1:16 PM

I do not believe that Hassids accept converts. You either have the DNA (from the mother's side) or you don't.

Posted by: guest at January 16, 2008 1:16 PM

It hasn't rained significantly in awhile, yet my basement...along with my house, is underwater. Does that make my basement American?

Posted by: guest at January 16, 2008 1:19 PM

Is there any way to buy Hassid DNA on the black market and inject it into my buttocks?

Posted by: guest at January 16, 2008 1:23 PM

Actually, your basement is Atlantisian, 1:19.

Posted by: guest at January 16, 2008 1:26 PM

"English Basement" Is a meaningless term. It is made-up real estate-eese, which I suppose is meant to convey that a basement is actually a refined European-style space dripping with detail (instead of leaks).
You may as well say a Parisian basement or an Austrian basement.
Such crap.
It's a basement.

Posted by: guest at January 16, 2008 1:31 PM

Is there any way to buy Hassid DNA on the black market and inject it into my buttocks?

I do not believe that the Hassidic community would take an interest in your buttocks, but you could ask them tomorrow at the auction.

Posted by: guest at January 16, 2008 1:33 PM

I'll have my attorney approach them.

Posted by: guest at January 16, 2008 1:37 PM

You can get information on any property, from a lawyer. They have access to everything.

Posted by: guest at January 16, 2008 1:38 PM

An English basement, in England, is what we would call the "ground floor". An English basement is usually not an underground space.
In England the second floor is ususally called the first floor.
What we call an English basement they would probably call a cellar.

Posted by: guest at January 16, 2008 1:42 PM

They also call a truck a "lorry" and an elevator a "lift!" Plus they say: To-MAH-to! Frankly, I've had it with the English...

Posted by: guest at January 16, 2008 1:45 PM

cheeky Americans.

Posted by: guest at January 16, 2008 1:48 PM

If you have space that is 2/3 below grade, it is not considered a basement at all, it is a cellar. And you cannot have legal bedrooms down there.
An English basement! What a complete crock!

Posted by: guest at January 16, 2008 1:52 PM

English basements are good places to watch the telly, maybe nibble on a Cadbury Flake. Perhaps study for your A Levels or O Levels.

Posted by: guest at January 16, 2008 2:00 PM

For those who can't afford a house without a rental apartment in it, a garden level instead of English basement is the best thing.

Posted by: guest at January 16, 2008 2:07 PM

Now I'm craving English Muffins! Who's got some?

Posted by: guest at January 16, 2008 2:21 PM

I bought some land in carroll gardens a few years ago at auction. I forget all the details of how it works, but it's all avaiable online. I also took a seminar. If I remember correctly, you need to have 10% of purchase price in a cashier's check. Since you don't know what that amount will be, you need one check for 10% of strike price and (this is what I did anyway), a bunch of 5K cashiers checks that I could use from there to my limit. Then you have 30 days to close, so probably not enough time for a regular bank mortgage (who will require all the regular searches -- even if you've don them yourself). Luckily, I was able to pay cash so had time to get that together and pay them.

Land is also a different animal since I could see exactly what I was getting and what I wasn't and it was empty and didn't have tenants to clear out. But you do have to do homework -- these properties may have other loans on them.

Also, the parcel was delayed for several auctions even tho I had to go there and see to learn that. Many -- maybe 1/3 or more -- get scratched at the last minute for various reasons.

Posted by: guest at January 16, 2008 2:40 PM

Unless you're a Hasidic Jew you have absolutely no chance in hell of getting one of these properties. I went to a few of these auctions and they were a sham for us mere outsiders. The first auction I went to was actually held outside before the official start time with an all Hasidic crowd-that memo never reached the rest of the participates.
Best bet is to make friends with a Hasidic Jew that has real estate connections.

Posted by: guest at January 16, 2008 2:48 PM

1:37 is cool.

Posted by: guest at January 16, 2008 2:51 PM

"If it was at least 50% above grade I could legally convert the floor to an apartment and rent it. Since it's not, I use it as a rec room for the kids."

You can STILL rent it, MAN! What, are you new to the city or something??

Posted by: guest at January 16, 2008 2:53 PM

I don't understand, why people don't try to sell their homes, before it ends up at auction. You're telling me, if these houses were listed for 500K, no one would be interested. You'd probably have a bidding war.

Posted by: guest at January 16, 2008 3:09 PM

The Park Slope place is over priced.

Posted by: guest at January 16, 2008 3:23 PM

2:40 again. In my limited experience, they are all held outside on the courthouse steps or there about and often the time is fluid (+/- 30 minutes). Whenever anyone walks out with a clipboard, you have to rudely interrupt them and see if they have the listing. Several auctions can happen at once and you want to be in right cluster.

Posted by: guest at January 16, 2008 3:25 PM

If you think I'm cool, 2:51, you should meet my attorney. Guy is the shit!

Posted by: guest at January 16, 2008 5:03 PM

My hassid attorney is ballz to the wall!

Posted by: guest at January 16, 2008 5:46 PM

Brownstoner, this would be a fine journalist assignment. Send someone to see how this or other auctions actually play out.

If these actually do happen on the front steps, can you videotape the auction? It would be fun and useful to see the frenzy going on.

Posted by: guest at January 16, 2008 6:43 PM

They don't happen on the front steps, they happen on the 2nd floor.

If anybody goes tomorrow, please report back.

Posted by: guest at January 16, 2008 6:53 PM

If you're interested in more Carroll Gardens foreclosures, I just found these in the area on realtrac.com:

549 Henry Street (right beside the laudromat on President&Henry
136 Degraw Street and 132 Degraw. All by the same owner (preforeclosures) James McGown. The financial lenders are Maspeth Federal Savings and Loans Association. There are quite a few violations (see NYC.gov). He basically has too many renters in the building (illegal structures too).
322 President Street (owned by the lender and at the last stage of foreclosure) Owner: Joseph Scotti.

That's right people, you're business is out for the public to see. Scary world we live in and here I am making it scarier. Happy house shopping!

Posted by: guest at January 16, 2008 7:18 PM

These used to held on the courthouse steps unless the weather was bad. Has this changed? I work in the area and walk by and see it happening now and then.

Posted by: guest at January 17, 2008 9:37 AM