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February 18, 2009

A Couple of Foreclosures

foreclosures-021809.jpg
Here are a couple of foreclosures this week that may interest some readers. First up: Unit 2R at 559 Warren Street. One of eight co-op apartments in the 6,500-square-foot building between 3rd and 4th Avenues, this property has a lien of $122,984 against it. Second pick: 189 Lefferts Place. The 16-foot wide three-family brownstone between Classon and Franklin has a lien of $578,034 against it, which can be a whole lot less than it's worth. The auctions take place at 3 p.m. on Thurday at 360 Adams Street; 559 Warren happens on the front steps and 189 Lefferts in Room 274.
559 Warren Street Foreclosure [PropertyShark] GMAP
189 Lefferts Place Foreclosure [PropertyShark] GMAP




Posted by Brownstoner at 11:02 AM | Comments (10)
Categories: Foreclosure

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Hey Assheads watch this.. Frontline: Inside the meltdown.

http://www.pbs.org/wgbh/pages/frontline/meltdown/view/

Watch it and go here--> http://www.bloomberg.com/?b=0&Intro=intro3

We are at the Oct 08 lows and when it breaks...

You Retards are done, over and kaput!

The What (Cyanide laced Skittles..)

Someday this war is gonna end...

Posted by: Return of The What at February 18, 2009 11:10 AM

Go here, What, <<<<


You'd be making some money instead of ranting if you listened to my BUY YCS call last week and again yesterday.

Posted by: daveinbedstuy at February 18, 2009 11:38 AM

Questions about how these work:

For the coop, there's no information on P-shark or Street Easy about the unit itself. If you wanted a floorplan, where would you find it? Ditto for if you wanted to know something about the building's finances.

And for the place on Lefferts ... the place has changed hands exactly once since 1966. No building permits on file. So you can safely assume that any wiring / plumbing is either vintage 1966 or was done under the table. Neither something that adds to the value of a place.

With auctions like this, is there a way to view the property (inside the property) beforehand?

Posted by: serpentor at February 18, 2009 12:26 PM

Dibs, you must love news like this...

Posted by: cornerbodega at February 18, 2009 12:28 PM

What's your point cornerbodega??? No, I don't like to see people foreclosed out of their homes but if they did it to themselves out of greed, then so be it.

Posted by: daveinbedstuy at February 18, 2009 12:45 PM

Wasnt Classon and Franklin where that shoot out was on Friday, might even go for cheaper!

Posted by: Pragonetti at February 18, 2009 12:48 PM

The only shoot-out I heard about was on Franklin Street in Greenpoint. Not Franklin Ave. This block certainly has its share of charms (there's a "hotel" on Classon and Lefferts that definitely keeps the sheets hot and a motel on Classon across Fulton that is in similarly active use)

And ... I don't know from greed but the story on Lefferts is curious. A $572,000 mortgage in 2002 and he owed $578,034 when the first foreclosure auction was set in 2006. It sounds like he got underwater fast which might suggest that the terms of his loan were unbearable. Or that they jumped after the first two years and he started accumulating debts.

Posted by: serpentor at February 18, 2009 1:03 PM

hypothetically speaking, how would one go about purchasing an apartment that is going through foreclosure? would it be via auction through the bank? what abt RE agents, fee's, etc.

Thanks~!

Posted by: MaFo at February 18, 2009 3:12 PM

MaFo, I have the same question. I mean, I can answer your question but there're others worth asking. You show up to the auction, is answer one. Two, there's no agent involved so you aren't paying a Realtor. Three, fees. I have no idea. Your standard fees include the cost of hiring a lawyer (which you'd presumably still want to do in a foreclosure); title search (ditto); transfer taxes and mortgage recording fees. My guess is that in the case of a foreclosure bought at auction the buyer is going to get stuck with the fees, but I'm just guessing.

Posted by: serpentor at February 18, 2009 5:46 PM

PS. if you're serious about foreclosures, Propertyshark has trainings and a lot of data:
http://www.propertyshark.com/mason/Marketing/Forcs/

I get the sense that a workshop is well worth it, even if you only want one home, precisely because it is complicated.

Posted by: serpentor at February 18, 2009 5:49 PM

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