Foreclosure of the Week: 189 Lefferts Place

This place has been bouncing on and off the foreclosure list for much of the past two years (in fact, we highlighted it back in February), so don't get your hopes up that it'll actually come up for sale as scheduled tomorrow but if you were able to pick up the five-story house at some kind of discount to its $578,034 lien, it could be a good buy. We wouldn't get in a bidding war over it though!
189 Lefferts Place [Property Shark] GMAP

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Forget it. The lien is worth more than the house.

Posted by: mopar at July 8, 2009 12:46 PM

Mopar, what happens if no-one bids at the auction or the highest bid is lower than the lien?

Posted by: the chicken at July 8, 2009 1:05 PM

agreed Mopar bank is going to take a bath, this house is worth 0

Posted by: brickoven at July 8, 2009 1:24 PM

The house is a 17 Footer plus it'll need a large renovation and not to mention the headache of getting financing for the rest of the winning bid. Forget it, not worth the risk.

Posted by: Crooklyn at July 8, 2009 1:55 PM

Chicken, I'm not sure. I have heard the bank can set a threshold -- no sale below a certain price. Maybe this is why it hasn't sold! Even flippers with all cash don't see the value in this one. Maybe a lesson in here somewhere.

Posted by: mopar at July 8, 2009 3:28 PM

Not an expert, but a bank can't put a minimum on the foreclosure. It's supposed to be an auction by a third party, the county. What usually happens (or used to happen) is that a bank will bid the lien amount and sometimes get the house. My guess is that if the house is underwater, the banks won't do this as they are getting hosed on REOs.

Posted by: tower at July 8, 2009 4:53 PM

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July 8, 2009

Foreclosure of the Week: 189 Lefferts Place

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