Foreclosure and/or auction newbie: advice?

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Topic: Foreclosure and/or auction newbie: advice?

Lawyers and legal service March 16, 2012 at 1:37 pm

Foreclosure and/or auction newbie: advice?

We just went to see a house that was a total wreck, but possibly a good fit for our family in the long run.  We looked up the house upon returning home (we had been given the wrong address to boot) and see the house is in forclosure and is scheduled for auction next week.
I know this is a rather broad question, but what advice if any can you share about the foreclosure process?  Where is the best place to look for information?  I’ve tried searching Brownstoner and am surprised that this question hasn’t come up.  Do I contact a lawyer or our mortgage broker or both to find out if this is worth pursuing (we will not be able to pay all cash for the house)?  Is it a no-no to call the trustee to ask for more information? Can I bring a personal check to the auction, and what amount is required in New York? Besides outstanding liens that may exist on the property, what other pit-falls should I be concerned about before delving into this process?
Any advice, or direction on who might be able to provide advice (and fast!) would be most helpful.
Thanks!

4 Replies Add Reply

No, you can’t use a personal check. You’d need to pay 10% – bank check(s) or cash – and close in 30 days. If you can’t pay all cash, then attempting to buy at a foreclosure auction probably not for you, though you may be able to do a short sale.
Some info…

http://www.trulia.com/blog/everett_perry/2009/02/navigating_new_york_city

Contact a lawyer. They can give you the info on existing Lien´s and maybe negotiate that the selling bank takes over lien and closing cost. Maybe even strike a pre-forclosure deal (short sale). You´ll need a closing lawyer anyway if you consider buying a house.
Other than that – make sure you get as much information as you can get about this property, otherwise your great deal might just turn out to be a nightmare.

If you are going to go to the auctions in Brooklyn…beware.
It is a snake pit, filled with pimps and thieves.
Good luck

Prime Homes is a Brooklyn based Real Estate Company with over 15 years of experience and success in the Brooklyn and Queens Real Estate Market Specializes in Short Sale, Pre-Foreclosure, Rent to Own, Foreclosure, Brownstones, First Time Home Owners, First Time Buyers, Sales, Maintenance, Investment Properties, High End Renovations, Cash buyers, Loan Modification, FHA loans and much more.http://www.primehomesny.com/

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