foreclosures
Has anyone actually purchased a foreclosed home in Brooklyn? Do the starting bid prices listed on sites like realtytrac, even close to what they usually sell for? Any insight on the foreclosure process would be appreciated. Thanks.
Has anyone actually purchased a foreclosed home in Brooklyn? Do the starting bid prices listed on sites like realtytrac, even close to what they usually sell for? Any insight on the foreclosure process would be appreciated. Thanks.
Knock on the doors of your neighbors, tell them they can’t pay the bills and you are willing to buy their house at at least 40 percent under the appraised value.
hannible-????????
This has nothing to do with Real Estate Firms.
Once a property hits foreclosure they are assigned to lawyers who handle the foreclosure for the bank. These lawyers have rolodexes filled with RE investors that they call who buy the best proeprties straight cash.
The properties that reach the courthouse steps are the leftovers that professional investors have passed on.
It is a very difficult if not impossible process. Real Estate firms do not like other people cutting out the middleman. They are parasites after all and this is how they ake their living. You best bet is try asking your bank if there is a short sell around or coming up.
I bought one years ago. It was being sold by the acquiring bank and it did have squatters. It wasn’t sold at aution but through a realtor. I also attended a bunch of those auctions on the steps of the courthouse. The price does get quite pumped up. They’re kind of fun – they attract quite a few Othodox Jewish men and Indians or Pakastanis with big valises, presumably filled with cash.
I was looking at it, but in good areas foreclosures are very rear and snapped right away.
I also heard a horror story how somebody got foreclosed house in Brooklyn but had to evict the people and it took him years.