Foreclosures of the Week: Clermont and Hancock
Based on location, there are two foreclosures tomorrow worth noting. The first is at 74 Clermont Avenue between Park and Myrtle. The current building ain’t much to look at but the old tax photograph reveals quite a charming brick facade, suggesting there may be potential. The current lien is $829,058. The brownstone at 516 Hancock…
Based on location, there are two foreclosures tomorrow worth noting. The first is at 74 Clermont Avenue between Park and Myrtle. The current building ain’t much to look at but the old tax photograph reveals quite a charming brick facade, suggesting there may be potential. The current lien is $829,058. The brownstone at 516 Hancock Street changed hands for $645,000 in February 2005; the current lien is$595,644. At one point in time, this was gem. Both houses go on the block tomorrow at 3 pm at 360 Adams Street, Room 261.
74 Clermont Avenue [Property Shark] GMAP
516 Hancock Street [Property Shark] GMAP
You’re saying that if for some reason you can’t come up with the money within 30 days you lose the Deposit? Doesn’t make sence.
After closing (if lucky enough), how do you get Keys to the House?
i feel sorry for the person or persons
losing their home. Brooklyn leads the nation it has the highest ratio of debt to disposable income. Much of this is done in the poorer nabes, at least they were. I was a banker, been real estate brokerfor thirty yeaers, the sky is falling.Not for people buying multimillion dollar properties, although I hear some sad stories.
Many Americans, New Yorkers, couldn’t afford to be out of work for five = six
months. For some that’s all it takes.
Interesting article about the psychology
of foreclosure about a yr. ago in NYT
nothing truly illuminating for me, but
maybe you can dig it up in the archives.
Many of our neighbors are having a hard time, many are living beyond their means. It goes from there. I just saw a list from a friend, there are 20x as many homeowners who have missed three or
more mortgage payments than just last year. You seem to painter a rosier future on this site than most. Your homeowners are optimistic, bless them, let’s hope they don’t need to be liquid
quickly.
I have a similar property on the 300-block on Hancock that will be delivered vacant and the asking price is $650k.
So this is about buying unseen dilapidated homes at close to market prices. You put down 10% on a property that no bank will finance and risk losing your money. Or perhaps, is this primarily for the cash purchaser? In which case, the property should not go for much more than the lot is worth. The point of this matter eludes me.
If you purchase a building with one or more tenants, it’s too hard.
In logical agreement with 12:34
I have gone to thousand s of auctions.
Let me explain. You have to come with
bank checks, traveler’s checks, money orders, or cash. You have to have ten percen of the selling price immediately
and must give the rest of the cash in thirty days. If you do not come up with the cash in thirty days you will lose your
deposit. There are groups that work together and make it difficult for honest little folks to bid. I won’t go into the bad stuff. Buyer beware.
Yes, I have bought at auction, but not in the last four years, people bid things up to the point it isn’t worht the effort. Plus you can’t get in the
buildings. Sort of like buying a pig in a sack.
anonymous @ 12:34. Isn’t it really your job to find out what to do with the information? I think it is relevant that Brownstoner is sharing it, and I know what to do with the info. I think it’s odd that instead of asking the questions you want to find out what you need you slam the site. Is it their job to tell readers what to do? Or just share information? I think it’s to share information and I appreciate that they do.
are you seriously suggesting that mr. b take on the responsibility of advising people how to purchase a property at a foreclosure auction? anyone who relies on a blog for instructions on how to make a foreclosure purchase is out of his or her mind (no offense to the site owner intended).