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…
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
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.
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.
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.
agreed Mopar bank is going to take a bath, this house is worth 0
Mopar, what happens if no-one bids at the auction or the highest bid is lower than the lien?
Forget it. The lien is worth more than the house.