Foreclosure of the Week: 555 Carlton Avenue
It’s unusual to find this nice a house in this nice a neighborhood in a foreclosure sale, but someone owes the bank a half million bucks on this house at 555 Carlton Avenue so it’s going to be auctioned off tomorrow at 3 o’clock at 360 Adams Street. Given its location, don’t be surprised if…
It’s unusual to find this nice a house in this nice a neighborhood in a foreclosure sale, but someone owes the bank a half million bucks on this house at 555 Carlton Avenue so it’s going to be auctioned off tomorrow at 3 o’clock at 360 Adams Street. Given its location, don’t be surprised if you end up bidding against Bruce Ratner himself.
Foreclosure: 555 Carlton Avenue [Property Shark] GMAP
was anyone there ? does anyone know what it went for ?
this house still on the block?
Yeah, that makes sense. Idiot…
Stop masturbating at all the rich-people toys.
Keepin it real/ BK!
Older, late 2005 article from Inman:
Foreclosures tough nut for investors to crack
http://www.therealdeal.net/issues/DECEMBER_2005/1133402683.php
As for property shark leveling the playing field, that plus ACRIS plus Department of Finance searches and other things are exactly the research imperative I was referring to, to be on even footing with the pros that may be present.
Speaking of articles, for anyone seeking more discussion and tips, here are a few that came up by merely googling “foreclosure auctions” “how to” “new york”:
Foreclosure Auctions: Bidder Beware
http://homefinance.nytimes.com/nyt/articlePrint/2006.04.09.foreclosure-auctions-bidder-beware/
Similar caveats, just because simple assumption is that these are all deals and discounts, instead of just a different channel than going through a broker (but without visit or inspector appointment to really see the place, hence part of the valuation risk I mentioned above).
Don’t wanna have this post get filtered to moderation queue, so I’ll post the second link below.
Actually, your input appears to go exactly to the (well known, not exactly rocket science) points I raised.
Anonymous 5:42, I never wrote “please stay away,” so I have no idea what you are intending by that.
I actually wished folks luck, and mentioned what they need to bring/do and just what to look out for.
I love these long posts about how tricky an auction is, please stay away, etc etc.
Yeah sure it isn’t trivial but what is?
I think the “sharks” who live off these auctions just don’t want to see “retail” butting their heads in. It makes it harder for them to make a killing on a reno/flip. It is in their interest for this process to be an insiders club.
I’ve been to an auction, and I didn’t see the risk. Propertyshark and related sites level the playing field. Presumably you know what the property is worth to you, and we’re all adult enough to not get carried away in bidding too high. It isn’t like buying from corcoran or someone is much different “hello? someone trumped your bid, we’re going to have a best and final next week”.