Foreclosure advice in NY

[RiceVFR]

What is the name of your state? NY

Hi,

My first post here.
My wife and I are looking to relocate within NY to Rockland county.
Looking at the RE market, it seems that there should be plenty of foreclosures around.
Does anyone know the best way to find one?
I've seen plenty of websites that promise access to foreclosures for $20, but I am skeptical.
Are they for real?
And the most important question.
What are the implications of buying a foreclosed property in NY? Are there any gotchas that could potentially make it not worth it?

Many thanks in advance!

[HomeGuru]

Originally Posted by RiceVFR

What is the name of your state? NY

Hi,

My first post here.
My wife and I are looking to relocate within NY to Rockland county.
Looking at the RE market, it seems that there should be plenty of foreclosures around.
Does anyone know the best way to find one?
I've seen plenty of websites that promise access to foreclosures for $20, but I am skeptical.
Are they for real?
And the most important question.
What are the implications of buying a foreclosed property in NY? Are there any gotchas that could potentially make it not worth it?

Many thanks in advance!

**A: if you have not done it before, stay away. Too risky.

[HUD-1]

[url]www.homesales.gov[/url] is a good, free source of info about government foreclosure properties for sale. As with any home purchase, there are a million potential "gotchas"...

[LindaP777]

Originally Posted by RiceVFR

What are the implications of buying a foreclosed property in NY? Are there any gotchas that could potentially make it not worth it?

Many thanks in advance!

You can buy foreclosed houses at the sheriff sales, but HG is right, these are risky because you can't inspect them prior to the sale.

As an investor, I buy REO (which is technically, after the foreclosure and the bank has bought them back) and/or foreclosures all the time. My favorite are the HUD REO's (post-foreclosure). They reduce their asking price by 10% every 30 days, so I like to step in on day 31 or 61 and get a good deal. If you are new to this, be sure and get a home inspection from a reliable company, and always, always (especially with foreclosures) get an owners title insurance policy.

And BTW - I have never paid any money to an Internet company to supply me with a list of foreclosures. I either use the free websites (like HUD), or contact a Realtor and tell the you are interested in foreclosures (aka - REO, bank owned, or lender owned).