Where can a 1st Homebuyer (or anyone) find a list of bank foreclosures in NY?

thanks everyone.

And is the loan procedure different for foreclosures?

I appreciate your responses.

Start with this link:

http://www.hud.gov/homes/homesforsale.cfm

You can also - and this would be best - look for a local realestate agent who deals in repos. You will need an agent to bid on most repos.

Remember that lots of agencies reposess homes and they all market them differently. The link I gave you will get you to most government homes, but private banks mostly use brokers.

All the above types of homes will sell just like a normeal home, closeing agent, title insurance, the works. There are also the options of buying at auction on the court house steps and directly from distressed people. You need a lot more savvy and a much thicker skin to do those types of purchase. I have bout a hud repo and several fixers, but I just won’t kick people out of their homes - so I leave the rough stuff to the lender.

If you chose to do as I do and look for REO - lender owned properties -then the loan process is just like normal except that the house may not qualify for a first class mortgage because of condition.

Good luck

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4 Responses to “Where can a 1st Homebuyer (or anyone) find a list of bank foreclosures in NY?”

  1. I Buy And Sell Houses Says:
    March 3rd, 2010 at 9:54 am

    Any Realtor can get you a complete list.

    And, no, the loan procedure isn’t different. However, you do have to be (at a minimum) prequalified, and preferably preapproved. And work with a lender that can close quickly. Sometimes, once a bank OKs a foreclosure sale, there’s a real short (10 day to two week) window of opportunity to buy; otherwise, they move on to the next buyer.
    References :

  2. dcoumbs Says:
    March 3rd, 2010 at 10:35 am

    Start with this link:

    http://www.hud.gov/homes/homesforsale.cfm

    You can also - and this would be best - look for a local realestate agent who deals in repos. You will need an agent to bid on most repos.

    Remember that lots of agencies reposess homes and they all market them differently. The link I gave you will get you to most government homes, but private banks mostly use brokers.

    All the above types of homes will sell just like a normeal home, closeing agent, title insurance, the works. There are also the options of buying at auction on the court house steps and directly from distressed people. You need a lot more savvy and a much thicker skin to do those types of purchase. I have bout a hud repo and several fixers, but I just won’t kick people out of their homes - so I leave the rough stuff to the lender.

    If you chose to do as I do and look for REO - lender owned properties -then the loan process is just like normal except that the house may not qualify for a first class mortgage because of condition.

    Good luck
    References :

  3. badgolfer828 Says:
    March 3rd, 2010 at 11:20 am

    This is a Connecticut website but the mini course he has is applicable anywhere to find foreclosure listings for free.

    http://www.cthousehunting.com/foreclosure.html

    The loan process from your end is no different. The attorneys will take care of anything out of the ordinary.
    References :

  4. yep Says:
    March 3rd, 2010 at 11:43 am

    http://infoonforeclosures.blogspot.com
    References :

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