The General Price of Brooklyn Foreclosures

The General Price of Brooklyn Foreclosures

So, you’ve spotted a few foreclosed homes, and it’s down to a few options. As they all have passed your inspection of not needing much work, you decide that the price will be the final determining factor. Some of the foreclosures in NYC and foreclosures in Brooklyn as well, may have been spotted extremely inexpensive or below market rate.

This is when the homeowner and the potential investor need to help each other. Even if many homes sold as short sales in Brooklyn are outside of your price range, it is wise to check the landscape constantly. Here are two key determining factors if the price of a foreclosure home is great or not.

1. Are there any hidden debts? A foreclosure in Brooklyn does not happen overnight. The seller may be in this situation because of a job loss or illness. That means other debts besides their mortgage could exist that are tied to the house. A foreclosure agent can do the legwork to determine if there is any public debt such as real estate taxes or maintenance liens against the property.

2. Are you paying more than the property is worth? The neighborhood, other homes for sale in the area, and potential business developments all determine the value of the property. The bank, however, wants to get the amount of the mortgage owed. The homeowner could have multiple mortgages on the property, which are worth well over what the home is worth. Ensure you are paying under the value of the home.

Remember, the seller is not setting the price – the bank is. For normal home sale, you could develop a personal relationship with the seller, ensuring them you are the best buyer for the home. You will keep the home in excellent condition. However, a foreclosure agent in Brooklyn or NYC will be better equipped to handle the negotiations with the seller’s bank.

Structural Issues in a NYC Foreclosure

Structural Issues in a NYC Foreclosure

When it comes to purchasing a foreclosed property, there are significant positives and possible major negatives. Foreclosures in NYC can come at a great deal, often much better than non-foreclosure prices on the market [Read more...]

How to Change Your Life to Avoid Foreclosure

How to Change Your Life to Avoid Foreclosure

Getting that official notice that your home is in foreclosure is a difficult pill to swallow. Foreclosures in NYC have been on the rise since the 2008 housing crisis. Unfortunately, real estate in New York City has been harder and harder to procure [Read more...]