Distressed Properties and Brooklyn Short Sales

Bidding on Brooklyn Short Sales

Sometimes you’ll find a few distressed properties you feel are a great deal, especially in the short sale market in Brooklyn. After the housing crisis of 2008, many New York residents are looking for housing outside of areas in Queens, Staten Island and even Brooklyn.

However, before jumping and bidding on them all, you do need to consider a few things. You don’t want to take too long to do your due diligence and bid as other investors will quickly jump on the deal. Instead, to get ahead on the Brooklyn Short Sale market you want to be sure you understand the foreclosure procedure in New York City. A company such as Premier Real Estate will make certain that you overlook some of the concerns of foreclosure in places like Brooklyn or Queens. Well known real estate companies that specialize in the short sale market in Brooklyn and surrounding areas in New York City will help you complete help you do your homework on a home in foreclosure.

Take Repair Costs into Consideration

In addition to the asking price of a specific foreclosure in New York City, there are other pricing factors to consider before making an offer. Hiring a home contractor is necessary so they can estimate the necessary repairs to get the home up to code. Things that may need to be performed include:

  • Rewiring
  • Installing new plumbing fixtures and pipes
  • Replacing drywall
  • Replacing the roof

 

These types of repair costs can be expensive. If you are not prepared to make them after spending all your expendable income for the home, you’re left with a big mess. You also want to verify this contractor does good work and guarantees it.

How to Bid on a Distressed Property in Brooklyn

Banks often will place their distressed property up for auction. You may also go directly through a local real estate company in Brooklyn or Manhattan. You do want to offer lower than the asking price because they bank needs you more than they make it appear. Having an experienced agent that specializes in Brooklyn short sales will make the negotiation process go smoother.

 

 

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