Researching the Property

Our 3rd topic in a series of 10 concerning Foreclosure Auctions is Researching the Property.  In order to make an intelligent bid, you need to know all of the information about the property.  Any outstanding liens, the amount of the remaining mortgage, a title history, the condition of the property, and any repairs that are needed, and an appraisal are all important data.  Another source of information would be to check on the real estate market in the area surrounding the property.  Look at comparable homes, and see what they’ve sold for to give you some idea of the current worth of the property.

The best place to start for this type of information is with the county recorder.  The financial information will be available from this county employee.  The trustee managing the auction for the mortgage holder is another good resource.  And finally, the owner of the property, if they are so inclined, can provide you with most of what you need to know.  Double checking your information would not be a bad idea, just to safeguard against any surprises.

If you win the auction, you will be responsible for the remaining mortgage, any necessary repairs, and possibly any outstanding liens.  This can be quite an expensive endeavor if you aren’t prepared for it.  Knowing exactly what you are bidding on can make the difference in winning an auction being a nightmare or a dream come true.

For more information on foreclosures and REOs in the Metro NY and Long Island area, you will want to attend the lst annual New York Foreclosure Showcase on the 12th of October.  This event is sponsored by Island Advantage Realty LLC, recognized experts in this field.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact www.nyforeclosurereport.com