Hi
I live in Queens New York. I'm interested in buying a foreclosed home. Where's the best place to stary looking for one?
Thank You
2006-06-28 04:12:05 · 5 answers · asked by lightingboy12000 1 in Business & Finance ➔ Renting & Real Estate
Call around to real estate agencies and ask if they have an agent who specializes in foreclosures. Generally, agents have access to the local MLS, but some foreclosures may not be put on the MLS. (MLS is short for Multiple Listing Service - where agents list homes they have for sale, allowing other agents to search for homes that match their clients preferences.)
Be warned, forclosures can go under contract very quickly - except when they take forever. People are eager to snatch them up, but you're probably dealing with a corporation as the seller who may not act quickly.
Also be aware that it frequently takes a year or more for a house to go into foreclosure. That's a year when the owner has no money or willingness to pay the mortgage, and they will frequently do NO maintenance or upkeep, and sometimes strip the house of any fixtures of value. You are generally looking at a lot of work to make the house habitable again.
A final word of warning - if you know what you're getting into, fine, but if you've been watching a bunch of shows on house flipping and think it'll be an easy way to make money you may be in for a serious reality check. Be careful!
2006-06-28 04:26:03 · answer #1 · answered by Cathy C 1 · 0⤊ 0⤋
Just hit the link below and type in your area code, or the area code of where you desire to move to. Typically these things don't sit on the market long, (two days or so), so be prepared to run. Foreclosures can be a lot of work, the previous owners knew that it was being foreclosed on and usually leave it in a bad state of repair, or sabotage it. I'm a home inspector and I've seen it. You can find some real gems, too! So stick with it!
2006-06-28 04:20:50 · answer #2 · answered by Mr. Versatile 4 · 0⤊ 0⤋
We were thinking forclosed when we started looking, but were hard pressed to find one that didn't need a ton of fixing up. We wound up with a great condo.
2006-06-28 04:22:27 · answer #3 · answered by Gabby_Gabby_Purrsalot 7 · 0⤊ 0⤋
A friend in a bank because it's really hard to find them!
2006-06-28 04:15:55 · answer #4 · answered by royder1976 3 · 0⤊ 0⤋
They list them in the newspaper every day.
2006-06-28 04:17:30 · answer #5 · answered by GRUMPY 7 · 0⤊ 0⤋