2007-05-22 19:54:10 · 2 answers · asked by bolinger81380 4 in Business & Finance ➔ Renting & Real Estate
I should mention that I am a novice who is looking for a way to afford housing in a higher priced market. I specifically am interested in New York City.
2007-05-22 20:04:37 · update #1
In New York City, it is advisable to have a thorough inspection of any property you wish to purchase, foreclosed upon or not. Generally speaking, those who suffer foreclosure are in such a situation due to lack of funds to pay the mortgage. If they cannot handle the mortgage payment, they have even less money to pay for routine maintenance and upkeep. In foreclosure actions, I have seen appliances, kitchen cabinets, lighting fixtures and anything else not permanently nailed down taken with the departing seller. Now and then, more permanent things, such as toilets, are also missing.
Proceed with caution, and do not assume that purchase of a foreclosure will be a fantastic deal. More often than not, these foreclosures are sold at or close to market value, and you are buying 'as is'. Banks do not give these properties away. They sell them for as much as they can possibly recover from their collateral.
2007-05-23 01:45:06 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
I have seen foreclosed homes that need next to nothing, Just because people have financial problems doesn't mean the house is a hoopitie.
2007-05-23 03:03:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋