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mcaula
LIF Adolescent
Member since 3/06 605 total posts
Name:
Alicia
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Forclosures
Anyone have any experience or knowledge they can share with purchasing a forclosure house. DH and I are looking into possibly purchasing one
That seems to be the only route for us to go right now to still stay in our target neighborhood.
Thanks in advance.
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Posted 1/25/07 9:43 AM  |
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Prudential Douglas Elliman Real Estate
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Forclosures
What neighborhood are you looking into?
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| Posted 1/25/07 9:44 AM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: Forclosures
My friends husband said that town usually print lists twice a year. He also said that public notices are listed in Newspapers. he named one paper is Suffolk but I'm not looking there so I don't remember the paper.
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| Posted 1/25/07 10:01 AM |
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mcaula
LIF Adolescent
Member since 3/06 605 total posts
Name:
Alicia
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Re: Forclosures
West Babylon or just Babylon, Deer Park,Wheatley Heights Area.
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| Posted 1/25/07 10:01 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Forclosures
Posted by ckone
My friends husband said that town usually print lists twice a year. He also said that public notices are listed in Newspapers. he named one paper is Suffolk but I'm not looking there so I don't remember the paper.
Probably Suffoljk Life
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| Posted 1/25/07 11:03 AM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: Forclosures
DH and I were looking into this as well!!! My uncle sent me some info, he used to be an attorney for a foreclosure law firm.
Foreclosures can be a great deal but, obviously, they have their downsides (or everyone would be doing it).
You can usually find foreclosure announcements in the legal notices section of the paper. The house we were looking at is listed once a week. The owner has up until the auction to come up with the funds to save the house. They could also declare personal bankruptcy which will place the foreclosure in limbo. You should contact the referee up until the time of the auction to make sure it is still happening.
If it works out, you can get a great house for a great price!
Now, here's the downside... You are bidding on this home sight unseen. Since the person is not leaving on their own free will, they may inflict additional damage on the home (if I can't have it, nobody will). Also, it's the buyers responsibility to evict whomever is living in the home, which can be timely and costly.
Good luck!
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| Posted 1/25/07 1:02 PM |
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mcaula
LIF Adolescent
Member since 3/06 605 total posts
Name:
Alicia
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Re: Forclosures
Posted by ali120206
DH and I were looking into this as well!!! My uncle sent me some info, he used to be an attorney for a foreclosure law firm.
Foreclosures can be a great deal but, obviously, they have their downsides (or everyone would be doing it).
You can usually find foreclosure announcements in the legal notices section of the paper. The house we were looking at is listed once a week. The owner has up until the auction to come up with the funds to save the house. They could also declare personal bankruptcy which will place the foreclosure in limbo. You should contact the referee up until the time of the auction to make sure it is still happening.
If it works out, you can get a great house for a great price!
Now, here's the downside... You are bidding on this home sight unseen. Since the person is not leaving on their own free will, they may inflict additional damage on the home (if I can't have it, nobody will). Also, it's the buyers responsibility to evict whomever is living in the home, which can be timely and costly.
Good luck!
Thanks for all the info.
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| Posted 1/25/07 2:14 PM |
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