New York Bank Foreclosures – Opportunities for Wise Investors
Despite government intervention in bailing out mortgage companies and banks the national foreclosure rates have increased by as much as 50 – 65% over the same figures from as little as a year ago. Although states such as Nevada, Florida and California have been the hardest hit by this, New York bank foreclosures have also been on the increase. Major metropolitan areas have especially fallen prey to this situation. Mortgage companies have toughened up on lending policies, property prices are down and property sales are down. As foreclosure activity increases it actually creates an opportunity for wise investors.
The state of New York does not allow non-judicial foreclosures to take place and the foreclosure process can take as long as 18 – 24 months to process. Purchasing a property from someone who faces this process can save their credit score, but before investing in pre-foreclosure property there are a number of crucial factors you need to know.
Market Value – this is crucial because of the rapidly changing real estate market, knowing the difference in what you can pay for a property and what it is valued at in present markets will determine if a profit can be made.
The Law – you should have an attorney on retainer and possibly also an accountant to give you advice regarding the kind of deal you are structuring, you need to know if it is legal in New York.
Cash – You have to have money available to purchase property. It takes money to purchase, to maintain and to hold the property until such time as it becomes saleable, make sure you know where this money is going to come from and secure it.
There are also various other complex factors in pre-foreclosure investing and this is why it is far easier to purchase properties that are New York bank foreclosures. All of the factors that might place risks on your investment have already been dealt with. All you have to do is negotiate with the bank over pricing, based on the condition of the property and what repairs it might require.
Wise investors who don’t have a great deal of experience in the pre-foreclosure markets are still able to make profits through New York bank foreclosures. The title deed has been transferred to the bank, but they do not need a whole lot of these non-performing assets on their inventories. It is because these assets cost them money that they want to sell them. By no means should you believe that these properties are given away at a song. But you are able to negotiate excellent deals if you know all the right moves to make.
For instance, banks cannot be bothered with the upkeep of foreclosure properties. Any property that is unoccupied for an extended period of time will fall into disrepair. This could be purely cosmetic, while the home owner was still in residence for the period dictated by judicial states, they will not have bothered to paint or touch up minor repairs. But once the property has been vacated, it might have fallen prey to vandals who find this an ideal opportunity to strip electrical wires and even copper piping.
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