Queens County NY Foreclosed Homes – REO’s
REO’s as they are more commonly known are bank owned or real estate owned property. This means that the lender has foreclosed upon a property owner due to their failure to repay their mortgage loan and this is happening more and more these days despite the fact that the Federal Government has tried to intervene. Queens County NY foreclosed homes are no exception and these too are on the increase.
The foreclosure process takes a long time in New York and is incredibly expensive as certain procedures have to be followed. However the process is inevitable and eventually the home owner will find himself no longer the owner of his property. This process presents three investment opportunities for property buyer. The first being buying in pre-foreclosure, the second at auction and third, is when the auction sale is over and no bidder met the price the lender had set on the property and it becomes the property of the lender by default.
At this stage the property foreclosure procedure is completed and it becomes real estate owned (REO). While many lenders farm these properties out to real estate agents to market and sell for them, others are not so actively involved and many of these homes fall into disrepair. There is also the chance that the previous owner if he has been handled badly, might partake of some revenge damage.
In some instances this may be quite serious while in others not so terribly. Revenge damage has seen owners pouring cement into toilets on their departure and this is a serious problem. But buying an REO will mean that you are able to view the property prior to making an offer. If you are planning to buy the property to fix and resell, some profits can be made, and these are in the low side.
Queens County NY foreclosed homes which are in the pre-foreclosure phase are another story entirely. This is best left to the more experienced investor, or at least if you are new to the business, partner with someone who knows what they are doing. While the risks are far greater, so are the rewards. If you are seeking investment property which will grow in value for resale, this could be the route to take as the profits will be better.
But you had better know what you are doing along the way. During this phase of the foreclosure, a short sale is also able to be negotiated and you will need to work with both the home owner and the lender. The third phase is the auction and this is even more of a risky prospect.
However the safest possible bet when looking at buying Queens County NY foreclosed homes is the REO. All contingencies are taken care of and it is really just like buying a property on the traditional real estate market. It is quick and simple and all you need is to have your pre-qualified finance in place.
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