New York Foreclosures For Sale

New York Foreclosures for Sale

The great state of New York with it’s big cities and huge population areas is actually setting pretty low in the total numbers of New York Foreclosures for Sale in the foreclosure listings. For most people that is almost impossible to believe. The numbers don’t lie and the numbers say that New York as a state is in pretty good shape here as far as the foreclosures.

The thing is that foreclosed property outside of the populated areas of Long Island and New York City and practically non-existent and if you are looking to get a piece of real estate here in New York you will be getting it near a densely populated area, with few exceptions.

Another given is that, and again this is the rule, and there will be exceptions, the property you get will be pretty well run down and way over priced. Under the laws in the state of New York it can take in excess of twelve months for a foreclosure to run its course and the people to actually be evicted and forced out of the property.

Couple that with the amount of paperwork and fees that go into the purchase of a property in New York and the addition of property taxes that are in the highest in the nation on Long Island where some folks pay as much per month just in property taxes as people in the south pay for an entire mortgage payment and you can see the picture.

You will have to decide if the investment in time and cost is going to be worth it for the return on your investment when the market rebounds since taxes alone for a year on a modest property on Long Island could run in excess of twenty thousand dollars and that does not include the principle.

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Foreclosures for Sale Mar 17th, 2009

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One Response to “New York Foreclosures For Sale”

  1. New York Foreclosures for Sale –The Law and a Short Sale | New York Repo Homes Says:
    November 3rd, 2009 at 7:07 pm

    [...] New York foreclosures for sale it is important to note that although non-judicial foreclosures are allowed they are rarely if [...]

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