Queens County NY Foreclosures for Sale by Auction

Foreclosures for sale on auction hold great risk, but also the greatest rewards.

One of the phases in which a great investment opportunity is presented in the foreclosure process is the auction. This holds the greatest risks, but also the greatest rewards. Buying Queens NY homes on auction, will present the investor with ample opportunity to make mistakes and perhaps even lose his shirt, but one thing is for sure, he will definitely learn something.

It is not possible for the investor to view the property before the sale, unless he has at some point managed to persuade the home owner to allow him. It may be possible he tried to work-out a short sale deal which did not come off and he has followed the property to auction. Many investors do this; follow a property they have identified through the entire process leading right up to when it is auctioned. In this way they are better armed with knowledge in terms of the price to offer, what, if any liens are over the property and if it is worth pursuing.

If they are lucky and manage to pull of a purchase at the auction they are probably as clued up to the status of the title as the lender is. When buying a foreclosure property at auction, after the deal is concluded the buyer receives absolute title to the property, they do not have to worry about the previous owner coming in and snatching the property out from under their nose as there are no rights of redemption available in New York State. However it is still always wise to have the services of a real estate attorney to hand, just in case.

Purchasing on the court house steps on auction, means the investor has to do their research thoroughly. They have to understand how the bidding process works, if they have to make a deposit and how much it should be. They also need to understand what acceptable methods of payment are and how long you will have to obtain the loan to find the balance of the finance required. Any investor who goes to an auction without pre-qualified finance in place is actually making a mistake, because it might just lose him the deal of a lifetime.

Just remember and be aware that angry homeowners have been known to steal all kinds of fittings and fixtures including small things such as electrical outlet covers and light switches, and large items such as gas heaters and even bathtubs and basins. But they have also been known to deliberately trash homes in order to take revenge on their lender for foreclosing on them. The amount of people doing this could be as high as one on thirty, so this is where many of the risks come into play. Knowing what it will cost to you rehabilitate a property is vital to your success as an investor, particularly if you are going to take the risk for buying a foreclosure property in Queens, NY on auction.

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Foreclosures for Sale Nov 10th, 2009

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