How do you buy a foreclosed home in NY?

5 steps to buying a foreclosed home

1. Find an agent specializing in foreclosures.
2. Get a preapproval letter.
3. Look at comps before making an offer.
4. Bid higher if other foreclosures are selling fast.
5. Be prepared to buy a foreclosure in “as-is” condition.

How do I find foreclosed homes in NYC?

Online search portals like Zillow and Realtor.com, according to the speaker, can be a fantastic way to find cheap, foreclosed properties across the city. Head over to Zillow right now, search for foreclosed properties in Brooklyn and you’ll see over 4,000 foreclosed homes for sale.

Do banks negotiate on foreclosures?

Banks are willing to negotiate foreclosures because they are losing money on the property when it sits vacant. Banks can negotiate directly with buyers without the assistance of a real estate agent. Because they own the property, banks can set the price for any value they deem acceptable.

Can you get a mortgage for a foreclosure?

If your “dream foreclosure’ is in livable condition, and lenders consider you a good risk, you may qualify for a conventional loan. Because these loans are guaranteed by the Federal Housing Administration, it’s easier to get approved, even with a credit score as low as 580. The minimum down payment is just 3.5%.

Can you negotiate price on a foreclosed home?

Can you lowball a foreclosure?

When you buy a foreclosure, you should lowball the bank – they are desperate to get these homes off their books. Before a bank will take a lowball offer, they will almost always reduce the list price first, and see if that attracts a higher offer than the lowball one they have in hand.

What are the cons of buying a foreclosed house?

Cons:

• Slow Process. The legal rules for foreclosures are complex. There’s more paperwork involved, and the sale may take longer than normal.
• Sold “As-Is”. The lender won’t make any repairs unless they’re legally required. It also won’t disclose the history or the condition of the house.