What is a foreclosure and any emaples of one?
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do not get into forclosure property unless you know what you are doing. It could end up being costly. A forclosure is when the bank or other leinholder takes the property back from the owner due to non payment. The title should be thoroughly searched as there can be more than one lein. You should consult with a lawyer in your area who specializes in Real Estate law before doing this. This is not a fast way to buy a cheap house like some would want you to believe. If you do buy the house, you do so usually without being able to fully inspect it and buy it as is. It may have been trashed by a vengful former owner. Beware, but good luck.
And never buy a house (foreclosed or not, any house, any real estate) without an agent. When you are a buyer and have an agent, it doesn't cost you anything (an agent is paid by a seller.)
And, yes, you can find a good deal in a foreclosures, but do not expect to buy a million dollar house for a hundred bucks (or even for half a million.) Never happens in real life.
if a home owner doesn't pay his mortgage on time, after several times, the bank that holds the mortgage will take over the house and will sell it, usually for lower price then market value.
Asi
The process varies by state. For a general outline that will give you a good start take a look at the URLs below.
Also consider heading to the library or a large bookstore in your state to see if there is a book with the specific state regulations for NY.
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