Foreclosure..?
Question:
do you talk your spouse out of it? It's been going on since April.
Thanks.
N.Y.
Answer:
I am a Realtor, but in Colorado.
NY law works differently, and the differences in the laws can cause vastly different treatments.
Ther is nothing bad about buying a home in foreclosure. There is nothing that is stigmatic about it. In fact, a foreclosed property can offer a substantial equity and maximize your property investment, whether you intend to live in or rent the property.
The description of the situation looks like tthe property is not quite foreclosed on, or is in a redemption period. I doubt that the Seller will be able to obtain financing at a rate that will make the refinance affordable.
If the purchase can be made before the mortgage goes into foreclosure you can save time and money.
The foreclosure process in NY can take several months to complete, but the gains can be worth the wait. Why wouldn't you want to buy a homoe where you get 20,000 or more in equity? Is the house run down?
What makes this house undesireable?
You don't really want to buy a foreclosed home because the people could be very vindictive. People have been known to pour cement down the drains because they are angry that they are losing their home. I am sure they come up with other things to do to hurt the home.
Best thing to do is buy a house before it is foreclosed.. that is where the best deals are.
Once the foreclosure is done, the house will eventually be listed on MLS and will be like any other house.
You can look in your newspaper for home auctions. but that is VERY difficult to do.
Heeelloo!
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http://buy-a-foreclosure.blogspot.com/...
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