I would likto buy a foreclosure property e.g. the 74 New york property. but I am living in london England,?
Question:
gnowhtennek'yahoo.com
Kenneth
Answer:
Check out www.realtytrac.com or www.buybankhomes.com. These websites will also have support on their website for what it takes to purchase a home in foreclosure. You have to check to see if New York is a judicial state or not.
You normally have 3 options to purchase a foreclosure.
Option 1 - You can purchase in pre-foreclosure directly from the seller if they are motivated. These are normally called NOD's or Notice of Default stage.
Option 2 - Purchase the property on the auction date when the lender sells at a courthouse or through a foreclosure sales company.
Option 3 - Purchase after the auction date normally called an REO or real estate owned where the property reverts back to the lender which no lender has any desire to hold failing assets on their books.
Well, there's not much you can do from overseas. Were you not going to look at the house and do the whole transaction overseas? Especially with foreclosures you will want a thorough inspection done. Also, you probably won't be able to attend the auction so your only answer is to buy an REO property that has passed the auction state. Then you deal directly with the bank.
If you want to check out some properties try http://www.foreclosure.com
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