Possible First Deal - Westchester NY
Hi Everyone! I live in Westchester County, NY. I hope someone can help me here. I found a house that is going into foreclosure. I have a title company looking into any liens and judgements on it but I'm lost on to do next or if its too late. The paperwork is already being worked on with the attorneys. Is it still possible to purchase this house before going to auction?
@Kimberly DiMarino
1. Yes, banks will postpone auctions if there is a contract that will pay them off
2. Get the house under contract (if you don't already)
3. Get your financing in order
4. Ensure the owners have a plan to vacate
I wouldn't stress the title stuff, that will get sorted out & if there are issues it will be a money decision for you. I have bought many pre foreclosures, I focus on underwriting and preparation. I hope this helps & good luck!!! Westchester rocks!!!
Thank you for replying! I'm not sure how to get in under contract. Do I need to find out who the attorneys are somehow? I found out the original owner's name but she is a 90+ year old women (if she's still alive) who lives an hour away. She only has a PO Box address. I just don't know who or how to get this house under contract.
@Kimberly DiMarino Its all possible yes, but depends on when the sale date is. the foreclosure process can be a long process but if you finding the house in the very latter stage it will likely be a challenge and you'll be rushing through things to try and make it work. Do you know when the sale date is?
@John Slater Hi! From what I understand it hasn't gotten that far yet. I went to my town yesterday to find out how much they owe in taxes and she told me but also said they attorneys are in the process of doing all the paperwork and it will eventually go to auction. How do I find out what bank owns it? Maybe I can call and stop it from going into auction.
I see you are a real estate broker. Do you have our One Key MLS? If so, look into Remine under links. You may be able to find the lender. Is there any access to current owners? That would be the best way to go about it. They usually have a bill or statement with a number, where you can get in contact with an asset manager.
