Hello @Joseph Romano, I’ve been going the past of couple of weeks and plan to bid on a home by next Friday at the Queens auction. Any questions please feel free to reach out.
My limited experience is that anything except the Bronx seems not a bargain. And that was a few years ago. Maybe no more bargains in BX either. But I happily admit I never bought anything (due to above impression). Maybe I am missing something.
I have only been to a couple in Manhattan, but what I found was that the ones I expected to happen did not happen, and then there were two auctions of properties which I had not seen announced anywhere. Since no one had heard about these, no one bid. The whole thing took 20 minutes.
Hey, @Joseph Romano yeah we have gotten a few houses from the Nassau County Auctions. It's not as hectic as Brooklyn or queens and way more organized than Suffolk county. Let me know if you have any questions?
@Eric Telese It depends on the property and what the referee requires. Some allow cash, most require the 10% deposit to be paid with a certified check made out to the referee but there is no verification of funds. Hard money usually doesn’t fund the initial down payment but most of the foreclosures are closed using hard money loans.