Buffalo, NY is the place to find bargain foreclosure listings right now. Investors/buyers are concentrating on bank owned REO foreclosure listings, short sales and auction foreclosure properties. There are a number of great deals right now on single-family homes, condos, townhouses and apartment buildings.
Start Your Search on the Internet
To start your search, the Internet is a 42 good place to get an idea what is available in the neighborhoods you are interested in. You can also find a Realtor that specializes in REO and foreclosure listings on the Internet to work with you. Contacting a local Realtor is smart because Realtors represent banks and their foreclosure listings. The Realtor can help you with your offer and give you information regarding area home sales. Also, the Realtor can refer you to a lender if you need to finance your foreclosed property, and can refer you to a home inspector and other vendors.
Auctions
Foreclosure auctions are advertised on the Internet as well at various websites and in the newspapers. You can find some very good bargains at foreclosure auctions. Here are a few things you should know about foreclosure property auctions:
- The highest bid is awarded the property.
- You need to pay for the homes in cash at the end of the auction.
- Buying foreclosed homes at auctions allows you to purchase a property with built in equity.
- Foreclosed houses are sold in an “as is” conditions with no inspections.
- You get no warranties or guarantees.
- No title insurance.
- You are responsible for paying off liens and evicting former owners and tenants.
Government foreclosures are also good investments because they are sold at very discounted prices. HUD homes don’t require a large down payment either. Generally, you need to make your offer through a Realtor on a HUD foreclosure property.
Whether you are interested in residential, multi-family or residential income properties, buying foreclosed Buffalo homes is a great way to build your investment portfolio, and create long term wealth. There are many affordable foreclosed houses in the Buffalo New York and surrounding areas for you to choose from.
