If you are looking for foreclosure listings of cheap homes in New York, now is a great time to find them. There are numerous properties available in all price ranges and neighborhoods. There were 2,604 foreclosures during the month of March 2011 according to RealtyTrac. One in every 3,079 households received some type of foreclosure notice. Taking a look at some of the foreclosure numbers broken down by county, Kings had the highest number of notices with 480, Suffolk was next with 351, Nassau had 337, Queens had 273, Bronx has 191, Albany had, 154, Richmond had, 131, Westchester had 122, Orange had 106, New York had 68 and Rockland had 60.
Finding Bargains
Cheap foreclosure homes can be found advertised on the Internet, some at auction websites, many at Realtor websites, in the newspaper and in the local MLS. Working with a local Realtor is always a good idea when you are looking for REO’s (bank owned real estate) because banks list their REO inventory with local Realtors. The Realtor have access to their local MLS and can search by criteria you give them such as city, price, bed and bath and square footage which saves you a lot of time trying to find a property on your own. Other places such as the Internet are great if you re interested in finding properties in other areas outside of your town. You can access online auction sites as well. Government agencies such as HUD also have a website with information on their foreclosure properties.
Right now there are so many bargains it is hard to choose which property to bid on. Homes have not been this affordable for a very long time and interest rates are still low. Buyers and investors are competing for cheap homes in New York with different purposes. First time home buyers want to live in the homes and investors are looking to rehab and rent them out or rehab and sell them. If fact, you may even find yourself in a multiple offer situation because the competition for these homes is fierce in the lower price ranges. Whatever your intentions, the abundant inventory is making it a perfect time for buyers to purchase a foreclosure bargain.
Short Sales
Short sales are also part of the foreclosure inventory. These are properties that have not gone through the foreclosure process yet because their owners are either still in default and the bank has not foreclosed or they are about to default. The owner must obtain their lenders approval before selling their New York Short sale. There are numerous short sale opportunities and competition is not as great because short sales take a long time to get approved. The average time is about three to six months so most buyers who want to reside in the home don’t want to wait that long. That gives investors a better chance of securing a short sale with less competition for them. Short sales are sold at discounted prices just like foreclosure properties. The good thing is they are usually in better condition than REO or auction properties because the owners or their current tenant reside at the property and maintain it.
So if you are in the market for a cheap New York home, you should be able to find a large selection of listings in most neighborhoods and price ranges. There is no excuse not to buy now.
