Syracuse foreclosure listings and properties currently number 219, and have a median listed price of an inviting mere $55,840. Indeed, even the other 804 homes on sale at the Syracuse property auctions sport a median tag of just $84,900, though they are obviously at over 50 percent premium over the price of the foreclosed homes. That sums up the Syracuse real estate market present snapshot.
Syracuse is the county seat of Onondaga County, in the third most populous US state, New York. Syracuse is the educational, cultural and economic nerve center of the million-plus residents of Central New York. Syracuse is identified by Syracuse University, though it has many other smaller colleges as well. Among the cities, towns and hamlets that comprise the suburbs of Syracuse may be included the following: Camillus, Van Buren, Fairmount, Vesper, Memphis, Tully, Brewerton, Willow Glen, Bridgeport, Shepard Settlement, South Bay, Marysville, Clay, Skaneateles, Bayberry, Mattydale, Belgium, Long Branch, Clay, Hinsdale, Euclid, Salina, Oak Orchard, Oran, Three Rivers, Delphi Falls, Woodard, Pompey, DeWitt, Taunton, Jamesville, Split Rock, Lyndon, Onondaga Hill Messina Springs, Onondaga, Elbridge, Thorn Hill, Jordan Halfway, Rose Hill, Hart Lot, Marietta, Apulia Station, Marcellus Falls, Cardiff, Marcellus, Collingwood, North Manlius, Baird Corners, Manlius Center, Cold Springs, Kirkville, Jacksonville, Freemont, Lampson, Manlius, Little Utica, Wrights Corners, Plainville, West Phoenix and Radisson.
Foreclosure Auctions: Irresistibly Discounted Prices
The foreclosed homes at the Syracuse real estate listings auctions can be picked up at fantastic discounts. The discount usually ranges between 10 percent and 50 percent of the market prices. The seizing authorities like banks or government agencies like VA, HUD and Fannie Mae are not real estate players per se. They are constrained to foreclose homes when the homeowners lapse in repaying the loan premiums timely. After the legally mandated notice of default to the owner and the due period of waiting, the lender exercises its legal right to foreclose the property. However, such properties represent its NPOs or nonperforming assets. The banks and other foreclosing authorities, therefore, seek to dispose of the properties through foreclosure auctions at the earliest. Next, they seek only to recover the pending amount on each home from the loan amount respectively advanced earlier towards it. The actual worth of the homes, or the maximum that they can fetch in the open market, are scant considerations. So, the auctioneers list the homes on the basis of the minimum amount that they must get from its sale, if they are to break even. Of course, that’s great news for buyers, who reap a bonanza at the defaulting owner’s expense and the peculiar economics behind the real estate foreclosure listings.
Real Estate Agents’ Vital Role
W. James Camperlino, William Porter, William Dutch and John Funiciello are dominant players in the Syracuse real estate listings auctions, by virtue of being prominent property brokers there. They perform the vital function of sellers and buyers of homes with complementary requirements to meet at the negotiating table, and actually conduct property transactions. First-time investors at the Syracuse property auctions would be well advised to hire an expert agent prior to making any investment in property. The real estate comes down ruthlessly upon those who do not heed the market variables and dynamics, and there are millions of government foreclosures in the US to drive home this hard truth.