Staten Island NY Foreclosed Properties - Details For Home Buyers

Purchasing at Foreclosure Auction A mortgage company typically holds an auction when foreclosing on Staten Island NY homes. Buying directly at an auction is very risky. At this stage, bidders have no opportunity to enter the interior of a home since it can be occupied (until the residents are evicted). A substantial cash deposit is required to bid at auction. Because of this, Staten Island NY homes may not always sell at auction. The mortgage company will alternatively take ownership, making it bank-owned property, a term that buyers may see often in real estate for sale. Purchasing Bank-Owned If a home does not sell at auction, the eviction process gets completed and the property is placed for regular sale. It is uncommon for any repairs to be performed, so foreclosed homes are generallly sold as-is. Furthermore, little information on past work is available. It therefore remains a somewhat risky alternative for Staten Island NY buyers. Bank-owned real estate typically sell for a discounted amount for these reasons. Staten Island NY Foreclosed Properties - Details For Home Buyers Buyers wanting discounted real estate often inquire about bank-owned properties, but it is important to understand the disadvantages of foreclosures. Buying at auction is not an option for typical Staten Island NY first time buyers. Since the previous owners could not make mortgage payments, they most likely could not afford to perform general repairs on the property either. Buyers should therefore expect extensive repairs. Certain Staten Island NY real estate professionals are experienced in foreclosed homes and can be invaluable. This blog on Staten Island NY foreclosed properties - details for home buyers was compiled by Gregory Diaz and Gina Guerriero at S.I. Premiere Properties. Contact Gregory Diaz at 718-408-1499 or gregdsells@aol.com with questions or for additional information