Posts Tagged ‘buy a foreclosure’

3 Tips for Buying Brooklyn New York Foreclosures

Wednesday, March 23rd, 2011

Despite all the stories you hear on the news, buying Brooklyn home foreclosures doesn’t have to be a negative experience.  Here are 3 tips to make the process smoother and more profitable for you:

Tip #1:  Allow plenty of time for the whole process.

Brooklyn foreclosures take longer to get to closing than traditional homes.  What takes so long?  As you probably know, there are a lot of foreclosures happening now.  That means there is a large backlog of foreclosures lenders have to process before they get to yours.

Another common problem that extends the buying time for foreclosures is title issues. Before closing, the new mortgage lender needs to prove that you have a clean title so they feel safe lending the money.  Each step of a foreclosure increases the amount of time before you can close.

If you can’t be patient, don’t drive yourself crazy by purchasing a foreclosure.  But if you can be patient, the wait can be well worth the savings.

Tip #2:  Flash your cash.

Because bad loans weaken the banks’ bottom line, they will usually accept a lower sales price with a cash offer over a higher sales price that requires financing.  So, the more cash you can flash, the better your chance of getting a great deal.

Pay close attention to the condition of Brooklyn New York foreclosures.

Foreclosures are offered “as-is.”  Do a walk-through of the property before making an offer to ensure it’s worth the price.  Include a final walk-through in the real estate contract to assure the home is in the same condition as it was when the offer was made.  By including an escape clause, if the current residents trash the place, you have the option to walk away.

If you’re in the market to buy a foreclosure, I can help.  Give me Charles The Realtor® of Fillmore Real Estate a call today at (718) 253-9600 ext.206 or email me at [email protected]