About Buying a Foreclosure Property Jamaica NY

No matter what type of property you’re planning to buy, good property research will help you recognize which properties represent smart investments and which do not. Remember, a little preparation before the sale can help you reap huge benefits.

Local Companies

Foreclosure Negotiation Service
718-341-2400
172-19 Baisley Blvd
Jamacia, NY
Sitar Realty Co
(973) 589-6000
70 Adams St
Newark, NJ
Charles T White Realty
(718) 237-7904
328 Lewis Ave
Brooklyn, NY
Clipper Realty Assoc Llc
(718) 850-5644
8346 118th St
Jamaica, NY
Windsor Park Management
(718) 298-9830
21204 73rd Ave
Flushing, NY
Red Apple Group Inc.
(212) 956-5803
823 11th Avenue
New York, NY
Landing Estate Inc
(212) 831-6295
1556 3RD Ave Ste 604
New York, NY
College Point Realty
(718) 762-1063
11402 15TH Ave
Flushing, NY
Tkr Properties Svc Inc
(718) 544-8517
6861 Yellowstone Blvd
Flushing, NY
Exquisite Homes Realty
(718) 845-3160
12604 111th Ave
Jamaica, NY
Data Provided by:
  

Before You Buy a Foreclosure Property, Do Your Homework!

By Rick Sharga, Vice President of Marketing for RealtyTrac

Online tools help you evaluate potential purchases from home


isToken


There are two words that give pause to even the most motivated real estate buyer or investor: property research.


In the past, property research equated to extensive legwork — often involving a trek down to the local recorder’s office — and expense that was spent evaluating a property’s market value and all the debt encumbering the property. But now a few clicks of the mouse on RealtyTrac will get you that same information for properties nationwide:


Comparable Sales: provides up to 15 recently sold properties in the neighborhood so you can pinpoint the property’s true market value. Lien & Loan History: provides a list of all liens and loans (mortgages and trust deeds) against the property so you can calculate the total debt encumbering the property.

These reports are available for hundreds of thousands of properties found on RealtyTrac, the nation’s most comprehensive and convenient online marketplace for homebuyers, investors and real estate professionals, with more than 550,000 properties updated daily. You can also order individual property reports for any property nationwide.


Thorough research has always been crucial to determining a property’s investment potential. But the tools and resources needed to do that research are much more accessible now than ever before.


“When buying a property, the right examination and due diligence on the part of buyers can significantly improve their ability to make a strong investment,” explains James J. Saccacio, chief executive officer at RealtyTrac, which also maintains the nation’s largest database of pre-foreclosure, auction and bank-owned properties.  


RealtyTrac can help investors and homebuyers tap into the previously hidden foreclosure market by providing access to property data formerly available only to professional real estate brokers and investors. Today, homebuyers can use these services to identify and research potential home purchases, as well as to find the tools and professional resources they need to help them close the deal.


It makes sense to give any property under consideration — foreclosure or otherwise —an in-depth examination. First, check the Lien & Loan History for all debts secured by the property. Subtract the total amount owed from the estimated market value, based on the Comparable Sales, to determine the potential bargain. After making contact with the owner or real estate agent, arrange a walk-through of the property to evaluate its condition. Factor estimated repair costs into your purchase offer. Before you close the deal, hire a professional home inspector to inspect the property and enlist a title company to run a final title check.


If you purchase a property at a public foreclosure auction, you won’t have a chance to inspect a property before buying, which makes this type of purchase more risky. But if you’ve researched the title and determined the amount owed is far less than the market value, you’ll have some margin to cover unexpected repair costs. Before you go to the auction, set a maximum bid based on your research and stick to that bid at the auction.


Although you’ll be able to inspect the property if it’s bank-owned, the bank typically knows little about the property and will sell it in “as is” condition. This means the bank will disclose all the needed repairs it knows about, but is not held responsible after the sale for any repairs it did not know about. Factor the known repairs into your purchase offer and have a professional inspection conducted before closing the deal. You should also have a title company run a final title check before closing, although most banks will make sure the title is clear before selling.


No matter what type of property you’re planning to buy, good property research will help you recognize which properties represent smart investments and which do not. And that research is now much more convenient thanks to the extensive property research tools available online through RealtyTrac. Remember, a little preparation before the sale can help you reap huge benefits. So, it’s worth your time and energy to do a little homework!


Click here to search for bargain properties

Related Articles
- Basic Foreclosure Information Jamaica NY
Despite the opportunities that exist with either preforeclosures or bank owned foreclosures, I think there is also a certain amount of risk for the novice foreclosure investor. Profits can be lost and foreclosure investing opportunities can be missed when you lack the proper real estate investing training.
- Hidden Property Costs Jamaica NY
- How to Buy Rental Property Jamaica NY
- Purchasing Foreclosed Property Jamaica NY
- Real Estate Note Jamaica NY
- Safeguarding Against Foreclosure Jamaica NY
- Public Foreclosure Auctions Jamaica NY
- How to Discover Property "Cover Up"s Jamaica NY
- How to Avoid Foreclosure by Knowing Your Mortgage Type Jamaica NY
- Hidden Costs of Foreclosures Jamaica NY