Buying real estate in bank foreclosure is an excellent way to buy real estate in New York, New Jersey, Pennsylvania and Connecticut at a huge savings!

Buying pre-foreclosures involves working directly with the homeowner and sometimes the lender. Your goal is to create a Win-Win scenario. One win is for the homeowners (they make a sale) and one win is for yourself (you buy the property at a substantial discount).

To accomplish a successful purchase, most experts recommend the following: (1) locate loans in default, (2) evaluate and narrow selections to pursue, (3) inspect the property, (4) evaluate the property owner's needs, (5) determine the market value of the property, fix-up costs, potential sales price and profits, (7) arrange default work out by negotiating with the owner and the lender, (8) close on the property, repair and resell it quickly.

Pros: This is a great investing opportunity if done correctly. Discounts off market value can range from 20% to 35% on average. A low cash down payment is possible if structured properly. You have ample time to research properties. Unique and flexible sales agreements are possible.

Cons: It is sometimes difficult to contact the property owner. You will usually have a lot of competition. The court house research can be cumbersome. You may need to negotiate with the lien holders.

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Other resources about bank foreclosures in New York and New Jersey.


New York
Foreclosure Update - Weekly Newsletter with comprehensive information on foreclosures and upcoming auctions in the five boroughs of New York City
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Druckman, Raphan & Sinel - Offering services for real estate financing, foreclosures, commercial litigation, estate planning, elder law, personal injury, and guardianships, from offices in New York City and Hempstead.

New Jersey
GS Property Management & Home Improvements
New Jersey, NJ - Northeast Providing a complete line of field services to the entire industry of Foreclosure Programs.

Montella REO Pros, Inc.
Servicing NJ NY PA & Michigan. Specializing in foreclosure & REO properties.