Buying New York City Repo Homes – A Brief Guide

By: Joseph Smith

A recently released report states that new foreclosures in New York City have risen by 50% in October this year in comparison with October last year. This increase in New York City repo homes coupled with the prevailing low prices of these homes is attracting the attention of many home buyers.

There are a few things you must keep in mind if you intend to buy amidst the New York City repo homes. First, since foreclosure proceedings are initiated upon the home owner’s inability to make timely mortgage payments, you must assume financial hardship on the home owner’s part, and expect to find most of the foreclosure affected homes in some form of neglect.

Second, you must remember that foreclosure is no longer a phenomenon that affects low cost neighborhoods. Some of the most affluent neighborhoods across New York City (and the entire nation) have been affected by foreclosure.

Third, you should make sure you inspect every foreclosure home you are interested in buying. This will ensure that you have an idea from the very onset of the costs you might have to bear to get these homes in shape.

It is also a good idea to go through records at the County offices to check if the homes on your list have any financial arrears linked to them. These could include unpaid property taxes and secondary liens.

Use all possible resources (newspapers, the internet, banks, realtors, etc.) to look for foreclosure affected homes. Since the numbers of foreclosure homes is still on the rise, you can go ahead and exercise some patience in your search and make it thorough instead of rushed.

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Joseph Smith has been educating buyers on the finer points of New York City Repo Homes purchase at for over four years. Click here to visit and read more advice on finding Repo Homes.

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