| New York City is undeniably one of the world's most | | | | property for long; it is a burden and banks are simply |
| exciting cities. Alongside its bustling cosmopolitan | | | | not in the real estate business. It is in the best interest |
| charm, it is minutes from exceptional New England | | | | of the lender to get the property off of their hands as |
| countryside. No matter where you are in New York, a | | | | quickly as possible, and this tends to make these |
| home or property is extremely valuable. Unfortunately, | | | | properties incredibly cheap. |
| its price tag will reflect this. What may have been a | | | | You may have heard mention of these auctions, but |
| reasonable reality for your parents; purchasing real | | | | most likely have never attended one. This is not |
| estate in New York seems to this generation to be an | | | | surprising. Even though New York foreclosure auctions |
| impossible feat. In the last few decades, New York | | | | happen all the time, very few people know about |
| real estate prices have skyrocketed and you would | | | | them. Though, legally, all foreclosure auctions must be |
| be lucky to buy yourself a New York camper van on | | | | made known to the public, this rarely happens the way |
| a bus-driver's salary. | | | | it is supposed to. Simply follow the money and you will |
| There is, actually, an alternative to living in your car in | | | | find government officials and other well-connected |
| New York. New York foreclosure property is a real | | | | New Yorkers finding incredible bargains on |
| way to buy land an incredibly low price. Foreclosure | | | | conveniently auctioned foreclosure properties all the |
| sales occur when a home or landowner is unable to | | | | time. These foreclosure auction notices are often |
| continue to pay off their home loan. Their land is then | | | | published in obscure publications hours or minutes |
| re-possessed by the bank or lending institution and sold | | | | before the auction takes place. The fewer bidders at |
| at an auction. While most of the institutions doing the | | | | an auction, the lower the price. |
| selling are banks, other lenders take on these | | | | Foreclosure real estate, if you can find it, is an excellent |
| responsibilities as well. | | | | way to break into the real estate market. Often these |
| There are several common types of foreclosures that | | | | properties are sold "as is" and make great fixer-uppers |
| occur in New York, and one of the more common is a | | | | and quick-flippers. Many people use their first |
| HUD foreclosure. HUD is the government department | | | | foreclosure home sale as seed money for a real |
| of Housing and Urban Development that gives out | | | | estate enterprise, while others simply purchase a |
| specific types of home loans. The government backs | | | | family home that is bigger and better than what they |
| up loans given to what would be considered high-risk | | | | originally believed they could afford. Whatever your |
| lenders. These loans are commonly defaulted on and | | | | reasons and means, foreclosure is a great way to find |
| the government takes responsibility for selling the | | | | bargain property in New York. |
| property; quickly. No institution wants to hold on to a | | | | |