NYC Foreclosure Auctions – Any Tips or Advice?

[Isadore Nelson]

Hello everyone,

I'm interested in learning more about NYC foreclosure auctions, and I was hoping to tap into the collective knowledge here. If anyone has experience or tips to share, I’d really appreciate it!

Here are a few things I'm curious about:

1. How do foreclosure auctions work in NYC? - I understand that properties go to auction, but what’s the process like from start to finish? 

2. What’s the redemption period like? - I’ve heard that in some cases, the homeowner can still redeem the property after the auction. How long does this period last in New York, and how does it impact the auction?

3. What are the risks? - What should I be aware of when bidding at these auctions? Are there any hidden costs or legal issues I need to consider?

4. Any general tips or advice? - Whether it’s about funding, research, or things I should look for in the auction listing, any insights are appreciated!

Thanks in advance for your help!