Fresh Meadows, NY · Member since 2015 · 3 posts · 0 votes
hi fellows , i am interested in buying property in new york kings county court auction, i have never done it before. what things should i be aware? how do i find out if there is any tenant(lease) and find out the exactly situation on the property ? i am doing my own dd and willing to dig deeper...
Property Manager · Brooklyn, NY · Member since 2015 · 537 posts · 56 votes
10y
I haven't been there, but my friends told me that it's highly competitive, and a lot of due diligence has to done on these properties. It is doable just make sure to come with a budget for each property, and never increase your bid more than your budget. To start I would suggest you should just pick 1-2 properties to bid on, so you don't get overwhelmed.
Investor · New York City, NY · Member since 2014 · 370 posts · 85 votes
10y
i have been to a couple. You need a cashier's check for 10% of the amount you will bid. Most properties get taken by the bank. When there is bidding, it is fast and furious. You have to close within 6-8 weeks. I suggest going to a couple to see how they go. Also, you might track a property and think it will be auctioned and it gets pulled from the list.