New York and New Jersey Court Auctions

[Solon S.]

Hi all,

I live in NYC and wanted to see if there were any experienced investors on here who have firsthand (and even secondhand) experience with auctions in and around New York City. I've checked some of the properties on the Bronx, Queens, and Brooklyn county courts and they seem to be much more reasonably attainable than those listed on the MLS.

As for procedure, I know that I need to do my due diligence. I'm going to check out any property that I am going to bid on in person to see the damage and also if there are any residents. I'm aware that some people recommend a title search, but would it be necessary if I purchase title insurance and check Acris as well for any liens. When a property is sold on auction, aren't all secondary liens removed other than mechanic's liens (and shouldn't I have picked that up by checking Acris)?

Last thing, the 10% deposit is due up front, but then I have 30 days to secure the other 90%? I intend to use a hard money lender for the acquisition and repairs, so I want to make certain. I've read on some places that other auctions around the country, the balance is owed the following day, but I'm sure that NY State is 30 days. I just wanted to confirm.

Also, please feel free to include any other information or nuances in the post that you believe I should be aware of. I'm sure that there are some things about the process that you don't pick up unless you have done it before. And if you're active in other auctions in Nassau, Suffolk, Westchester counties or New Jersey, please let me know. I'd love to pick your brains.

Thanks again.